EXCLUSIVE: The UK's 97 Local Government Pension Funds' assets combined now worth *£475 Billion*.

Each fund's autumn 2025 annual report output collated and combined, first for Assets Under Investment here:
blogsfromtheblackstuff.com/bftbblog251014

@guardianheather.bsky.social
blogsfromtheblackstuff.com/bftbblog2510...
EXCLUSIVE: UK's 97 Local Government Pension Funds' assets combined now worth *£475 Billion*.
Each fund's autumn 2025 annual report output collated &combined, first for Assets Under Investment. Now the 5th biggest global fund.

In global asset terms this converts to $0.63 Trillion. If UK LGPS a combined fund it would be the 5th biggest pension fund in the world on the latest TAI | P&I 300 ranking.

In global asset terms this converts to $0.63 Trillion Which if it were one combined fund Would be the 5th biggest pension fund in the world on the latest TAI | P&I 300 ranking.

@tobyn.bsky.social @marymcd.bsky.social
bsky.app/profile/john...
blogsfromtheblackstuff.com/bftbblog251014
chart embed codes available from [email protected]

EXCLUSIVE: The UK's 97 Local Government Pension Funds' assets combined now worth *£475 Billion*.

Each fund's autumn 2025 annual report output collated and combined, first for Assets Under Investment here:
blogsfromtheblackstuff.com/bftbblog251014

Back to school scandal: £1Billion (&likely £1.6B) of West Midlands schools' spending absorbed instead into £4.3B surplus of £21B West Midlands Pension Fund. £450m from FE Colleges&Unis, too. £183M from Police&Fire @dgbailey.bsky.social ‘s &my blog explains: blogsfromtheblackstuff.com/bftbblog250910…

PWC observed DB industry-wide discount rates at 31/3/2025
www.pwc.co.uk/pensions/ins...
We went for a prudent 5.6% in our figures. Though you’ll also see Corporate Bonds rate they’ll *have* to use for their 2025 IAS19 Liabilities is 5.8%. On that basis it really must be in the £175-200B territory.

@tobyn.bsky.social You presciently predicted an ‘embarrassment of riches’ for the LGPS at 2025 valuation. How about a surplus of £200B across the UK’s 97 pension funds? And assets totally just shy of £0.5 Trillion?
@dgbailey.bsky.social
john-clancy.com/blogsfromthe...

@stevewebb1.bsky.social
Our analysis of the Pensions Over-contribution crisis as it affected Birmingham City Council &Investment Management Expenses you tried to so something about, but which Tories dumped when they got their majority in 2015
centreforbrexitstudiesblog.wordpress.com/2024/12/03/t...

@stevewebb1.bsky.social
Excellent analysis from your LCP colleague Tim Gilbert this morning in the FT.
LCP should be listened to.

t.co/oV5Dj828R6

BREAKING NEWS:
FT reports England’s councils to HALVE Employers’ contributions each year over next 3 yrs.
That’s £60M credited back to Birmingham each yr. Likely much more as Birmingham overpaying by so much more.
Expedited recertification &credit NOW &pause Birmingham Council
cuts now til done.

Perhaps we should ask whether Max 🪓 Caller thinks that the Chancellor of the Exchequer is financially illiterate? www.ft.com/content/83ed...

You’ll note that even though headed up 31st March 2022, you’ll see at the base of the cover page it’s published 31st March *2023*. So we have to wait over 14 months for the change/refund in contributions, if we don’t force expedited recertification.
Council told ITN “several months” - disingenuous.

They don’t agree as such, they just don’t challenge. They believe they *can’t* challenge. They get the bill &pay it.
Here’s what they get. The Triennial Valuation. www.wmpfonline.com/sites/defaul...
Rates &Adjustments certificate starts p39, p40 Birmingham gets ‘told’ it has to pay 27.2% for3 yrs

@guardianheather.bsky.social
Letter sent yesterday to DeputyPM by @dgbailey.bsky.social &me asking for Birmingham intervention to require immediate, expedited contributions recert&refund of at least £0.5B by 3yr contributions holiday, as they’ve already been paid.
open.substack.com/pub/blogsfro...

Letter sent yesterday to Deputy PM by @dgbailey.bsky.social &me asking for intervention in Birmingham to require it to request immediate, expedited contributions recertification &refund of at least £0.5B by 3yr contributions holiday - as they’ve already been paid.

open.substack.com/pub/blogsfro...

Hi David, thanks for coming and your interest. No, actually redundancies immediately and significantly reduce the liabilities of the fund, the early payments remove the liabilities, as they’re gone for good. This is based on Tory Maths of course.

£1Billion in Management Expenses almost entirely to Investment Managers, &£270million of that paid for by Birmingham City Council whilst it went bust. Can it recover £0.5 Billion? @theguardian.com centreforbrexitstudiesblog.wordpress.com/2024/12/03/t...

centreforbrexitstudiesblog.wordpress.com/2024/12/03/t...
My blog with @dgbailey.bsky.social today on the real reasons Birmingham City Council went bust, and how it can unbust itself with the stroke of the Deputy PM’s pen?