Fund Accounts and Net Asset Statements

Scheme Account Summary

Disclaimer – this summary is provided to give a broad picture of the LGPS in England and Wales. It has been aggregated from fund accounts (both audited and unaudited) as available but is not in itself subject to any form of audit nor is it set out in line with standard accounting practice. Aggregation into the headings shown  by necessity means some individual fund figures were placed into the nearest equivalent financial heading or asset class. Where no accounts were available at the time of aggregation, information for those funds is blank. For source data please see the 2025 fund annual reports page.

Scheme Net Assets Summary

The table below uses the asset categorisation required to be reported in annual reports in line with the Code of Practice on Local Authority Accounting (CIPFA)   but with a further breakdown of the amounts included within the “pooled investment vehicles” category. This breakdown is taken from the Net Assets Statement when not included in the annual report itself. The Board believes that this greater level of disclosure helps to better illustrate the underlying asset classes and strategies used by funds. This approach was adopted in last year’s Scheme Annual Report but in previous years many assets were reported simply under “pooled investment vehicles”.

Audit status 2024/2025

At the time of data collection, 58 administering authorities had completed their audit of their 2024/25 accounts. From May 2026, when this Annual Report was published, 72 administering authorities had completed the audit of their 2024/25 accounts. Where audited accounts were not available, full draft accounts were available for all LGPS funds.

Notes

The Scheme Annual Report is based on each LGPS fund’s statutory annual reports and audited financial statements; these have been collated and published in one place. At the highest level of financial reporting, the fund financial statements have been gathered and totalled to produce these aggregated Scheme annual accounts and net assets statement.

The Statement of Accounts summarises the Scheme’s transactions for the year and its position at year end. The data comes from the individual LGPS funds’ financial statements which are prepared in accordance with the Code of Practice on Local Authority Accounting in the United Kingdom (The Code). The Code is issued by CIPFA and is based on International Financial Reporting Standards (IFRS), as amended for the UK public sector. The individual LGPS fund accounts have been prepared on an accrued basis in accordance with the Code, apart from transfer values which are generally accounted for on a cash basis as the Code requires.

The net assets statement similarly summarises the Scheme’s assets over the year and its position as at 31 March 2025.

The individual LGPS fund accounts do not take account of obligations to pay pensions and benefits which fall due after the end of the financial year, nor do they take into account the actuarial present value of promised retirement benefits. IAS 26 gives administering authorities the option to disclose this information by appending an actuarial report, prepared for this purpose. These statements are as at the most recent Scheme valuation date, which for 2025 annual reports is 31 March 2022.

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