Pension contributions, from members and employers, are currently managed by 11 different pension funds across Scotland. Some are small – £400m – and some are huge – £27bn at Strathclyde. Most funds simply pass the funds to external investment managers to invest. Research by UNISON and the LGPS Scheme Advisory Board suggests that funds, and therefore members, are being ripped off. A single fund for Scotland could save £100m a year, according to Lothian Pension Fund by getting economies of scale, bringing some investment management in-house, and exposing the vast hidden fees which are charged at every opportunity. A bigger single fund could al-so improve the “Environment, Social and Governance” (ESG) of investments, helping to drop fossil fuel investments and invest more ethically. It could even help more local investment using in-house expertise. Read more..