At present a 15% cap applies on how much the 89 Local Government Pension Scheme (LGPS) funds, holding combined assets worth £148bn, can invest in limited partnerships – the asset vehicle often used for major property, private equity and infrastructure projects.
Under the terms of a consultation unveiled by communities secretary Eric Pickles today , this would be doubled to 30%, freeing up to £45bn of LGPS funds for house-building, transport or regeneration projects.
Mr Pickles said:
Unlocking town hall pension pots so they can be used to invest in vital infrastructure projects is a common sense decision that will help this country complete on a global scale and get Britain building.
This is potentially a huge development and investment opportunity we simply cannot afford to ignore that also allows us to maintain long-term value for money for the taxpayer.
Lord Heseltine’s growth review, issued last week stated ‘there is a one off opportunity now to match the needs of pension funds with the urgent need to boost investment in the UK’s key infrastructure’. A recent report by the Future Homes Commission said local authority pension funds could help finance 300,000 new homes every year and tackle Britain’s housing crisis – were 15% of the assets held by the 15 largest LGPS funds pooled in a £10bn development fund.
Introduction The National Statement of Expectations for Supported Housing (NSE) was finally published on 20 October 2020, five years after the 2015 Comprehensive Spending Review suggested regulatory and oversight changes were needed, although in 2018 the government >>>
Responding to the DWP Consultation: Housing Benefit Reform - Supported Housing
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