Newly elected chancellor, Rachel Reeves used her Mansion House speech on Thursday 14 November 2024, to outline changes to the Local Government Pension Scheme (LGPS).
The chancellor set out plans to introduce a new Pensions Bill in 2025 that builds on outcomes from the July 2024 Pensions Review of both the LGPS and workplace defined contribution (DC) pensions schemes. The Pensions Review was set up with the twin objectives of improving pension outcomes for members and increasing investment in the UK.
The government has consulted on proposals to put the LGPS on a clearer, firmer trajectory to scale and consolidation, as well as measures to improve scheme governance and investment.
Read the consultation 'Local Government Pension Scheme (England and Wales): Fit for the future'.
The EAPF responded to this consultation on 16 Jan 2025.
We support the Government’s need for LGPS assets to better support growth and green growth in particular. However, we believe that some of the “Fit for the Future” consultation proposals will result in us having to compromise on our responsible investment approach. We do not think this is in our members’, employers’, or the UK economy’s best long-term interest.
Read the EAPF response to the Consultation.
The EAPF is part of Brunel Pension Partnership pool and the majority of our assets are currently managed through the pool. More details on this can be found in our Annual Report and Financial Statements.
View our Annual Report and Financial Statements.
We wish to reassure members that the issues raised in the Mansions House speech relate to how LGPS assets are managed and invested. Whatever the outcome from the consultation and the subsequent pensions bill, this will not impact on your pension benefits.