REFORM UK’s proposals to abolish Local Government Pension Schemes (LGPS) would result in ‘asset stripping’ with the abolishment of the Wales Pension Partnership meaning less reinvestment in Wales, according to Plaid Cymru.

On Tuesday, February 24, Reform UK announced their intention to end defined benefit pension schemes for new local government workers and merge separate schemes to create a Britain-wide fund. Plaid Cymru have attacked the proposals which would ‘inevitably’ mean less reinvestment by Welsh pension funds in Wales.

The Wales Pensions Partnership is a collaboration of the eight Welsh LGPS (Local Government Pension Schemes) funds, covering the whole of Wales.

Plaid Cymru have described their party’s plans to work with the Welsh Pensions Partnership to invest more both locally and ethically, ‘in stark contrast’ with Reform UK who are ‘happy to see yet more wealth flowing out of Wales’.

Plaid Cymru finance spokesperson, Heledd Fychan MS, said:

“This is typical Reform - an announcement in and for England with consequences for Wales that Reform have neither considered nor care about.

“Farage’s team of ex Tories are clearly happy to see yet more wealth flow out of Wales - their plans would abolish an exclusively Welsh fund which would inevitably mean less reinvestment in Wales.

“Welsh pension funds can and should do more to invest locally and ethically in Wales, but Reform UK's plan would remove this option - asset stripping Wales to invest in its own misplaced priorities.

“In stark contrast to Reform’s indifference towards Wales, Plaid Cymru will work with the Wales Pensions Partnership on more sustainable investment decisions, so that more of Wales’ wealth to is retained and reinvested in our communities.

“Reform UK have once again shown that the best interests of Wales are simply not on their agenda.”