LGC Investment Series Podcast · Local Government Chronicle

LGC Investment Seminar 2024, with Debbie Fielder and Philip Latham from Clwyd Pension Fund

·25 min·2 clips

Debbie Fielder shares how her boss didn't want to hire her because he thought she wouldn't stick around.

This episode features a conversation with Debbie Fielder and Philip Latham from the Clwyd Pension Fund, recorded at the LGC Investment Seminar. Debbie had just received a Lifetime Achievement Award for her work in the Local Government Pension Scheme (LGPS). Martin George from the Local Government Chronicle hosts the discussion on changes and current issues within the LGPS. Debbie Fielder recounts joining the local authority 35 years ago and the pension fund specifically in the year 2000. Philip Latham notes the increased size and complexity of the LGPS over the years, covering governance, funding, and investments. The Clwyd fund is described as diverse and an early adopter of private market investments, which brings significant governance and monitoring work. The discussion covers the transition to asset pooling in Wales, known as the Wales Pension Partnership (WPP), which built upon pre-existing collaborative work between the eight Welsh funds. They address challenges like aligning different responsible investment policies across funds within a pool. A key insight is that Debbie finds she attends more meetings now due to pooling, not fewer. The Welsh pool utilizes various officer working groups to ensure all funds have a voice in decisions. Philip expresses a preference for the government to let funds find their own collaborative solutions without heavy-handed intervention. On government pressure to invest in political priorities like 'levelling up' or UK equities, both speakers emphasize their fund has long engaged in local and impact investing independently. Philip worries about external mandates constraining investment decisions and potentially leading to difficult conversations with employers if returns suffer. Debbie highlights the intensive governance required for private market investments, which could be a shock for funds new to the asset class. As she approaches retirement, her main concern is completing her workload, while Philip cites external political and legislative changes as the primary risk to the fund's stability. The tone is conversational, reflective, and grounded in decades of practical experience within the scheme. This episode would greatly interest LGPS officers, pension fund administrators, and those involved in public sector investment pooling. Listeners seeking highly technical investment analysis or debates on specific asset classes might find the focus on governance and structural issues less engaging.

As heard by us

Pooling works here because the practical compromises are discussed plainly.

This seminar-stage conversation treats LGPS pooling as a governance problem, not a slogan. Debbie Fielder and Philip Latham work through how Welsh funds balance shared vehicles with distinct responsible-investment positions, and the discussion is strongest when it moves from…

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Why you'd press play

You want a calm, practical look at how LGPS pooling works in real life.

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