At its July 2024 meeting, the Scheme Advisory Board agreed to draft a statement to share with LGPS funds and stakeholders that addressed the current situation whereby administering authorities are dealing with increasing queries about how LGPS funds are invested. This statement is currently being drafted and will be made available on the Board’s website, following Board approval.

In addition to this statement, administering authorities may wish to note that the Secretariat is seeking an opinion from Counsel as to whether there is a need to update the previous advice received on the nature of fiduciary duty for LGPS administering authorities and further information will be published, when available.

Finally, the Secretariat is aware of a letter sent to administering authorities on behalf of the Palestine Solidarity Campaign and is also seeking legal advice on the contents on behalf of the scheme but cannot guarantee when this advice will be available. Therefore, administering authorities in receipt of the letter should still seek their own legal advice in relation to their specific circumstances and investments.