Iain Campbell on LGPS reform
Published: July 15, 2025
The Local Government Pension Scheme (LGPS) finds itself at a pivotal moment, facing unprecedented levels of change across multiple fronts. From pooling arrangements to local investment initiatives, fund officers and committee members are grappling with an ever-expanding agenda of reforms.
At the recent LAPF Strategic Forum held at The Grove in Watford, we sat down with Iain Campbell, Head of LGPS Investment at Hymans Robertson, to discuss how funds can navigate this complex landscape while maintaining their focus on long-term value creation for scheme members.
These are some of the highlights of our interview with him. To see the full interview, click the video below.
Iain Campbell on Hymans’ LGPS heritage
When discussing Hymans Robertson’s role in the LGPS landscape, Campbell’s pride in the firm’s heritage becomes evident.
“At Hymans, we work with around three quarters of LGPS funds in various guises, such as investment consultancy, actuarial governance, administration, project management services – and often doing a combination of these,” he explained.
The firm’s century-long commitment to public sector pensions provides a foundation for this work. “But we were founded over a hundred years ago now to provide actuarial services to public sector pensions so whilst the firm has grown and diversified, LGPS has always remained at the heart of what we do.”
Campbell emphasised that their approach centres on supporting decision-makers rather than imposing solutions. “Our role is ultimately to support fund officers and committee members to make the best decisions they can in the valuable role they play for the LGPS, and part of what we do is also always making sure that all the advice and support we provide is really tailored to our clients’ needs.”
Iain Campbell on tailored investment advice
The conversation revealed Campbell’s philosophy on avoiding one-size-fits-all approaches to investment consulting. “First of all, you need to make sure you know the funds you’re working with and make sure that you can always see things from their perspective.
“One thing we always pride ourselves on is we never have a single house view that we say has to go out to everyone.”
This client-focused approach extends to how the firm utilises its research capabilities. “We have really strong internal research capabilities, but that is ultimately to inform the client-facing consultants and help them to deliver better advice that’s tailored to their funds and take what’s right for them.
“We would never take a single idea out to every single fund and say ‘everyone should be sold this’.”
Campbell acknowledged the commercial implications of this approach while defending its value. “And probably in the short term we miss out on a bit of revenue by doing that, but I think that’s why we have such longstanding relationships with our clients.”
Iain Campbell on reform overload
When asked about the challenges facing LGPS funds, Campbell’s frustration with the current pace of change was palpable. “Well, I think currently there’s just too much to pay close attention to any one single thing.
“There are endless consultations, there’s pooling, there’s local investment, there’s local government reorganisation, there’s devolution – but ultimately the most pressing issue everyone needs to focus on is pooling.”
Despite the complexity of the reform agenda, Campbell identified pooling as the critical priority. “From an investment perspective, it’s a humongous change for how investments will be managed and delivered in the LGPS.
“Whether it’s right or wrong, we’ll see, but ultimately it’s all about making sure that if this is going to happen – and the Government have made it clear that it is – we have the right governance structures in place to continue to deliver strong returns for the LGPS.”
Iain Campbell on future opportunities
Looking ahead, Campbell expressed hope that the current intensity of reform might ease. “I would like to think this current pace of change cannot continue. Right now, I think it’s just unsustainable how much is on everyone’s plates at the minute.”
He warned about the risks of decision-making under pressure. “I think you always have the risk that if you’ve got too much on your plate and you’re having to make decisions too quickly, that’s when mistakes can be made.
“What would be nice if we get through this current glut of reform, the Government allows us to settle down, get into this new way of working and start delivering on it.”
However, Campbell highlighted local investment as a significant opportunity emerging from the reforms. “I think one opportunity coming out of all of this is on local investment. I think there are some great opportunities there to unlock investments that would otherwise have not have been made without this reform.
“I think there’ll be some great investment opportunities, both from a financial perspective, but also to deliver on a better UK as well so I do think that is a key positive coming out of all of this and a good opportunity for funds.”
Click here to see the full interview
