The future of management of the Local Government pension scheme has been the subject of much political and academic debate in recent years.
London Councils’ Leaders committee has for some time been exploring an option, a Collective Investment Vehicle (CIV) that attempts to gain potential economies of scale without some of the perceived disbenefits.
The Pension Fund Advisory Committee (PFAC) at its meeting of 19 March 2014 considered the proposal from London Council’s Leaders Committee that London Boroughs collaboratively set a London-wide collective investment vehicle (CIV). The paper details the proposals and actions required by Merton to be a part of the vehicle.