Telling local governments to team up to build the new megafunds sounds easy. But it isn’t.

By April 2018, the 89 local funds - each with radically different investment strategies, managers and trustee boards - need to have worked together to design, build, test and activate frameworks that can support the assets of eight super pools. It is the most radical shake-up of any part of defined benefit sector for decades - so where on earth do they start?