An update from the Scheme Advisory Board | September 2025
Published: September 8, 2025
Your regular update on LGPS governance, regulation, and strategic initiatives
SAB Annual Assembly
During what is a challenging and exceptionally busy time for the LGPS, Cllr Roger Phillips, the chair of the Scheme Advisory Board for the Local Government Pension Scheme (LGPS) in England and Wales would like to bring together both Pension Committee and Pension Board chairs for a unique networking opportunity amongst peers and to engage directly with the Scheme Advisory Board on the issues and challenges being faced by funds. Attendees will also hear from the board chair and board secretary on the Board’s work on behalf of the Scheme. The local government minister, Jim McMahon, has attended all the previous on-line events and has been invited again to this event.
The event is in-person at the Local Government Association’s offices. It is free to attend, and an invitation was sent directly to LGPS Pension Committee and Pension Board chairs on 25th July.
LGPS Code of Transparency Review
On 14 July 2025, the Board launched a consultation on proposed changes to the LGPS Code of Transparency. The Code launched in May 2017 and details the obligations on Code signatories to provide consistent data to LGPS funds and pools on investment management fees and costs. The Board subsequently developed the Cost Transparency Initiative (CTI) in 2018, and a centralised data system was also launched in 2020 to collect the associated CTI templates. These arrangements gave a means for the Board to have oversight of compliance with the Code. The Board is currently exploring the replacement of the centralised data system with a framework approach and has taken the opportunity to review the Code itself. The responses are being analysed by the Board and the revised Code will be published later in the year.
LGPS Peer Support Offer
As a reminder, at the 24 June 2024 Compliance and Reporting Committee Meeting, members set out initial objectives for what a LGPS Peer Support offer could achieve:
- Allow LGPS administering authorities (AA’s) to gain external assurance support of its governance activities.
- To share, promote and increase good governance practices.
- To facilitate access to an expert network of LGPS peer members.
The Board is aiming to follow (in a proportionate way) the principles of the Local Government Association’s (LGA) valued improvement and assurance tool offer to councils. There are a lot of resources on peer support on the LGA website for readers who want more information on how it works for councils.
The Board has set up a Peer Support Working Group under the Compliance and Reporting Committee Workstream which has officers from a wide range of LGPS funds as well as a representation from The Pensions Regulator. The working group met in April 2025, June 2025 and is scheduled to meet in September 2025 to further discuss the framework, scope and route into the LGPS peer support offer.
We’re currently inviting expressions of interest from Pension Committee and Board chairs who would be open to participating as peers in a future support model. This may involve sharing experience, offering informal guidance, or supporting knowledge exchange across the LGPS network.
If you would like to discuss this in more detail, please email sabsecretariat@local.gov.uk
2025 SAB meetings
Scheme Advisory Board: 24th November
2025 Autumn Committee Meetings
Responsible Investment Advisory Group (RIAG): 6th October
Compliance and Reporting Committee (CRC): 20th October
Cost Management Benefit Design Administration Committee (CMBDA): 3rd November
Investment Committee (IC): 10th November
Responsible Investment Advisory Group (RIAG): 1st December
