Prof. John Clancy

Thanks Rhys. We’ve not updated structure in a while. Will do.
That link is to an older set of blogs. But we’ll spring clean.

A gentle riposte to @timleunig.bsky.social last Observer column which seemed to write off much of UK manufacturing. That would be a bad mistake. @makeuk.bsky.social @smmt-ukauto.bsky.social @unitetheunion.bsky.social @faradayinstitute.bsky.social blogsfromtheblackstuff.com/bftbblog2601...

Stairway to Scandal: how West Midlands Pension fund gradually top-sliced £1.1 billion from its asset base to pay Managers’ Expenses. It’s taxpayers’ money. Today’s blog with @dgbailey.bsky.social

The West Mids Pension Fund; the vastly overfunded £22bn Elephant in the Room that broke @bhamcitycouncil.bsky.social : latest, breaking news blog with @johnclancy.bsky.social @https://blogsfromtheblackstuff.com//bftbblog260102b

EXCLUSIVE BREAKING NEWS - WMPF insider spills the beans to BFTB: WMidlands Pension Fund Chaos as SURPLUS hits £11BILLION! blogsfromtheblackstuff.com//bftbblog260...
It’s 200% funded.
Apparently broke Birmingham Council has £2.5B pension surplus. Open Warfare at WMPF. FCA Tory WMPF Cllr tells all.

West Midlands Pension Fund insider spills the beans:
an £11 billion surplus.
It's 200% funded! New blog with John Clancy. blogsfromtheblackstuff.com//bftbblog260...

'Embarrassment of riches' © @tobyn.bsky.social, laid bare in Birmingham - huge leaps in LGPS Valuation discount rates reported to pension funds ctees across LGPS in last few weeks. Scandalous, nightmarish miscalculations last time round come home to roost blogsfromtheblackstuff.com/bftbblog2512...

'Embarrassment of riches' © @tobyn.bsky.social, laid bare in Birmingham - huge leaps in LGPS Valuation discount rates reported to pension funds ctees across LGPS in last few weeks. Scandalous, nightmarish miscalculations last time round come home to roost blogsfromtheblackstuff.com/bftbblog2512...

ICYMI @dgbailey.bsky.social & my Chrismas Eve blog: blogsfromtheblackstuff.com/bftbblog2512...
£1.9 Billion wake-up call for Birmingham. If it acts quickly& responds correctly, it can get £400 million back of its £1.9B Pension Fund surplus and into its revenues over next 3 years. The rest from 2029+

*BREAKING* We reveal total paid out in mgt expenses to 97 UK Local Gvt Pension funds last yr was record-high of *£2.7Billion*. blogsfromtheblackstuff.com/bftbblog251120 £2.4B in investment fees for pathetic 3.3% return. Paid for mainly through council tax. How much did your local fund shell out?

@theguardian.com @guardianheather.bsky.social Yday's blog showing how Chancellor highly likely has £10B more fiscal headroom than she, OBR&Treasury realise, from the 97 UK Local Govt. Pension Funds' current snail's pace (re)valuations - if she acts fast! blogsfromtheblackstuff.com/bftbblog2511...

@newstatesman1913.bsky.social Yday's blog showing how Chancellor highly likely has at least £10B more fiscal headroom than she realises, or OBR&Treasury realise, from the 97 UK Local Govt. Pension Funds' current snail's pace valuations - if she acts fast!
blogsfromtheblackstuff.com/bftbblog2511...

Yesterday's blog showing how the Chancellor highly likely has at least £10B more fiscal headroom than she realises, or OBR&Treasury realise, from the 97 UK Local Govt. Pension Funds' current snail's pace (re)valuations - if she acts fast!
blogsfromtheblackstuff.com/bftbblog2511...

@tobyn.bsky.social bsky.app/profile/john...

Councils &employers in the LGPS will see £10B windfall if 97 UK Local Govt Pension Funds get their sums right.
Just because snail’s-pace 3yr valuations still ongoing doesn’t mean OBR &Treasury shouldn’t project now probable headroom outcome for Chancellor! blogsfromtheblackstuff.com/bftbblog251109

@tobyn.bsky.social
bsky.app/profile/john...

