GAD's expertise and insight has supported the government's work
in carrying out the Pensions Investment Review and consultation
process.
The Pensions Investment
Review: Final Report and consultation responseswas published
on 29 May 2025.
It focused on improving returns for Defined Contribution savers
and unlocking investment potential within the LGPS in England and
Wales.
These reforms ensure better outcomes for savers and support the
sustainability of the LGPS, as set out in the Pension Schemes
Bill which was published on 5 June 2025.
The report is published together with the responses to the 2
consultations:
GAD's support
GAD provided advice and expertise during the preparation of the
Pensions Investment Review report, and provided support through
GAD actuary Scott Madden, who was on secondment to HM Treasury
throughout the process.
Working closely with policy colleagues, Scott provided strategic
input and policy development, contributing public and private
sector pensions expertise. As part of the Whitehall team, he
played a pivotal role in extensive engagement with industry and
cross-government policy stakeholders and supported a broad range
of government functions - from the early stages of drafting
legislation to preparing communications for ministerial
announcements such as the Chancellor's Mansion House address.
Complex, fast-paced and high-profile
Siobhan Amutharasan, Senior Policy Adviser, from HM Treasury
commented: “The pensions investment review has been a complex,
fast-paced and high-profile programme of work - timely, expert
and insightful actuarial advice has been critical to its
delivery.
“GAD support, particularly through a secondee actuary in the
team, has meant every stage of policy development benefitted from
a range of perspectives, including those with experience of
public and private sector pensions investment.
“From technical drafting to strategic planning, to stakeholder
engagement - support from GAD has brought specialist knowledge,
challenge and creativity in support of our policy aims.”
GAD Actuary Eva Grace was part of the project team and commented:
“It has been a privilege to work with government policy
officials, combining our pensions investment experience with
their policy knowledge.
“Officials would challenge us to understand how developments can
lead to improved outcomes. Some of those challenges have been
difficult, but that's exactly where government can help create
solutions. We're pleased to now be talking with stakeholders and
looking at how the impact of new policy can be measured.”
AI technology as support
As part of work to support the government policy team with the
consultation process, GAD made use of AI technology as a
supportive tool to supplement the detailed manual review and
analysis of consultation responses carried out by officials. This
allowed key themes in the approximately 500 responses received to
be identified, aiding understanding and supporting the
development of insight into the data.
