Just how well do local authority pension funds invest their money? In some sectors, not very well at all, according to a report commissioned by the Department for Communities & Local Government, which found serious failings in investment performance at the 89 local government pension funds in England and Wales.

The report by consultants Hymans Robertson details a sorry tale of below-par returns across three sectors - North American equities, emerging markets and index-linked gilts - over 10 years.