Local Government Pension Scheme
The Local Government Pension Scheme (LGPS) is a nationwide public sector pension scheme in the UK, serving millions of employees working in local government and associated organizations. It is a defined benefit scheme, providing members with a pension based on their career average earnings, which offers a stable and predictable retirement income. The LGPS is unique in its decentralization, with administration managed locally by regional pension funds across England, Wales, Scotland, and Northern Ireland, each tailored to meet the specific needs of its members while adhering to national guidelines. This structure ensures that the scheme is responsive to local conditions and member needs. The LGPS is known for its commitment to responsible investment policies, focusing on long-term sustainability and ethical investment practices to manage the pension funds effectively. As one of the largest public pension schemes in the UK, the LGPS plays a crucial role in securing the retirement futures of a significant portion of the public sector workforce.
