The Local Government Pension Scheme (LGPS) is one of the largest defined benefit (DB) schemes in the world and the largest DB scheme in England and Wales, with over 16,000 employers, 6.2m members and assets of £276bn.
The Scheme is administered locally in England and Wales by 86 administering authorities; 11 in Scotland; and 1 in Northern Ireland. Over 70% of these funds are members of the Pensions and Lifetime Savings Association.
Following wide-ranging reforms to Public Service Pensions, the new Career Average Revalued Earnings (CARE) came into effect from April 2014 in England and Wales, and from April 2015 in Scotland and Northern Ireland. One of the new legislative requirements included the creation of a Scheme Advisory Board to provide Government with advice on changes to the Scheme. The Pensions and Lifetime Savings Association is represented on the Board (for England and Wales) by Joe Dabrowski, our Deputy Director of Policy, who serves as an adviser.
The PLSA is at the forefront of policy and regulatory issues for the LGPS, which includes work on the following issues:
- Responsible Investment
- McCloud Judgement
- Data Standards and the Pensions Dashboards Project
- Talent Management
- TPR’s Single Code of Practice
- Impacts of Covid-19
All issues affecting the LGPS are discussed with our Local Authority Committee, which meets three times a year, and helps the PLSA's Policy and Advocacy Team to steer our policy positions for the LGPS. We showcase our work annually with our industry-leading Local Authority Conference each May and through our new focused Policy Insight Webinars, which started in 2021.
Please get in touch with us on our LGPS policy by contacting [email protected].