Our consultation outlined how £660 million a year could be saved if local government pension funds were invested more efficiently. We will publish a response in due course. Many funds have already started to take the messages from the consultation on board.
I hope that “due course” will not be too long delayed, because my hon. Friend is absolutely right to recognise the significant savings that have been made to taxpayers and scheme members by the agglomeration of vehicles. When he takes on board the consequences of the consultation, will he particularly bear in mind the value that can be brought by collective investment vehicles, which can achieve some 90% of those savings without significant administrative upheaval and can provide useful vehicles for wider investment?
The consultation considered how some £240 million could be saved by creating combined investment vehicles. It should be noted that London borough councils have already taken that on board and some 30 councils have come together after their council meetings and have agreed to bring those funds together.