An all-party parliamentary group (APPG) has been created for the local government pension scheme (LGPS) to discuss pooling and increasing its investment in UK infrastructure.
The group will be chaired by Clive Betts MP (pictured) and provide a forum for LGPS funds to talk to parliament and government about the development of so-called 'British wealth funds'.
It will also consider the greater use of LGPS money for local growth and housing projects as well as the funds' role in corporate governance, shareholder activism and reform of the Local Government Pension Scheme.
Clive Betts MP said: "Local authority pension funds are off the radar for most parliamentarians, yet their role as pension providers and investors in the UK in new British wealth funds is critical.
"Parliament needs to better understand what local authority pension funds can offer the country. They also need to be aware of what planned changes to the investment regulations mean, not least for local constituents."
The group's vice chairs are Lord Kerslake, Ian Blackford MP, Mark Prisk MP and Lord Goddard.
The APPG's future work programme includes discussions with the local government minister Marcus Jones MP, and Lord Adonis who chairs the National Infrastructure Commission.
Councillor Kieran Quinn, who also chairs the Greater Manchester Pension Fund, said a new APPG is "essential" when the LGPS is undergoing a period of significant change.
"Government plans around pooling, attempts to strengthen local government funds and drive greater investment in UK infrastructure, place a whole new set of requirements and responsibilities on the sector - requirements and responsibilities that must be effectively negotiated and managed in order to be successful."
The group is sponsored by the Local Authority Pension Fund Forum which brings together 70 local funds from across the UK with combined assets of over £175bn.
It comes as funds had to submit their final proposals for pooling to the government by the 15 July deadline.
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