Publication of the 2025 Scheme Annual Report

The Scheme Advisory Board (SAB) for the Local Government Pension Scheme (LGPS) in England and Wales has published its thirteenth Scheme Annual Report . 

The aim of the Scheme Annual Report is to provide a single source of information about the status of the LGPS for its members, employers and other stakeholders. This report aggregates information supplied in the 87 fund annual reports, as of 31 March 2025 for the reporting year 2024/2025. 

Commenting on the report, Councillor Roger Phillips said: 

‘This is the Board’s thirteenth Scheme Annual Report, something which has become a key publication for the Board and the LGPS community.  

I continue to be honoured to have this opportunity to showcase the work of the entire LGPS and share this important information. The report provides a single source of information collating data from the 87 administering authority fund annual reports. It shows the size, scale and work of the LGPS, as well as providing a time series of key data across financial, membership, investment, and funding aspects of the scheme.  

This report describes a scheme that has continued to operate effectively in a demanding environment that is characterised by political change, operational pressure and heightened scrutiny. 

Over the period, improving funding positions, strengthening governance arrangements and a sustained focus on evidence‑based decision‑making have supported continuity and stability across the LGPS. The Board remains focused on supporting administering authorities and employers, maintaining confidence for members, and promoting the long‑term sustainability of the scheme. 

The report also shows that the funding position of funds is healthy, and estimated funding levels were reported in 75 annual reports. When weighted by assets under management, the average funding position of these funds was 114 per cent, which is up from the equivalent figure of 113 per cent in the year before (based on data from 69 annual reports). 

The Board will publish later this year its usual analysis of all the triennial local fund valuation reports. This will contain more accurate information about funding levels and provide a robust basis for the ongoing debate around the appropriate setting of contribution levels. 

The Board has also issued its own Annual Review which showcases the work it did over the period from January to December 2025. This overlaps in part with this Annual Report but complements it by bringing to life the activities the Board delivers to support funds and fulfil its statutory responsibilities over the year.  

Taken together, this thirteenth Annual Report and the Board’s Annual Review describe a scheme that has continued to operate in a demanding environment characterised by political change, operational pressure and heightened scrutiny.  

Over the period, improving funding positions, strengthening governance arrangements and a sustained focus on evidence‑based decision‑making have supported continuity and stability across the LGPS. The Board remains focused on supporting administering authorities and employers, maintaining confidence for members, and promoting the long‑term sustainability of the scheme.’