UK LGPS Assets now stand at £476Billion. blogsfromtheblackstuff.com/bftbblog251024
Our updated blog following DHCLG's publication of official statistics for England &Wales.
5th biggest pension fund in the world &9th biggest sov.asset fund in the world.
We projected £475B 10 days ago. Pretty close!

EXCLUSIVE: The UK's 97 Local Government Pension Funds' assets combined now worth *£475 Billion*.

Each fund's autumn 2025 annual report output collated and combined, first for Assets Under Investment here:
blogsfromtheblackstuff.com/bftbblog251014

@guardianheather.bsky.social
blogsfromtheblackstuff.com/bftbblog2510...
EXCLUSIVE: UK's 97 Local Government Pension Funds' assets combined now worth *£475 Billion*.
Each fund's autumn 2025 annual report output collated &combined, first for Assets Under Investment. Now the 5th biggest global fund.

In global asset terms this converts to $0.63 Trillion. If UK LGPS a combined fund it would be the 5th biggest pension fund in the world on the latest TAI | P&I 300 ranking.

In global asset terms this converts to $0.63 Trillion Which if it were one combined fund Would be the 5th biggest pension fund in the world on the latest TAI | P&I 300 ranking.

@tobyn.bsky.social @marymcd.bsky.social
bsky.app/profile/john...
blogsfromtheblackstuff.com/bftbblog251014
chart embed codes available from email@blogsfromtheblackstuff.com

EXCLUSIVE: The UK's 97 Local Government Pension Funds' assets combined now worth *£475 Billion*.

Each fund's autumn 2025 annual report output collated and combined, first for Assets Under Investment here:
blogsfromtheblackstuff.com/bftbblog251014

Back to school scandal: £1Billion (&likely £1.6B) of West Midlands schools' spending absorbed instead into £4.3B surplus of £21B West Midlands Pension Fund. £450m from FE Colleges&Unis, too. £183M from Police&Fire @dgbailey.bsky.social ‘s &my blog explains: blogsfromtheblackstuff.com/bftbblog250910…

Pensions accounting trends – 31 March 2025 Observed market practice on pensions accounting trends assumptions at 31 March 2025.

PWC observed DB industry-wide discount rates at 31/3/2025
www.pwc.co.uk/pensions/ins...
We went for a prudent 5.6% in our figures. Though you’ll also see Corporate Bonds rate they’ll *have* to use for their 2025 IAS19 Liabilities is 5.8%. On that basis it really must be in the £175-200B territory.

@tobyn.bsky.social You presciently predicted an ‘embarrassment of riches’ for the LGPS at 2025 valuation. How about a surplus of £200B across the UK’s 97 pension funds? And assets totally just shy of £0.5 Trillion?
@dgbailey.bsky.social
john-clancy.com/blogsfromthe...

The £1.2 Billion iceberg that sank Birmingham City Council – who knew? · If you think you knew why Birmingham City Council went bust, think again. · Could Birmingham actually un-bust itself overnight (and halt the cuts) at the stroke of the Deputy Prime Minister’s pen…

@stevewebb1.bsky.social
Our analysis of the Pensions Over-contribution crisis as it affected Birmingham City Council &Investment Management Expenses you tried to so something about, but which Tories dumped when they got their majority in 2015
centreforbrexitstudiesblog.wordpress.com/2024/12/03/t...

@stevewebb1.bsky.social
Excellent analysis from your LCP colleague Tim Gilbert this morning in the FT.
LCP should be listened to.

t.co/oV5Dj828R6

@guardianheather.bsky.social

BREAKING NEWS:
FT reports England’s councils to HALVE Employers’ contributions each year over next 3 yrs.
That’s £60M credited back to Birmingham each yr. Likely much more as Birmingham overpaying by so much more.
Expedited recertification &credit NOW &pause Birmingham Council
cuts now til done.