LGPS: Fit for the Future technical consultation
From 20 November 2025 to 2 January 2026, the Government sought views on 2 draft statutory instruments:
-
the ‘Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026’
-
the Local Government Pension Scheme (Amendment) Regulations 2026
The consultation sought to understand whether the statutory instruments would effectively deliver the policy proposals set out in the Government’s response to the Local Government Pension Scheme: Fit for the Future consultation.
The Government response to the consultation was published on 21 May 2026 and both of the Statutory Instruments came into force on 30 June 2026.
Pension Schemes Act 2026
The Pensions Schemes Bill became law after it received Royal Assent on 29 April 2026.
Pensions Investment Review 2024/25
On 29 May 2025, the UK Government published the Final Report of the first phase (Terms of Reference) of its Pensions Investment Review. This followed on from an Interim Report published on 14 November 2024. The reports provided the Government's response to a Call for Evidence, over the summer of 2024.
Two further consultations accompanied the Interim Report. The Government responded to these alongside their Final Report:
- Unlocking the UK pensions market for growth set out proposed reforms to deliver scale, accelerate consolidation and drive a focus on value over cost in the DC workplace pensions market and explores other changes. The Government response.
- Local Government Pension Scheme (England and Wales): Fit for the future sought views on proposals relating to the investments of the LGPS. It covered the areas of asset pooling, UK and local investment and governance. The Government response.
In November 2024 the Government also published 'Pension fund investment and the UK economy'. This analysed the trends of UK pension fund investment and considered the implications for the UK econmic growth.
AREF submitted the following responses to the Government's consultations relating to their Pension Investment Review. Copies of these can be requested from RE:UK.
AREF response to the Call for Evidence in September 2024
AREF response to the consultation: Unlocking the UK pensions market for growth
AREF response to the consultation: LGPS: Fit for the future.
AREF's Pensions Reform Working Group oversaw AREF's responses. Any members who would like to join this working group please advise Jacqui Bungay, Head of Policy ([email protected])
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