As briefed in national news yesterday, the Chancellor announced plans for further reform in the LGPS in a consultation which closes on 16 January 2025. These reforms will be focused on the eight existing investment pools. We are not expecting any changes to the structure of the underlying 86 funds in England and Wales as a result of this consultation.

The consultation, launched yesterday evening, gives more detail on the proposals, which include:

There will also be a new biennial governance review process for LGPS funds, which the Scheme Advisory Board Secretariat team at the LGA will coordinate.

The Board welcomes the clarity provided in the consultation that has been published and will be considering the proposals closely. The Board’s response to the consultation will be published as soon as practicable. It is clear that the government’s view is that change in the LGPS is necessary. The Board will work with funds, pools and the government to ensure that that change will be beneficial for members and employers, and that their best interests remain at the heart of the LGPS.