London Pensions Fund Authority
Encyclopedia
The London Pensions Fund Authority is a pension fund
administration that in addition to maintaining its own fund is a key figure in administering the Local Government Pension Scheme, for local government employees and others across the United Kingdom
. According to Bloomberg
, it is among "the world's biggest investors." Accordingly, it takes an active voice in issues related to world economy
, as with a recent expression of concern in the economic impact of global climate change.
The authority was formed in 1989 to fill the gap left by the 1986 dissolution of the Greater London Council
(GLC) in administering that body's Pension Fund. It has taken on residual responsibilities for the employees of several other defunct organisations, including the Inner London Education Authority
(ILEA) and the London Residuary Body
(LRB).
Pension fund
A pension fund is any plan, fund, or scheme which provides retirement income.Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold...
administration that in addition to maintaining its own fund is a key figure in administering the Local Government Pension Scheme, for local government employees and others across the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. According to Bloomberg
Bloomberg L.P.
Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P...
, it is among "the world's biggest investors." Accordingly, it takes an active voice in issues related to world economy
World economy
The world economy, or global economy, generally refers to the economy, which is based on economies of all of the world's countries, national economies. Also global economy can be seen as the economy of global society and national economies – as economies of local societies, making the global one....
, as with a recent expression of concern in the economic impact of global climate change.
The authority was formed in 1989 to fill the gap left by the 1986 dissolution of the Greater London Council
Greater London Council
The Greater London Council was the top-tier local government administrative body for Greater London from 1965 to 1986. It replaced the earlier London County Council which had covered a much smaller area...
(GLC) in administering that body's Pension Fund. It has taken on residual responsibilities for the employees of several other defunct organisations, including the Inner London Education Authority
Inner London Education Authority
The Inner London Education Authority was the education authority for the 12 inner London boroughs from 1965 until its abolition in 1990.-History:...
(ILEA) and the London Residuary Body
London Residuary Body
The London Residuary Body was a body set up in 1985 to dispose of the assets of the Greater London Council after the council's abolition in 1986. Similar residuary bodies were set up for the metropolitan counties. After the abolition of the Inner London Education Authority, the LRB took control of...
(LRB).