Context

The LGPS is the 5th largest pension scheme in the world in terms of assets under management, and the largest occupational pension scheme in the UK in terms of scheme membership.
It is important to all its members, employers, and the Government; that formal mechanisms exist to measure, report, assess and benchmark the performance of the LGPS over different time periods; and in relation to other equivalent large pension schemes.
This page describes the performance reporting framework of the LGPS. It summarises the LGPS statutory reporting requirements and reporting guidance issued to LGPS pension funds, and the organisational relationships and roles of the main bodies involved in delivering the reporting framework.

Framework

The performance reporting framework can be subdivided into:

Individual fund level
a) statutory triennial (3 yearly) (actuarial valuation) reporting
b) statutory annual reporting

Overall scheme level
a) summary annual report and key performance indicator statistics

Organisational relationships and roles and Laws, Regulation and Guidance set out the:
a) organisational relationships and roles of the main bodies involved in the delivery of the overall performance reporting framework
b) key regulations and supporting technical guidance that inform the reporting framework

Some of the guidance is annually or periodically reviewed, updated and refreshed to ensure it is up to date, fit for purpose, and meets the needs of its stakeholders that includes the LGPS Government sponsors, employers, members, pensions & investment media, and other interested parties.

Report availability

The aim of the LGPS Advisory Board is to provide a ‘bona fide’ single information source for all LGPS stakeholders on the:

a) “general health” of the LGPS nationally
b) “specific health” of each LGPS fund relative to other LGPS funds

The following reports can be viewed and downloaded from the LGPS Advisory Board:
a) an overall annual reportfor the whole LGPS. It will be published annually.
b) the triennial actuarial valuation reportsfor each LGPS fund. The next triennial actuarial valuation reports will be available in 2016-17.
c) the annual report and audited financial statements for the 91 LGPS pension funds.

These are published annually.

The LGPS annual reports will enable stakeholders to assess, benchmark, and track the health of the LGPS over various time periods.

• Laws, Regulation and Guidance
• Organisational Relationships
and Roles