MHCLG closed consultation on draft investment, pooling and governance guidance 

At MHCLG’s request, on 8 December 2025 the Board Secretariat distributed to all 86 administering authorities (AA) in England and Wales the draft statutory guidance accompanying the revised Pooling, Management and Investment of funds and LGPS Amendment regulations currently under consultation. MHCLG has asked for comments from AAs by 12 January 2026, emphasising their view that the policy behind the guidance had already been consulted on, feedback should focus on whether the guidance effectively delivers the policy intent set out the government’s response to the Fit for the Future consultation. 

The draft regulations, which are subject to a separate consultation closing on 2nd January 2026, give Minister’s new powers to enforce compliance, as such the guidance will have substantial operational and governance implications for administering authorities and the Board would have preferred a public consultation and did recommend to MHCLG that it take this course of action.  

While the guidance cannot be published or shared widely at this stage, in order for funds to consider their responses our expectation is that the guidance will in practice need to be shared by funds with their advisers.  In addition to support funds responses, the Board will publish its draft response on this website ahead of 12 January 2026, and to enable that draft, the draft guidance will be shared in confidence with Board members and Board committees.