Chair's Statement

On behalf of the Scheme Advisory Board I am delighted to be able to present the fifth Annual Report for the Local Government Pension Scheme (LGPS) in England and Wales. The LGPS is one of the largest defined benefit (DB) schemes in the world and is the largest DB scheme in England and Wales, with over 14,000 employers, 5.6m members and assets of £263bn.

The aim of this Annual Report is to provide a single source of information about the status of the LGPS for its members, employers, and other stakeholders. Continually improving key information about the Scheme as a whole is one of the top priorities of the Board. This report aggregates information supplied in the 90 fund annual reports, as at 31st March 2017.

To navigate the Annual Report, please use the menu to the right of this page, or the hyperlinks.

Here are some key LGPS highlights for 2017:

As at the 31st March 2016, the LGPS liabilities were estimated at £254bn indicating an overall funding level of 85%. During 2016 the Board has been actively developing proposals to further tackle the estimated funding deficit of £37bn (£47bn in 2013) to improve the sustainability of the LGPS and its future funding levels. The next triennial valuation of the LGPS will be as at 31st March 2019.

As we move into the 2017/2018 reporting period, and the LGPS investment pools are being established, the Scheme Advisory Board are working with CIPFA and other stakeholders to ensure that the reporting of investments remains transparent at all levels within the Scheme.

I would be pleased to hear your views on this our fifth Annual Report (these should be sent to Liam Robson). The Board is keen to ensure we add to the Report and that the work underlying our compilation and analysis is ultimately recognised through UK, EU and global awards for excellence.

Cllr Roger Phillips

Chair of the LGPS Advisory Board
22 May 2018

Cllr Phillips