Deputy PM and Housing Secretary Angela Rayner says pensions savings from millions ‘offer a massive opportunity to deliver more for local communities’ and ‘into the things that matter’
Having started out as a home help for Stockport Council, I feel really proud to now be banging the drum for local government as Deputy Prime Minister.
It was a job I loved that showed just how important it is that we have good local services that Mirror readers can rely on.
That’s why we’re backing councils to help rebuild our country for working people after some very tough years. That means giving them long-term financial stability, and, finally, ending “Whitehall knows best” meddling.
It also means making the most of great assets such as the Local Government Pension Scheme. Its six million members – dedicated public servants like staff serving school dinners, keeping our streets clean and running local libraries – have worked hard for their pensions.
Added up, those pensions savings also offer a massive opportunity to deliver more for local communities. And we’re seizing that opportunity with both hands, with the Chancellor’s announcement, of reforms to the Scheme to create megafunds.
This could unlock over £20 billion for investment into local communities – into better transport, more housing, brighter, busier high streets and thriving local businesses.
Into the things that really matter to local people and, in the long term, allow councils to spend more of their budgets on public services. We will consult on changing this and creating larger, more effective pools of assets as part of the Pension Schemes Bill next year.
This promises to be a real game-changer. We will make sure that those with the right skills and experience are making the best possible decisions to minimise risks and maximise opportunities.
Unleashing the might of the entire UK pension system is the right thing to do for workers looking forward to a well-deserved, secure retirement. It’s also the right thing to do for our economy, for local communities and for powering the national renewal that we were elected to deliver.
