Survey finds council pension funds membership numbers are increasing

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20th October 2016 16:36 - Local Government

Survey finds council pension funds membership numbers are increasing: New research by State Street Corporation has discovered that the Local Authority Pension Funds (LGPS) have experienced a period of continued growth of their fund membership and assets.Survey finds council pension funds membership numbers are increasing

The survey revealed that between 2013 and 2015, the amount of Local Authority Pension Fund members grew from 1.7 million people, to 2.1 million people.

As well as a rise in membership, State Street Corporation also revealed that contributions to pension funds were also increasing. The results uncovered a 31 per cent rise from local government and a 6 per cent rise from its members.

The Head of UK, Middle East, Africa, Netherlands and Nordics for State Street Corporation, Nick Wright, said that Local Authority Pension Funds’ member funds were currently experiencing great challenges; however, they were largely positioned well with the asset pooling project.

Wright also claimed that it can be seen that time and effort is being placed on making sure that the regulatory and operational challenges ahead of them are understood and are working on strong strategies.

State Street Corporation also conducted a second survey of 400 pension professionals and discovered that the pensions sector was experiencing global challenges.

Of the respondents, 40 per cent said that they believe it is more difficult to make sure that they do not violate local regulatory limits on exposure to specific asset classes.

A further 61 per cent said that they are considering insourcing additional risk management tasks to help improve efficiency levels and operations. As well as this, 53 per cent said that they are intending to conduct more investment related services in-house.

More than half (51 per cent) of the pension professionals are considering increasing the autonomy of their investment function.

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