Bob Campion of Charles Stanley ponders LGPS scheme consolidation, and asks why a complex principle is gaining more airtime than more effective use of tools already widely available to private sector schemes.

From the blog: What goes up must come down. Bull runs cannot last forever and after a prolonged period of strong equity returns – against the background of an economic recovery that has lasted eight years – investors are wondering whether the end of the business cycle is within sight. 

However, many argue that fears of a looming recession have been overplayed and trustees should not get cold feet on equities.

Pessimists argue the duration of business cycles is the main cause for concern. 

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From the blog: Investing can be an expensive business. Management fees, broker spreads, custody charges, administration costs, platform fees – it is all too easy for investors to see their hard-earned returns eaten away.

The authorities have been trying to tackle this issue and protect retail clients who they feel are most at risk of paying ‘hidden costs’.

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The advent of fiduciary management has changed the way we think. No longer are investment subcommittees concerned with manager selection and fine-tuning asset allocations: instead trustees focus more time on their asset liability mix.

DC pensions have evolved significantly in recent years, but they still cannot answer one fundamental question, says Bob Campion