A member of the Pension Fund Committee in North Yorkshire attended a meeting with leaders from the UK pension and investment industry to discuss reforms to pension funds.

During the dinner, which was hosted by the Governor at the historic headquarters of the Bank of England in the City of London, Councillor George Jabbour highlighted the role that pension funds could play in supporting the levelling-up journey of many areas across the country.

The North Yorkshire representative, who had worked in investment banking and designed solutions to pension funds before going into politics, stressed that reforms to Local Government Pension Schemes could provide unique opportunities to enhance the prosperity of North Yorkshire and other regions around the UK.

Councillor Jabbour said: “As a member of the North Yorkshire Pension Fund Committee and the Joint Committee of the Border to Coast Pensions Partnership, I am fully aware of the significant size of Local Government Pension Schemes and the current regulations that govern the way they operate.

“With over £350 billion in assets, these institutional investors have the potential to make a tremendous contribution to living standards, transport, digital connectivity, education, skills, health, housing and other levelling-up objectives that matter to local residents.

“I found the dinner at the Bank of England a productive and beneficial meeting that offered an engaging discussion with the Governor and other guests and an opportunity to stress the levelling-up possibilities that could be unlocked if appropriate reforms are introduced to the pension landscape.”