News that London's 34 local authority pension funds are discussing a possible merger has reignited debate over the £150bn Local Government Pension Scheme (LGPS) and its capacity to invest in public infrastructure.

While supportive of investment innovation, here at The MJ, we're a little doubtful that giant town hall pension funds, freed from the burden of soaring management fees, would automatically use spare cash to invest in public projects with undefined revenue streams.