An update from the Scheme Advisory Board | May 2026
Author: LAPF Investments | Published: July 17, 2026
Your regular update on LGPS governance, regulation, and strategic initiatives
Local Pension Board Chairs discussion
The Board Chair, Cllr Roger Phillips OBE, hosted a virtual event on 12 May 2026 with Local Pension Board (LPB) chairs from across LGPS funds in England and Wales. The purpose of the event was to better understand the priorities of Local Pension Boards and how they would like to engage with the Board. Attendees heard from Will King and Rosanna Thomson, co-heads of pensions at the Ministry of Housing, Communities and Local Government (MHCLG), on delivering Fit for the Future; a panel session with LPB chairs, member and employer representatives as well as a representative from TPR on the Local Pension Board role and current issues. There was also a presentation on the upcoming Board project to establish a LGPS Peer Support offer.
LGPS Peer Support
We held our first LGPS Peer Support Training event on 18 May 2025, bringing together 25 peers from across the LGPS, including Pension Committee and Local Pension Board chairs, alongside senior officers.
The training marks an exciting step in developing the LGPS Peer Support programme, which aims to build stronger collaboration and drive shared learning across funds.
Interest in the programme has been strong, with a waiting list already growing for the next training event. If you are interested in becoming a peer and supporting other funds across the LGPS, please contact: sabsecretariat@local.gov.uk
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.
Response from Local Government Minister to Board’s letter on investment in conflict zones
The Board has finally received a response from Local Government Minister, Alison McGovern MP, to the Board’s request for a government view on whether LGPS funds need to have regard to conventional international law when carrying out their investment functions. The letter from the Board asking this question of the Minister was sent on 13 October 2025 and was in response to the legal arguments made by Palestine Solidarity Campaign (PSC) letter and position paper received by many funds in August 2025.
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.
New Cost Transparency and Benchmarking framework
In continuance of the work on the LGPS Code of Transparency, the Board has been partnering with the National LGPS Frameworks team and announced in May that the new Cost Transparency and Benchmarking Services framework is now live. This framework replaces the Board’s centralised data system that was launched in 2020 to collate Cost Transparency Initiative (CTI) templates for LGPS clients. The contract for this system is coming to an end in August 2026. The new framework gives LGPS clients across England, Wales, Scotland and Northern Ireland the opportunity to procure investment cost data services independently. Our full joint press release provides additional details about this framework.
SAB briefing on passage of LGPS sections in the Pension Schemes Bill
The Board published a short briefing on its website following the Pension Schemes Bill receiving Royal Assent.
Update on the Fit for the Future reforms
The government response to the Fit for the Future technical consultation was published on 21 May 2026.
The response confirms that the vast majority of proposals remain unchanged. The regulations now allow for some phasing of implementation deadlines in specific circumstances and add some additional clarity in the areas of local investment, the role of the independent person and governance expectations. The regulations were also laid in Parliament on that day and will come into force on 30 June.
The Board will continue to discuss priority issues for the scheme arising from the Fit for the Future reform during the summer committee and Board meetings.
Vacancies on Responsible Investment Advisory Group (RIAG)
In line with its Terms of Reference, the Board’s Responsible Investment Advisory Group (RIAG) is seeking an asset manager representative. This follows from Ashley Hamilton-Claxton (Royal London Asset Management) stepping down from the Group. The Group is also looking for a wider industry representative following Graham Cook (Phoenix Group) stepping down.
The Board is looking for an asset manager candidate who will be able to input to the expected increase of engagement with local investment issues in 2026 and a wider industry candidate who will be able to contribute learnings from the wider pensions industry across a range of responsible investment issues.
The Board wishes to thank Ashley and Graham for their contributions to the group since its inception in 2022.
2026 SAB meetings
Scheme Advisory Board: 20th July, 26
Scheme Advisory Board: 23rd November, 26
2026 SAB events
Local Pension Board Forum: 7th September, 26
Scheme Advisory Board Annual Assembly: 2nd October, 26
2026 Autumn Committee meetings
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
