The Local Government Pension Scheme (LGPS) is one of the largest pension schemes in the UK. It is a defined benefit pension scheme, which means members pension is based on their salary and how long they have paid into the scheme.
Greater Manchester Pension Fund (GMPF), the largest LGPS fund, now stands at £31bn and is invested in a range of asset classes including equities, bonds, property and infrastructure assets. GMPF employs a mixture of in-house and external asset managers. The Management Panel is responsible for determining the Funds investment strategy and oversight of the delivery of the strategy.
The Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016 came into force on 1 November 2016. The Regulations required that the Fund publish an Investment Strategy Statement by 1 April 2017 which was then kept under review and revised from time to time, at least every three years.
The Fund’s Investment Strategy Statement was last updated in 2021 and regulation requires a triennial review. As such, a full review has been conducted. GMPF’s Investment Strategy Statement sets out the long term investment strategy of the Fund. GMPF is now taking the opportunity to consult on the proposed (updated) contents of the Investment Strategy Statement.
All comments received will be considered prior to the publication of the Investment Strategy Statement later this year.