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Fit for the Future - our response to the LGPS Pensions Review Consultation

Forest with light shining through a gap in the trees with text overlay:Fit for the Future - our response to the consultation

In July 2024, the Chancellor announced a "landmark" pensions review, stage one of which included the Local Government Pension Scheme (LGPS). 

The stated objectives of this review were to push further consolidation, tackle inefficiencies, and drive more investment in the UK.  During this review, Wiltshire Pension Fund has engaged at every possible opportunity.  The Head of Wiltshire Pension Fund attended three roundtable meetings with ministers and officials, and the Fund responded to the Government's call for evidence.  Both the Head of Wiltshire Pension Fund and the Chair of the Committee have attended online meetings with the scheme advisory board.  On 14 November 2024, an interim report into the pension review was published along with a consultation "LGPS - Fit for the Future", which can be found here:  Local Government Pension Scheme (England and Wales): Fit for the future - GOV.UK.

Engagement with the Review

The consultation contains proposals which represent significant changes to the way the LGPS is run, focused on the funds investments.  We view some of these positively, such as the improvements to governance standards.  Others we have concerns around, as we believe that they create significant risks, in terms of value for money, maintaining accountability to our employers, and our ability to deliver our responsible investment objectives.

The consultation was open for responses for only 9 weeks from 14 November 2024 to 16 January 2025, you can read our full response to the consultation here: 

Wiltshire Pension Fund Consultation Response (PDF, 314 KB)(opens new window)

Beyond Investments

While the significance of the impact of the proposals in the consultation should not be understated, it is important to note that Wiltshire Pension Fund is more than just investments - our specialist team also provides support to our c.180 employers and >85,000 members, and retains responsibility for all strategic matters, as illustrated in the following graphic:

Infographic demonstrating using 8 cogs to demonstrate the different teams operations within the fund.

We are continuing to work to deliver service improvements across the whole Fund, as set out in "Our Pathway to Success", our Business Plan for 2024/27, in line with our vision to deliver an outstanding service to our scheme employers and members.

Stay Connected: Stay up to date and learn about our investments

  • Learn more about our long-term sustainable approach to investing by visiting our  How we do it (our approach) page
  • Read about our fully integrated approach to managing climate and nature risks on our 2024 Climate and Nature Report: Our Journey to Net Zero page , which features our award-winning Climate Opportunities portfolio! 
  • Did you know that 27% of our assets are invested in the UK, including some right in our own backyard?  Visit 2024 Investing in the UK Report to check out our first ever Investing in the UK Report
  • We regularly share news of what we've been up to across the whole Fund - you can visit our News pages or follow us on LinkedIn to keep in touch!

Whatever changes are coming our way, everyone at Wiltshire Pension Fund is fully committed to delivering the best outcomes for our employers and members.

Wiltshire Pension Funds Strategic vision goals of Long Term thinking, Safeguard the Assets, Strong Risk Adjusted Returns, Responsible Ownership and Stewardship, Positive Impact

 

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