Local government pensions

The Local Government Pension Scheme (LGPS) is the main pension scheme for the local government sector in England and Wales.

As well as being participating employers in the LGPS, some local authorities are also administering authorities and have a separate role in administering the regional funds within the LGPS. Administering authorities may also provide third party administration services to other public service pension scheme funds, such as the Police Pension Scheme and the Firefighters’ Pension Scheme.

Local authorities may also participate in:

  1. the Teachers’ Pension Scheme in respect of teachers employed at certain maintained schools, and

  2. the NHS Pension Scheme in respect of former NHS employees whose employment has transferred to such local authorities

The Local Government Pension Scheme (LGPS)

The main pension scheme for local authorities is the LGPS. The LGPS is a statutory, public service pension scheme for local government and related employees in England and Wales. There are separate schemes in Scotland and Northern Ireland. For information on Scotland, see Practice Note: Public sector pension schemes in England and Scotland—key differences.

The LGPS is the largest of all the public service

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Minister for Pensions hosts roundtable on ‘Pound for Pound’ initiative in shift from cost to Value for Money

The Minister for Pensions, Torsten Bell MP, has hosted a roundtable with regulators and leading pension providers to support a joined-up approach to Value for Money (VFM) in pensions. The event marked the first public discussion of the ‘Pound for Pound’ (‘£4£’) initiative, aimed at shifting the UK market from cost-based comparisons to broader value-based metrics, shifting market conversations away from cost towards value. This shift is essential for the success of the government’s proposed approach set out in the Pension Schemes Bill 2025. Insights from Australia’s superannuation system were central to the session, highlighting how clear benchmarking, transparency and regulatory oversight have transformed both member outcomes and the understanding of value in Australia. Intended to inform the impending regulatory consultation on VFM metrics, the superannuation system formed a key reference point as the discussion explored how lessons from Australia and insights from providers could shape regulatory thinking and support the development of the Pension Schemes Bill. Roundtable participants including the Department for Work and Pension, the Financial Conduct Authority, Pensions UK and a number of the Mansion House Accord signatories, agreed that now is the time for government, regulators and industry to collaborate in shaping and embedding a robust, fit-for-purpose VFM regime.

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