Highlights

Here are some key LGPS highlights for 2024-2025: 

• Total membership of the LGPS increased, growing by 129,786 (1.9 per cent) to 6.81m members in 2024-2025, up from 6.68m in 2023-2024 
• Over 2.2m pensioners were paid during the year 
• The total assets of the LGPS increased to £402bn at 31 March 2025, an increase of 3.2 per cent from £390bn at 31 March 2024
• These assets were mainly invested in public equities (48 per cent), bonds (16 per cent), property (8 per cent), infrastructure and private equity (both 6% respectively) 
• Investment asset allocation remains similar to the previous year
• The LGPS return on investment over 2023-2024 was 3.7 per cent. This is comparable to UK CPI year on year inflation of 3.8 per cent (Sept – Sept) 
• The scheme maintained a positive cash-flow position overall, when including investment income 
• While it has taken some time for death rates in the UK population to return to ‘typical’ levels following the pandemic, Club Vita’s data driven insights indicate that LGPS pensioners have generally shown greater resilience and that life expectancies of LGPS pensioners are returning to pre-pandemic levels 

• Total investment management costs increased by £152m (8.5 per cent) from last year. Management fees increased by £84m and transaction costs increased by £67m. Performance fees saw a small increase of £4m while other [investment] costs decreased by £5m
• Total administration and governance costs increased by 13.3 per cent (£39m) to £329 million in 2024-2025, up from £291 million in 2023-2024. This was primarily due to an increase of £30m in administration costs. 

• Chair’s Statement
• Highlights
• Governance and Training
• Financial Performance
• Membership
• Fund Accounts and Net Asset Statements
• Investments and Funding
• Administration
• Scheme Advisors
• Scheme Auditors