Tory Chancellor George Osbourne is trying to plunder the local government pension scheme (LGPS).
The government is seeking powers to direct Council pension funds to pay into their pet infrastructure investment schemes and make them only invest in accordance to the current UK Government’s foreign policy. British foreign policy is questionable in regard to totalitarian regimes. Such regimes are often economically unstable and any investment would therefore be unsafe for our pensions.
Local government pension funds should be the ones making investment decisions, since they will have to carry the responsibility if it all goes wrong. There is no protection for these schemes if they make the wrong investments decisions and the schemes collapse as a result .
Since there has been no debate in Parliament on this “nationalisation” UNISON is encouraging its members to sign this Parliamentary Petition https://petition.parliament.uk/petitions/125475 to get a debate in the House on this matter.