The Local Government Pension Scheme is one of the largest pension
schemes in the world, with over 6.7 million members and £400
billion of assets.
Ministers are consulting on restoring access to the Local
Government Pension Scheme for councillors in England and
extending it to mayors.
The proposed reforms would align England with Scotland, Wales and
Northern Ireland where elected members already have access.
The proposals will show locally elected leaders the respect they
deserve as dedicated public servants. This comes as local
government reorganisation and devolution continue to reshape
councils across England, the responsibilities held by mayors and
councillors are expanding significantly.
Other measures being consulted on include:
-
Making it simpler for Multi-Academy Trusts to apply for their
staff from different schools to be in the same pension
fund;
-
Implementing new Fair Deal protections ensuring workers
outsourced from local government keep seamless access to the
Local Government Pension Scheme.
The LGPS is one of the largest pension schemes in the world, with
over 6.7 million members and £400 billion of assets under
management. The scheme serves those who work in local government
including waste collectors, school staff including teaching
assistants and dinner ladies, library managers and parks
workers.
The consultation follows earlier reforms announced by the
government this year focusing on investment pooling and local
investment, designed to unlock the scheme's full investment
potential as it approaches £1 trillion in assets by 2030.
The consultation will run until December 22.
