Council to lobby pension fund to invest in local projects

The council is a significant contributor to the pension fund which holds assets worth more than £2.5 billion and has over 85,000 members including employees of councils, education establishments and public authorities.

Councillors agreed to lobby the pension fund during today's Cabinet meeting (September 26) as part of a discussion on community wealth building, which aims to use the combined power of institutions, businesses and communities to retain and create more wealth in the local economy, creating new local jobs and new locally owned enterprises.

Councillor Zoe Nicholson, Leader of Lewes District Council, said: "This council is spearheading a community wealth building approach and embedding it across the breadth of our services, to make a real difference to the way our economy operates and bring benefits for local people.

"As part of this, we want to use our influence to develop sound investment propositions for East Sussex Pension Fund that deliver on our objectives, such as building homes, renewable energy projects or retrofitting properties, while providing financial returns."

Since committing to community wealth building four years ago, analysis shows that council spending within Lewes district has almost doubled, rising from £5.4 million in 2020-21 to £10.1 million in 2023-24.

Local employment has been given a huge boost as a result of the policy with 95% of council staff (760 full time equivalents) living in East Sussex, more than a fifth of whom live in Lewes district.

The council has also adopted the Thriving Places Index as a way of modelling the local economy based on a broader set of values, especially how it connects to wellbeing. Scores based on available data show a significant improvement over the last three years, particularly relating to equality, largely due to narrowing of the income gap between genders.

Councillor Nicholson added: "There are so many fantastic outcomes as a result of us embracing community wealth building, not least the use of council buildings and land for social uses wherever financially viable and providing opportunities for apprenticeships and work placements in our development projects. It's no wonder other councils are showing such an interest in our approach.

"With partners and other organisations, we will continue to focus on these principles to bring about even more positive impacts for the local economy and for our residents."

More ways to receive our news

• Keep me posted. Sign up to receive news and alerts from Lewes council by email
• Read District News - our council newspaper
• Our Social media