A petition calling for a parliamentary debate on plans to force local government pension schemes (LGPS) to invest money in infrastructure projects has been signed by more than 12,000 people.
The petition has been organised by trade union Unison, which warned the Government should not be allowed to ‘gamble' away council workers' pensions.
Under chancellor George Osborne's plans outlined last year, the assets of 89 pension funds would be pooled together into six new British Wealth Funds.
However, Unison said that while it was not against LGPSs investing in infrastructure decisions should be made by members rather than ministers to ensure the best rate of return.
The petition read: ‘Government wants powers over LGPS investment funds, but they could gamble away members' money on infrastructure projects.
‘This is not allowed in any other UK scheme, including the MPs'.
‘The LGPS must be invested in members' best interests.'
The petition, which was only published a week ago, requires 100,000 signatures to be considered for a debate in Parliament.
