The Local Government Pension Scheme (LGPS) is in a strong position – with the 87 funds in England and Wales showing a combined funding level of 107% as at 31 March 2022, the 11 Scottish funds showing a total funding level of 147% at their 2023 valuation. Average contribution rates across the LGPS now falling.

But what is the future of LGPS investment against this backdrop?

By 2040 the chancellor has said all local government pension fund assets in England and Wales will be invested in pools of £200bn or more and is aiming to shift all listed assets to pools by next year.

He has also set out an ambition for LGPS funds to invest more in private assets – implementing a 10% allocation ambition for investments in private equity.

LGPS schemes are investing more in so-called levelling up investments – investing more than £27bn in infrastructure assets and increasingly looking to invest in the local economy.

This quarterly PP webinar series will look at the future of LGPS investment – assessing how LGPS funds and pools are investing today and how their investments are evolving.

The first webinar in this series will be held on Thursday 22 February.

Jonathan Stapleton

Jonathan Stapleton

Editor, Professional Pensions

Jonathan is editor of Professional Pensions and has been reporting on UK occupational pensions since 2001. He has won a number of awards during his career, most recently the SPP Trade Journalist of the Year Award in 2019. He is also holder of the PMI's Retirement Provision Certificate.
Iain Campbell

Iain Campbell

Senior investment consultant at Hymans Robertson

Iain Campbell is a senior investment consultant at Hymans Robertson, where he specialises in advising the LGPS.

Working across a number of consultancies in the past, Iain’s focus has always been on the LGPS. He has even spent some time working within the LGPS, as an officer at the Greater Manchester Pension Fund.

Iain’s experience spans the full spectrum of LGPS needs, including investment strategy, responsible investment, pooling, cashflow and portfolio design
Chris Harper

Chris Harper

Partner, Squire Patton Boggs

Chris Harper is a Partner in the pensions team at Squire Patton Boggs in London, where he advises UK private and public sector pension funds and LGPS pools. His practice covers benefit and governance issues, investment procurements, de-risking exercises and employer funding negotiations. Chris is a member of the Society of Pension Professionals Investment Sub-Committee, a presenter at the annual Association of Pension Lawyers investment training course and co-chair of SPB’s focus group on ESG.

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