UK considering national investment vehicle for LGPS

first_imgThe launch of a single national investment vehicle for nearly 90 local authority funds in England and Wales is one of three cost-saving measures being examined by the UK government.According to a tender launched by the Department for Communities and Local Government (DCLG) earlier this month, it is seeking to hire an actuarial or investment consultancy to offer a “robust analysis of the costs and benefits associated with structural reform” of the Local Government Pension Schemes (LGPS).Noting the £500m (€590m) annually spent by the funds on asset management and administration, the department said the study would examine the benefits of a single investment vehicle for all LGPS in the region.It will also look at two further options – launching several vehicles with “closely aligned” investment approaches, or the potential for merging the existing funds with each other. It follows a recently concluded consultation on the future shape of the pillar in which DCLG made clear it was not “wedded” to the current number of funds – 89 in England and Wales.In the tender notice, DCLG added: “Building on this initial call for evidence, the Cabinet Office and the Department for Communities and Local Government would like to commission further advice to explore the savings that might be realised by collaboration.“The purpose of this research is to provide government with robust analysis of the costs and benefits associated with structural reform of the Local Government Pension Scheme, to develop a roadmap to implementation and to consider how that reform might be applied to other funded public service pension arrangements.”The tender is now closed to applicants.Welsh local authorities have previously considered pooling assets in a single investment vehicle, and a similar approach was also proposed by the Wandsworth Borough Council Pension Fund.Several neighbouring local authorities in England have, meanwhile, considered merging their pension funds, although the proposal was made as part of an overall merger of the three councils.last_img read more

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GWI Chairman resigns

first_img…option was to resign or be a rubber stamp – HindsRather than being a rubber stamp, Chairman Nigel Hinds, has resigned from the Board of Directors at the Guyana Water Incorporated, owing to irreparable differences that have developed between himself and the entity’s Managing Director, Dr Richard Van West-Charles.Chairman of GWI Board of Directors Nigel HindsHinds on Friday confirmed that his resignation letter has been submitted to the Minister with responsibility for the sector, Ronald Bulkan.During a brief interview with Guyana Times, Hinds said Dr Van West-Charles currently lacks credibility and described the entity’s Managing Director as pernicious and a person who abuses his authority at the water utility.Hinds told this publication that by his actions, he has opted to give the Executive and management some leverage in their future dealings with the entity’s Managing Director.He was adamant that Dr Van West-Charles currently lacks integrity and credibility regardless of “whichever party he belongs to.”Hinds in his letter – a copy of which was seen by this publication – tothe Communities Minister, said “I cannot perform in the best interest of GWI, GWI staff, GWI shareholders and other stakeholders of GWI – as a rubber stamp Chairman of GWI… thus, my resignation.”According to Hinds in his resignation letter, “It is with a deep sense of regret that I resign as Chairman of the Board of Directors of Guyana Water Inc (GWI) with effect from October 26, 2016.”Hinds, was recently challenged when he moved a motion at the level of the Board to have the Managing Director sent on leave pending an investigation into his abuse of powers among a litany of complaints.The internal fighting between Dr VanWest-Charles and the Board of Directors came about following complaints related to numerous infractions and changes at the utility entity that had been instituted by him.The entity’s Internal Audit Department (IAD) has since launched an investigation into an abuse of authority by the entity’s Managing Director.The auditors have also recommended that many of the changes instituted by Dr Van West-Charles be reversed.The investigation was launched into the actions of Dr Van West-Charles after allegations had been lodged, ranging from questionable employment practices, the suppression of internal audits, and retribution against senior employees, among a host of other infractions.AuditorsWith regards to the employment practices of the Managing Director, the entity’s Internal Audit Department (IAD) found that in instances there were no justification for consultants hired and that a position had in fact been created to facilitate the employment of an ‘unqualified’ Lear Goring.Goring – since fired – was employed as a Debt Recovery Manager but did not have the minimum qualifications for the post and was being paid monthly $263,000 in addition to a $20,000 allowance.Another of the hired consultants that attracted the attention of GWI’s IAD was a Billing Consultant employed by Dr Van West-Charles, on a temporary contract with a monthly starting salary of $525,000.Also, the media recently reported that sole sourcing at GWI skyrocketed by as much as 850 per cent under the guise of Dr VanWest-Charles after the dismantling of the entity’s procurement department.He was also accused of dismantling of the Procurement Department.The Internal Auditors have since recommended an urgent review of GWI’s policies and procedures at all operational areas to reflect modern practices and the structural changes recently made.last_img read more

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Bayern Munich star wants Alexis Sanchez to QUIT Arsenal for German giants

first_imgArturo Vidal is hopeful his Chile teammate Alexis Sanchez will join him at Bayern Munich this summer.Sanchez has been a key man for Arsenal since moving to the Emirates from Barcelona in 2014 and has scored 39 goals in 88 appearances.His form has dipped slightly this season but he is still rated highly across Europe and Carlo Ancelotti, who will replace Pep Guardiola as Bayern boss at the end of the season, has reportedly earmarked the 27-year-old as one of his first signings.And, asked if he is keen to see a deal come to fruition, midfielder Vidal said: “Hopefully!“We have played together since playing for the Under-20s, so it would be nice to play with him again.”Arsene Wenger will be desperate not to lose Sanchez this summer.But with Arsenal set to miss out on major silverware this season, the forward could consider his options in the summer – and Bayern’s interest is likely to worry Gunners fans. 1 Alexis Sanchez in action for Arsenal last_img read more

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