Pension funds should be allowed to invest in schools in order to carry out much needed maintenance and replace old buildings, according to a Labour party policy document published on Friday.

Pension funds would then be able to emphasise their social commitments and schools could be turned into genuinely multi-functional buildings, the document says.
By adding on extra services, such as after and pre-school care, health clinics and other activities, pension funds would also be able to generate extra income.
Currently local councils are in charge of school buildings, but in some places housing corporations are involved in building them.