The Local Government Pension Scheme (LGPS) is one of the largest public sector pension schemes in the United Kingdom, with 4.6 million members. Administration is carried out through 99 regional pension funds such as

Greater Manchester Pension Fund The Greater Manchester Pension Fund is a pension fund for employees of various institutions in Greater Manchester, United Kingdom. It is run by Tameside Metropolitan Borough Council and follows the rules of the Local Government Pension Scheme. Wit ...

and

West Midlands Pension Fund West or Occident is one of the four cardinal directions or points of the compass. It is the opposite direction from east and is the direction in which the Sun sets on the Earth. Etymology The word "west" is a Germanic word passed into some R ...

. In 2014 the LGPS changed from a final salary scheme to a

career average A career average pension or career average revalued earnings pension (CARE pension) is a type of occupational pension scheme, where people saving for retirement pay for a benefit after retirement where they will receive a sum that is calculated a ...

scheme. 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. Eight different pension pools were created including "Border to Coast" and began to transition assets, developing at very different speeds. 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

References

{{reflist Public pension funds in the United Kingdom