The WPP is being transformed so that the Local Government Pension
Scheme (LGPS) pool, which will
consolidate the assets of 22 Local Authorities' schemes
representing 412,000 members, will be the biggest pension fund in
Welsh history, capable of delivering huge investments felt
first-hand by businesses and communities in Wales.
By setting up this investment company in Wales, the investment
decisions the fund makes can reflect the unique cultural and
economic climate of Wales, collaborating with local businesses to
invest in communities and delivering growth – making sure the
LGPS is
delivering for those whose hard-earned money it guards, and their
communities.
To see an example of this, Minister for Pensions today visited Uskmouth Power
Station which has benefited from £6.5 million of investment from
the WPP for its redevelopment from a coal fired power station
into a sustainable energy site –supporting 300 new full-time jobs
during construction driving economic growth and prosperity for
the community.
UK Minister for Pensions MP said:
Pensions are a massive part of the economy – and we're seeing
this brought to life here in Wales, where a successful Local
Government Pension Scheme is investing in the right places to
drive opportunity and growth for the local community.
I'm delighted to visit Uskmouth Power Station in Newport, which
has had a £6 million boost from the Wales Pension Partnership,
creating 300 jobs which mean opportunity and prosperity at a
local level.
Making sure everyone can benefit from the potential of larger
pension pools ties into the ambitions of our Plan for Change to
boost investment in communities across the country, bringing
long-term economic benefits.
The Wales Pension Partnership said:
The Wales Pension Partnership investment in Uskmouth Battery
Energy Storage Systems demonstrates our ambitions to attract
investment into crucial Welsh infrastructure and secure national
energy supplies.
This investment shows our commitment to working with Quinbrook
and our strategic partner GCM Grosvenor to: deliver strong
investment returns for our pensioners, ensure long-term energy
security, reduce carbon emissions, provide jobs and regeneration
opportunities across Wales. This is one of many projects that we
have in our investment pipeline and will be unveiling over the
next 12 months.
Cabinet Secretary for Economy, Energy and Planning,
MS said:
We have long recognised the benefits of a strong single Welsh
Local Government Pension Scheme pool. We want to see the
Wales Pensions Partnership continue to go from strength to
strength delivering returns for members and able to invest in
economic growth for Wales and the UK.
UK Minister of State for Local Government and English
Devolution, OBE MP said:
We are determined to get the best value out of taxpayers' money,
which is why we are reforming the Local Government Pensions
Scheme pools in Wales and England to be more efficient,
fit-for-purpose and deliver for public servants and their
communities.
The scheme plays a vital role in boosting investment and growth
across Wales and ultimately putting more money in working
people's pockets as part of our Plan for Change.
The site, once a coal fired power station, is being repurposed to
provide up to 460 megawatt hours of electricity storage capacity
for the National Grid and bring a retired rail line back into
service to deliver materials, saving nearly 8,400 heavy good
vehicles from the local road network.
The investment embraces the spirit of change the government has
asked to see from LGPS pools with the
wider pooling process for the UK's world-class LGPS set to conclude in
March 2026. Reforms will see the LGPS punching its weight
globally, while bringing benefits to local communities through
dedicated investment strategies and improving transparency for
its members.
These reforms will ensure the Local Government Pension Scheme is
fit for the future, and boost investment to drive the economic
growth and prosperity promised by the Plan for Change.
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