Section 43 Co-operation with local government pension scheme managersI1I2

After section 107ZB of LDEDCA 2009 (inserted by section 45(1) of this Act), insert—

“Combined authorities: co-operation with local government pension scheme managers

Co-operation with local government pension scheme managers

107ZC

(1)

This section applies where a scheme manager is responsible for managing and administering part of a scheme for local government workers in England and Wales in relation to a current employee of a constituent council of a combined authority in connection with that employment.

(2)

The combined authority must co-operate with the scheme manager to identify and develop investment opportunities appropriate to the pension fund that the scheme manager maintains for its part of the scheme.

(3)

Where the scheme manager participates in an asset pool company, the combined authority may fulfil its duty to co-operate with the scheme manager under subsection (2) by co-operating with—

(a)

the scheme manager,

(b)

the asset pool company, or

(c)

both the scheme manager and the asset pool company.

(4)

A scheme manager participates in an asset pool company by—

(a)

being a shareholder of the company,

(b)

being a shareholder in another company which is the only shareholder of the company, or

(c)

contracting with the company for it to manage the funds and other assets for which the scheme manager is responsible.

(5)

In this section—

• “asset pool company” has the meaning given by section 1(9) of the Pension Schemes Act 2026;

• “local government worker” has the meaning given by section 37 of the Public Service Pensions Act 2013;

• “scheme” has the meaning given by section 37 of the Public Service Pensions Act 2013;

• “scheme manager”, in relation to a scheme for local government workers, means a person who is a scheme manager by virtue of section 4(5) of the Public Service Pensions Act 2013 (being a person responsible for the local administration of pensions and other benefits payable under the scheme who maintains a pension fund for the purposes of providing pensions and other benefits under its part of the scheme).”

After section 24A of LURA 2023 (inserted by section 45(2) of this Act), insert—

“Co-operation with local government pension scheme managers

24B

(1)

This section applies where a scheme manager is responsible for managing and administering part of a scheme for local government workers in England and Wales in relation to a current employee of—

(a)

a constituent council of a CCA, or

(b)

a district council which is not a constituent council where any part of the area of the council falls within the area of a CCA,

in connection with that employment.

(2)

The CCA must cooperate with the scheme manager to identify and develop investment opportunities appropriate to the pension fund that the scheme manager maintains for its part of the scheme.

(3)

Where the scheme manager participates in an asset pool company, the CCA may fulfil its duty to co-operate with the scheme manager under subsection (2) by co-operating with—

(a)

the scheme manager,

(b)

the asset pool company, or

(c)

both the scheme manager and the asset pool company.

(4)

A scheme manager participates in an asset pool company by—

(a)

being a shareholder of the company,

(b)

being a shareholder in another company which is the only shareholder of the company, or

(c)

contracting with the company for it to manage the funds and other assets for which the scheme manager is responsible.

(5)

In this section—

• “asset pool company” has the meaning given by section 1(9) of the Pension Schemes Act 2026;

• “local government worker” has the meaning given by section 37 of the Public Service Pensions Act 2013;

• “scheme” has the meaning given by section 37 of the Public Service Pensions Act 2013;

• “scheme manager”, in relation to a scheme for local government workers, means a person who is a scheme manager by virtue of section 4(5) of the Public Service Pensions Act 2013 (being a person responsible for the local administration of pensions and other benefits payable under the scheme who maintains a pension fund for the purposes of providing pensions and other benefits under its part of the scheme).”

After section 403 of the GLAA 1999, insert—

“Co-operation with local government pension scheme managers

403ZA

(1)

The Authority must co-operate with a scheme manager for a scheme for local government workers in England and Wales who falls within subsection (2) to identify and develop investment opportunities appropriate to the pension fund that the scheme manager maintains for its part of the scheme.

(2)

A scheme manager falls within this subsection if the scheme manager is—

(a)

the London Pensions Fund Authority, or

(b)

a London borough.

(3)

Where the scheme manager participates in an asset pool company, the Authority may fulfil its duty to co-operate with the scheme manager under subsection (1) by co-operating with—

(a)

the scheme manager,

(b)

the asset pool company, or

(c)

both the scheme manager and the asset pool company.

(4)

A scheme manager participates in an asset pool company by—

(a)

being a shareholder of the company,

(b)

being a shareholder in another company which is the only shareholder of the company, or

(c)

contracting with the company for it to manage the funds and other assets for which the scheme manager is responsible.

(5)

In this section—

• “asset pool company” has the meaning given by section 1(9) of the Pension Schemes Act 2026;

• “local government worker” has the meaning given by section 37 of the Public Service Pensions Act 2013;

• “scheme” has the meaning given by section 37 of the Public Service Pensions Act 2013;

• “scheme manager”, in relation to a scheme for local government workers, means a person who is a scheme manager by virtue of section 4(5) of the Public Service Pensions Act 2013 (being a person responsible for the local administration of pensions and other benefits payable under the scheme who maintains a pension fund for the purposes of providing pensions and other benefits under its part of the scheme).”