The Greater London Authority (GLA) Group holds significant levels of assets in its pension funds, worth over £14 billion, with the potential for far-reaching impacts locally, nationally and internationally. Given the scale and breadth of GLA Group pension investments, there has been increased interest in their ethical, social and environmental impacts.
The government has expressed concern regarding the cost and affordability of public sector pensions, both to employers and taxpayers.[1] The rate at which GLA Group employers contribute to pension schemes varies widely across the Group, with the lowest contribution coming from the GLA, London Legacy Development Corporation (LLDC) and Old Oak and Park Royal Development Corporation (OPDC) to the Local Government Pension Scheme (12 per cent of pensionable pay[2]) and one of the highest contributions from Transport for London (TfL) to the TfL Pension Scheme (33 per cent of pensionable pay).[3]
Tomorrow, the GLA Oversight Committee will examine and scrutinise:
- the GLA Group's approach to pensions investments, including ethical, social and environmental considerations
- the overall costs and affordability of GLA Group pensions
- TfL's pension scheme and its Independent Review and the GLA Group's pension administration arrangements.
The guests are:
Panel One (14:00-15:40) - Investments, Costs, Affordability, Administration
- Luke Webster, Assistant Director, Group Treasury and Chief Investment Officer, GLA
- Peter Ballard, Funding and Risk Director, London Pensions Fund Authority
- Robert Branagh, Chief Executive Operator London Pensions Fund Authority
- Padmesh Shukla, Chief Investment Officer, TfL
- Tim Handley, Head of Pensions, TfL
- Patrick Doig, Statutory Chief Finance Officer, TfL
Panel Two (15:40-16:30) - TfL Independent Pensions Review
- Luke Webster, Assistant Director, Group Treasury and Chief Investment Officer, GLA
- Tricia Wright, Chief People Officer, TfL
- Patrick Doig, Statutory Chief Finance Officer, TfL
The meeting will take place on Thursday, 13 October from 2.00pm, in The Chamber, City Hall, Kamal Chunchie Way.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube
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Notes to editors
- The Daily Telegraph, Pensions minister admits his own gold-plated pension is 'unsustainable', 13 June 2022
- The pay that pension contributions are deducted from. This includes basic salary, bonuses and overtime.
- London Assembly, Mayor's Questions, GLA Group Pensions, 21 January 2021
- LPFA, Local Pensions Board Meeting Minutes, 21 June 2022
- Read the agenda papers.
- Léonie Cooper AM, Chair of the GLA Oversight Committee, is available for interview.
- Find out more about the GLA Oversight Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For media enquiries, please contact Alison Bell on 07887 832 918. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer.