Local Government Pension Scheme

{{Infobox organization

| name = Local Government Pension Scheme (LGPS)

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| logo =Local Government Pension Scheme (LGPS) logo.png

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| website = https://www.lgpsmember.org/

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The Local Government Pension Scheme (LGPS) is one of the largest public sector pension schemes in the United Kingdom, with 6.4 million members from 15,000 employers.{{Cite web|last=Hinchliffe |first=Ruby|url=https://uk.finance.yahoo.com/news/council-tax-bills-rise-because-132504537.html|title='Council tax bills to rise' because of £1.6bn public service pensions blunder|date=December 6, 2023|website=Yahoo Finance}} It is a defined benefit pension plan. Administration is carried out through 89{{Cite web|url=https://www.lppapensions.co.uk/about/|title=About us • Local Pensions Partnership Administration}} regional pension funds such as Greater Manchester Pension Fund and London Pensions Fund Authority.

In 2014 the LGPS changed from a final salary scheme to a career average scheme.{{Cite news |date=2012-08-24 |title=Council pension changes approved by Unison and Unite |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-19372269 |access-date=2023-05-09}}

In 2015, the UK government began the process of LGPS pension pooling, whereby individual LGPS funds across England and Wales were gathered into larger pools, in order to reduce costs and target infrastructure investment, among other priorities; priorities were laid out by the Ministry of Housing, Communities and Local Government.{{cite web | url=https://www.gov.uk/government/publications/local-government-pension-scheme-investment-reform-criteria-and-guidance | title=Local government pension scheme: Investment reform criteria and guidance }} Eight different pension pools were created and began to transition assets, developing at very different speeds.{{cite web | url=https://www.pionline.com/special-report/uk-pension-pools-gaining-critical-mass-adding-investment-choices | title=U.K. Pools gaining critical mass, and investment choices | date=21 May 2022 }} The eight pools are:

• ACCESS
• [https://www.bordertocoast.org.uk/ Border to Coast Pensions Partnership]{{Cite news |last=Zhen |first=Summer |date=2023-03-06 |title=UK pension pool Border to Coast appoints two China-focused managers for new fund |language=en |work=Reuters |url=https://www.reuters.com/business/uk-pension-pool-border-coast-appoints-two-china-focused-managers-new-fund-2023-03-06/ |access-date=2023-05-09}}
• [https://londonciv.org.uk/ London CIV]
• [https://www.brunelpensionpartnership.org/ Brunel Pension Partnership]
• Local Pensions Partnership Investments
• LGPS Central
• Northern LGPS
• Wales Pension Partnership

In the 2022 Levelling Up White Paper, the government set out targets for LGPS pension pots to invest at least 5% of their assets in projects that support local areas, potentially unlocking £16bn of LGPS capital for investments in local projects{{cite news|url=https://www.ipe.com/current-edition/levelling-up-white-paper-targets-lgps-funds-to-support-local-areas/10058332.article|title='Levelling up' white paper targets LGPS funds to support local areas|last=Amorim|first=Venilia|date=1 March 2022|work=Investment & Pensions Europe Magazine|accessdate=16 March 2022}}