Overview

LGPS Scheme Information

The Local Government Pension Scheme (LGPS) is one of the largest defined benefit (DB) pension schemes in the world and the largest in England and Wales. It serves 15,049 active employers, over 6.6 million members, and manages assets worth £390 billion. In 2023–2024, the Scheme continued to grow, with membership increasing by 189,042 (2.8%) to 6.68 million, and over 2 million pensions paid during the year. Assets rose by 10.1%, delivering an investment return of 8.9%, significantly outperforming UK inflation (2.5%). Investments remain diversified, with nearly half in public equities (49%), alongside bonds (16%), property (7%), infrastructure (6%), and private equity (6%). The Scheme maintained a positive cash-flow position overall, while life expectancies for LGPS pensioners returned to pre-pandemic levels, reflecting resilience across the membership.

The LGPS Advisory Board seeks to encourage best practice, increase transparency and coordinate technical and standards issues among LGPS funds. The Board works to maintain sustainability and improve the quality of information available to stakeholders. This section brings together key resources, reports, and insights about the Scheme.

Scheme Annual Reports

The LGPS Annual Report provides a single source of information on the Scheme’s status for members, employers, and stakeholders. It aggregates data from 87 pension fund reports.
View Annual Reports

Fund Annual Reports

Here you can find links to the latest pension fund annual reports.
View Fund Annual Reports

Triennial Actuarial Valuations

Valuations are conducted every three years to assess the Scheme’s funding position and future obligations. The latest valuation (as at 31 March 2022) showed an overall funding level of 107%, reflecting significant progress from previous deficits (£37bn in 2016, £6bn in 2019).
Explore Valuation Reports

Board Research

Recent studies include:

• Understanding diversity of representation within the LGPS
• Peer Support insight 

Read Research