Briefing Note 79 - Recent developments in the Local Government Pension Scheme (LGPS)
The Local Government Pension Scheme (LGPS) has 5 million members (active, deferred and pensioner) making it one of the largest open DB schemes in England and Wales. Employers in the scheme include local authorities and public service organisations as well as other employers which provide the LGPS for their employees by becoming admitted bodies.
The LGPS is under continued pressure to deal with scheme deficits (£47bn)2 by improving investment returns and reducing administration costs, and more recently pressure to invest more in infrastructure in the UK.
This Briefing Note covers some of the history of LGPS including previous Government reforms. It discusses the current proposed changes (including the pooling of funds and increased investment in infrastructure in the UK) across four elements (scale, costs, governance and infrastructure) along with possible partnership arrangements. It seeks to outline further questions to be considered as the LGPS changes are implemented.
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