Write to letters@thetimes.co.ukSir, Rachel Reeves’s announcement of the creation of pension megafunds shows a level of naivety and lack of understanding that is worrying in a chancellor of the exchequer (“Pension reforms ‘to free billions in investment funds’”, Nov 14). Local government pension funds are pooled and professionally managed. These funds are sovereign and their trustees have a fiduciary obligation to the fund, not to the government. Should the funds underperform the shortfall is made up by local taxpayers, which is why decisions are made locally and not by a centralised government that displays avarice towards the funds without having “skin in the game”. Nick ChardVice-chairman, Kent Pension FundSir, The proposals by Rachael Reeves on changes to local authority pension
