News
Board receives updated opinion on the fiduciary duty in the context of the LGPS entitled “Local Government Pension Scheme: Investments and Non-Financial Considerations from Nigel Giffin KC (Counsel)
The Board has now received Nigel Giffin KC’s updated opinion on the fiduciary duty in the context of the LGPS – which is intended as a review of and update…Updated guidance for preparing and maintaining a Funding Strategy Statement (FSS) is now available
Updated guidance for preparing and maintaining a FSS can be found on the Board guidance page. This guidance is the latest publication which has been reviewed and jointly approved by…The Board has approved its response to the Local Government Pension Scheme (England and Wales): Fit for the Future Consultation
The Board Chair, Cllr Roger Phillips, and Vice-Chair, Jon Richards of Unison, have approved the response that the Board intends to make to the government’s Fit for the future consultation…Board decision on LGPS Code of Transparency data system
The Board has been engaged in a project over the last year to determine the long-term future of the data system supporting the LGPS Code of Transparency. The system is…LGPS Fit for the Future presentation delivered by MHCLG Head of Local Government Pensions
On 4 December 2024, the Board hosted an episode of LGPS Live, a monthly webinar series looking at topical issues within the LGPS. The December episode entitled ‘Five months on…Letter to MHCLG re Funding Strategy Statement guidance
The Board Secretariat has written to MHCLG officials to recommend Ministerial approval on guidance produced by the Board, and the Chartered Institute of Public Finance and Accountancy (CIPFA), for administering…LGPS “Fit for the Future” Consultation launched
As briefed in national news yesterday, the Chancellor announced plans for further reform in the LGPS in a consultation which closes on 16 January 2025. These reforms will be focused…Department for Education Guarantee
On 12 November 2024, Bridget Phillipson, Secretary of State for Education made a statement which confirmed that the Department for Education (DfE) has put in assurance to the LGPS for…Letter to Jim McMahon MP on separation of Local Government Pension Scheme (LGPS) accounts
The Board Secretary has recently written to Local Government Minister, Jim McMahon MP, to reconfirm the Board’s previous recommendation made for the separation of pension fund accounts from the administering…Board publishes Counsel opinion on the Local Government Pension Scheme and implications of the current events concerning Gaza
The Board has been made aware that a number of administering authorities have received letters that allege that they are acting unlawfully by holding, and failing to divest from, investments…Pensions Investment Review: Call for Evidence
The Board has submitted its response to the Pensions Review Call for Evidence that went out on 4th September 2024. Responses were limited to 500 words per question which made…SAB Statement on Fiduciary Duty and dealing with lobbying
The Board is pleased to be able to publish this statement, which it agreed was necessary at its July 2024 meeting to address the current situation whereby administering authorities are…Call for Evidence published by HM Treasury
A Call for Evidence has been published inviting interested parties to inform the first phase of the Pensions Investment Review. The Call for Evidence includes questions for stakeholders within the…Update on SAB statement following July 2024 Board meeting and investigation into further opinion on fiduciary duty
At its July 2024 meeting, the Scheme Advisory Board agreed to draft a statement to share with LGPS funds and stakeholders that addressed the current situation whereby administering authorities are…Review of the LGPS E&W 2022 Fund Valuations – Section 13 Report Published
The Government Actuary’s Department has published its report to the Ministry of Housing, Communities and Local Government on the 2022 fund valuations, which is required by section 13 of the…Letter to MHCLG re: Shared Cost Additional Pension Contributions (SCAPCs)
The Board Secretariat has recently written to MHCLG officials to ask for a review of the actuarial factors and regulations surrounding SCAPC’s. This was one of the first recommendations of…SAB Cost Management Process now complete
The Government Actuary’s Department has now completed the scheme cost assessment required under Regulation 116 of the LGPS Regulations 2013. The final report was completed using methodology and assumptions determined…Code of Transparency Early Market Engagement supporting information
On 28 June 2024, the Board launched an early market engagement exercise with the aim of exploring the potential future iterations of the Code of Transparency data system which was…
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