An update from the Scheme Advisory Board | January 2026
Author: LAPF Investments | Published: March 19, 2026
Your regular update on LGPS governance, regulation, and strategic initiatives
Board response to technical regulations consultation
The board’s response to the Fit for the Future – technical consultation has been published.
Given the challenging timetables set by MHCLG, the secretariat initially published this as a draft response (before final board approval) to ensure transparency and to assist administering authorities prepare their own responses.
MHCLG closed consultation on draft investment, pooling and governance guidance
The board has agreed its response to MHCLG’s closed consultation on the draft statutory guidance accompanying the revised pooling, management and investment of funds and LGPS amendment regulations. Although a closed consultation, the board’s response is being shared publicly for transparency with LGPS stakeholders. The board has also provided detailed comments directly to MHCLG.
The response provides technical comments on each of the draft guidance documents, as well as an overall view on the implementation challenges posed by multiple overlapping reforms.
If you would like to discuss this response, please contact the SAB secretariat team.
LGPS Peer Support Pilot – Call for Volunteers
The Scheme Advisory Board is now moving into the pilot phase of its LGPS Peer Support work, following board approval in November 2025.
The pilot will assess the suitability and impact of a peer support model within the LGPS, test objectives against the proposed framework and engage the sector for evaluation and learning. It will also trial operational procedures for LGPS peer support, identify potential issues early to mitigate those risks before wider rollout.
The board’s secretariat team is seeking volunteers to participate in a pilot. If you are interested, please contact sabsecretariat@local.gov.uk.
Revised Code of Transparency now published
In July 2025, the board reported that it would be holding a consultation on proposed changes to Code of Transparency following on from the decision to replace the centralised data system supporting the code with a framework approach.
The consultation was open from 14 July 2025 to 15 August 2025. 36 responses were received from funds and pools (in their capacity as clients) and code signatories (investment managers including pools).
100% of the code signatories that responded indicated that they would remain committed to the code. The final draft was put to the Investment Committee on 10 November and was approved for publication on 24 November 2025 by the board.
The board is hopeful that these changes to the code alongside the new framework expected to go live in 2026 will ensure that the code continues to deliver on its intended aims of increased transparency within the sector.
The revised code can be found on the Code of Transparency section of the website along with updated FAQs to reflect these changes.
Board response to access and protections consultation published
The board’s response to the scheme improvements (access and protections) consultation was published on 19 December 2025.
For this consultation, the board agreed to endorse much of the response from the Local Government Pensions Committee (LGPC) submitted by Lorraine Bennett. In particular, the board endorsed the technical accuracy of their analysis of the impact of the proposals and how they might best be delivered.
The main difference between the board’s response and that of the LGPC is on the introduction of the Normal Minimum Pension Age and the need for protections for existing scheme members. That difference derives largely from the different composition of the board, and the advocacy of the member representatives on it.
Board response to TPRs enforcement strategy consultation
On 13 November 2025 the board submitted a response to The Pensions Regulators enforcement strategy consultation.
In that response, we said that we supported TPR’s aim to drive up governance standards across all pension schemes. However, any enforcement strategy must reflect the unique characteristics of LGPS and provide clarity on practical enforcement mechanisms across the scheme. We look forward to continued engagement with TPR to understand how the revised enforcement strategy might specifically be applied to the LGPS.
Board response to CIPFA’s Code of Practice on Local Authority Financial Reporting in the UK consultation
The Board in October published its response to CIPFA’s Code of Practice on Local Authority Financial Reporting in the UK consultation.
This annual consultation focuses on the 2026/27 Code of Practice on Local Authority Accounting in the United Kingdom (the Code) which will apply to accounting periods starting on or after 1 April 2026.
The Board’s comments were limited to proposals specifically related to the proposed decoupling of local government pension fund accounts from those of their host administering authority. The LGA has made a fuller response, and the Board supports the comments made in that response.
2026 SAB meetings
Scheme Advisory Board: 20th July, 26
Scheme Advisory Board: 23rd November, 26
2026 Summer Committee meetings
Pool Steering Group (PSG): 1st June, 26
Responsible Investment Advisory Group (RIAG): 8th June, 26
Investment Committee (IC): 22nd June, 26
Compliance Reporting Committee (CRC): 29th June, 26
Cost Management Benefit Design Administration Committee (CMBDA): 6th July, 26
2026 Autumn Committee meetings
Pool Steering Group (PSG): 28th September, 26
Responsible Investment Advisory Group (RIAG): 5th October, 26
Investment Committee (IC): 19th October, 26
Compliance Reporting Committee (CRC): 2nd November, 26
Cost Management Benefit Design Administration Committee (CMBDA): 9th November, 26
Further reading
For more Scheme Advisory Board information, click here
Scheme Advisory Board September update
