Scheme Advisors

UK pensions law requires those charged with the governance of occupational pension schemes and pension funds to take professional advice in respect of their fiduciary duties towards beneficiaries.

During 20212022 the Scheme Advisory Board was serviced by a secretariat led by Jeff Houston - Head of Pensions at the Local Government Association.

Auditing - While the SAB has not been advised directly by any external auditors, each LGPS fund and the LGPS as a whole has been extensively audited - see Auditors Assurance Statements.

Fund Advisors

During 2021/22 LGPS administering authorities have received advice from a range of specialist external advisors, including the following:

Administration - Liberata, Capita, Civica, Equiniti, Heywood, LPPA, LPP, Pension Shared Service & West Yorkshire Pension Administration.

Asset custody* - BNY Mellon, HSBC, JP Morgan, Northern Trust and State Street.

Northern Trust 52.1% Custodian pie chart
State Street 16.5%
BNY Mellon 14.1%
JP Morgan 10.6%
HSBC 4.7%
BNP Paribas 0%


Actuarial**, and/or Benefits, and/or Investments - Aon Hewitt, Barnett Waddingham, Hymans Robertson and Mercer.

Hymans Robertson 50.0% Actuary pie chart
Barnett Waddingham 21.6%
Mercer 15.9%
Aon Hewitt 12.5%


Legal - Eversheds, Osborne Clark, Pinsent Masons, Squire Patton Boggs, HB Public Law, Institutional Protection Services, Ward Hadaway, Burges Salmon, Sutherland, Mills and Reeve,  Addleshaw Goddard, Browne Jacobson, Dolmans.

Other Advisors - MJ Hudson Allenbridge, Iseran Bidco, Redington, The Law Debenture.

*Some funds used more than one actuary during the scheme year.

**Where stated, including but not limited to. Approximately 97% of fund annual reports named the fund custodian (some funds may use more than one custodian).