Our Press Release 46 on this LGPS consultation
As part of the Pensions Investment Review, the Interim Report was published on 14 November. “This puts forward proposals to deliver a major consolidation of the UK pension system and seeks to unlock billions of pounds of new investment for the UK economy and boost returns for savers”. There will be two separate consultations:
The Local Government Pension Scheme in England and Wales (LGPS). “A consultation on a package of proposed reforms to the structure, investments, and governance of the Local Government Pension Scheme”.
“To overhaul the way the LGPS invests to deliver large pools of professionally managed capital in line with international best practice, while embedding investment in local communities as a priority, placing the scheme on a stronger, more sustainable footing in the interest of members, employers and local taxpayers. The government has published an analytical publication which provides analysis of the trends in UK pension fund asset allocations over time, evidence on the benefits of scale, and comparisons to selected countries”.
Consolidation of the Defined Contribution market. “This consultation sets out proposed reforms to deliver scale, accelerate consolidation and drive a focus on value over cost in the Defined Contribution (DC) workplace pensions market and explores other changes”.
