DCLG on Brexit: carry on pooling

The Department for Communities and Local Government has told LGPS funds to continue with the asset pooling process following the Brexit vote on June 23rd and the subsequent changes to the UK government.

There had been questions whether the changes in Whitehall would affect the planned timetable for pooling, but in a statement in early July, the DCLG stated: “The vast majority of EU legislation which impacts either directly or indirectly on the LGPS (eg IORP) is already written into UK legislation. Accordingly the scheme will need to continue to comply with such legislation until such time as Britain leaves the EU after which it would of course by the prerogative of any future UK government to seek to repeal some or all of this legislation subject to the terms of any new trade arrangements made with the EU. With regard to UK government policy and legislative plans for the LGPS, the situation is no change. Regulatory changes, policy objectives and the timescales for implementing them remain as they were before the vote.”