Jurisdiction(s):
United Kingdom

LGPS Reform in England and Wales: Accelerated Pooling into Eight FCA-regulated ‘Mega-Funds’, Governance Reforms, Compressed Timelines and Fiduciary Considerations

Published on: 25 November 2024

Published by a LexisNexis Pensions expert

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Article summary

Substance of consultation

The government seeks views on proposals to hasten the overhaul and modernisation of the LGPS. At the heart of the plan is a clear intention to speed up the pooling of LGPS assets rapidly. Combining LGPS funds is not a novel idea indeed. Pool structures have existed in practice since 2015, when eight pools were created in total across the system. Nine years on today, under half of LGPS assets under management (AUM) are run collectively via these pooling arrangements. Ministers consider this inadequate overall and now propose that, by March 2026, every LGPS asset is overseen within eight so-called mega-funds. The LGPS is not a single scheme; as noted above, it comprises 86 distinct sections in England and Wales—each run by its own administering authority. Government wants to alter how these authorities handle their sections and has required every administering authority to submit plans setting out how pooling will be delivered fully by the end of March 2025. Hitting that timetable will be demanding, even aside from the many other priorities currently occupying administering authorities. As several professional commentators point out, the next actuarial valuation of the LGPS will take place in the period ahead too for administering...

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