Commenting on the Pensions Review announced by Chancellor Rachel Reeves, through an LGPS lens Iain Campbell, Head of LGPS Investment, Hymans Robertson, says:

"We’re pleased by how quickly this review has been announced. More than 7 million people look to the LGPS to secure their futures in retirement. Over the last decade we have been looking closely at what it needs to evolve to better manage risks and meet the needs of those people. Considerable work has already been undertaken to generate savings and deliver better value for money through pooling, and work has already begun on refining how funds should approach the next phase of pooling. Our recommendation is that it's a good thing, but care needs to be taken that funds are allowed to continue to take an approach that suits their needs.

"Just as the government’s focus is on value for money in DC pensions as highlighted by the Kings speech, success for citizens and LGPS pensioners will be to maintain focus here. Specifically looking to achieve a balance of efficiency, diversification and resilience. This will allow the LGPS to continue to go from strength to strength, while exploring further ways to make savings and delivering on their purpose of paying pensions and maintaining stable contribution rates for employers. Now is a great time to take stock and seek to go further, together."