In just eight months, the 89 scattered local government pension schemes have assembled themselves into eight ‘British wealth funds’ that aim to be smarter, yet more frugal, managers of £214 billion in pension savings. But the hard work isn’t finished yet – the bulk is still to be done.

The new larger funds will be running some of the biggest savings pools in Europe and can thus drive a harder bargain with fund managers - and will be increasingly bringing investment in-house. They will also have the size to run more diverse investment strategies, with the know-how to invest directly in private equity, infrastructure, and other alternatives.