Greater Manchester Pension Fund (GMPF) is the largest pension fund in the Local Government Pension Scheme (LGPS), with assets of approximately £35 billion invested across a range of asset classes including equities, bonds, property and infrastructure. Responsibility for setting the Fund's investment strategy rests with the Pension Fund Management Panel, which also oversees the delivery of that strategy.
In June 2026, the Government published new statutory guidance on preparing and maintaining an Investment Strategy Statement (ISS), replacing the previous guidance introduced in 2017. The new framework strengthens requirements relating to asset pooling, investment objectives, risk management, stewardship, environmental, social and governance (ESG) considerations, and local investment priorities.
The updated guidance also places greater emphasis on the relationship between LGPS funds and their investment pools. GMPF is a partner fund within the Northern LGPS. While GMPF remains responsible for setting its investment strategy and priorities, Northern LGPS has the role of implementing that strategy and managing assets on the Fund's behalf.
To reflect these changes, GMPF has prepared a revised Investment Strategy Statement. The document sets out the Fund's long-term investment objectives, how it manages investment risk, and how it seeks to deliver sustainable returns to pay members' pensions over the long term.
We are inviting members, employers and other interested stakeholders to provide feedback on the proposed Investment Strategy Statement. All responses received will be carefully considered before the final document is approved and published later this year.