LGPS contribution cut could save councils £3bn per year

LCP has called for a review of contributions to help protect councils’ financial positions

Holly Roach
clock • 1 min read
LCP partner Tim Gilbert
Image:

LCP partner Tim Gilbert

Cutting contributions to the Local Government Pension Scheme (LGPS) could save councils £3bn per year, according to Lane Clark & Peacock (LCP) analysis.

The consultancy noted due to increases in the surplus of LGPS funds of more than £100bn across England and Wales, councils could be paying more than £6bn a year into the LGPS for new benefits being...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

Aviva assets under management surge past £180bn

Aviva assets under management surge past £180bn

Half-year results show BPA volumes have risen to £4.1bn

Valeria Martinez
clock 14 August 2024 • 3 min read
SPP: The LGBTQ+ pension gap – why there's still a long way to go

SPP: The LGBTQ+ pension gap – why there's still a long way to go

Daniel Gerring asks what employers and the industry can do to boost LGBTQ+ equality

Daniel Gerring
clock 14 August 2024 • 3 min read
Wales Pension Partnership awards £2bn real estate brief to Schroders Capital

Wales Pension Partnership awards £2bn real estate brief to Schroders Capital

Mandate will target impact opportunities delivering positive social impact and decarbonisation strategies

Holly Roach
clock 14 August 2024 • 2 min read
Trustpilot