The Local Government Pension Scheme (LGPS) is one of the largest public sector pension schemes in the United Kingdom, with 6.4 million members from 15,000 employers.[1] It is a defined benefit pension plan. Administration is carried out through 89[2] regional pension funds such as Greater Manchester Pension Fund and London Pensions Fund Authority.
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| Website | https://www.lgpsmember.org/ |
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In 2014 the LGPS changed from a final salary scheme to a career average scheme.[3]
In 2015, the UK government began the process of LGPS pension pooling, whereby individual LGPS funds across England and Wales were gathered into larger pools, in order to reduce costs and target infrastructure investment, among other priorities; priorities were laid out by the Ministry of Housing, Communities and Local Government.[4] Eight different pension pools were created and began to transition assets, developing at very different speeds.[5] The eight pools are:
- ACCESS
- Border to Coast Pensions Partnership[6]
- London CIV
- Brunel Pension Partnership
- Local Pensions Partnership Investments
- LGPS Central
- Northern LGPS
- Wales Pension Partnership
In the 2022 Levelling Up White Paper, the government set out targets for LGPS pension pots to invest at least 5% of their assets in projects that support local areas, potentially unlocking £16bn of LGPS capital for investments in local projects[7]
See also
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editReferences
edit- ^ Hinchliffe, Ruby (December 6, 2023). "'Council tax bills to rise' because of £1.6bn public service pensions blunder". Yahoo Finance.
- ^ "About us • Local Pensions Partnership Administration".
- ^ "Council pension changes approved by Unison and Unite". BBC News. 2012-08-24. Retrieved 2023-05-09.
- ^ "Local government pension scheme: Investment reform criteria and guidance".
- ^ "U.K. Pools gaining critical mass, and investment choices". 21 May 2022.
- ^ Zhen, Summer (2023-03-06). "UK pension pool Border to Coast appoints two China-focused managers for new fund". Reuters. Retrieved 2023-05-09.
- ^ Amorim, Venilia (1 March 2022). "'Levelling up' white paper targets LGPS funds to support local areas". Investment & Pensions Europe Magazine. Retrieved 16 March 2022.
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