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<p>These issues are matters for individual local authorities that administer pension
funds to consider when deciding upon their investment strategies. Each administering
authority is required to publish a statement of principles, which may address such
issues. Statutory guidance states that the authority must report periodically to scheme
members on the implementation of their policies.</p><p>Notwithstanding, local authorities
need to focus on delivering a good rate of return for their fund and value for taxpayers,
given local government pensions cost taxpayers (via employer contributions) almost
£6 billion a year.</p>
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