Question to the Department for Levelling Up, Housing & Communities:

To ask the Secretary of State for Housing, Communities and Local Government for what reasons the scale criteria of £25 billion for pooling local government pension scheme assets has been dropped; and what evidence was used to inform the lowering of that threshold.

The Government continues to believe that investment pools of at least £25 billion are required to deliver the full potential for reduced costs in the local government pension scheme. However, the Government has accepted that the Welsh pool, established by, and for the Welsh pension funds, is in a special position, taking account of the possibility of eventual devolution.