An update from the Scheme Advisory Board | November 2025

Author: LAPF Investments | Published: November 27, 2025

Your regular update on LGPS governance, regulation, and strategic initiatives

Board letter to Local Government Minister on Palestine Solidarity Letter and position paper

The Board made an initial statement on 29 August 2025 in response to the Palestine Solidarity Campaign (PSC) letter and position paper dated 27 August 2025 which was received by many funds, which made calls to divest from investments that are seen to support the recent conflict in the Occupied Palestinian Territories. A further statement was made on 18 September 2025. The Board is now publishing a letter to Local Government Minister Alison McGovern MP which requests that she advise whether there is a the view from the UK government on this matter in order to provide much needed clarity to the 86 funds across England and Wales.

Board summary statement on the management of the LGPS and the statutory role of the SAB

The Board released on 1 September 2025 this short factual briefing note on the management of the LGPS and the statutory role of SAB as it did not recognise claims made about the scheme by Reform UK.

Board commissions legal advice on pooling governance and conflict of interests

The Board commissioned high-level advice from the legal firm Burges Salmon to help administering authorities consider practical ways of working that were consistent with the government’s Fit for the Future proposals on pooling while managing conflicts of interest.

We asked for this legal advice to consider the different pooling governance models currently being operated by LGPS pools and wider practice in comparable schemes.

It is intended that this will help inform the development of wider pooling governance guidance that MHCLG intend to issue, in so far as that addresses the issue of conflicts of interest. The advice was received and was seen and discussed by the Board and its Investment Committee.

Board survey: Understanding diversity of representation and Peer Support insight

In August, The Board launched a short survey to seek information from LGPS administering authorities on:

The diversity of representation within Pension Committees and Boards
Views on Peer Support within the Scheme

Diversity and representation are recognised as important factors in ensuring governing bodies reflect the communities they serve and benefit from a wide range of skills and experience. The survey also aligns with good practice expectations set out by The Pensions Regulator’s General Code.

The survey was issued directly to all pension fund managers and responses will help inform the Board’s ongoing work to promote best practice and develop guidance for funds.

The survey was open for responses from 14 August to 15 September 2025. A total of 38 pension funds responded to this survey – a response rate of 44%.

The findings provide a snapshot of current practice, highlight gaps between policy and implementation and suggest areas where progress could be made.

2025 SAB meetings

Scheme Advisory Board: 24th November

Responsible Investment Advisory Group (RIAG): 1st December, 25

2026 SAB meetings

Scheme Advisory Board: 23rd March, 26

Scheme Advisory Board: 20th July, 26

Scheme Advisory Board: 23rd November, 26

2026 Spring Committee meetings

Pool Steering Group (PSG): 2nd February, 26

Responsible Investment Advisory Group (RIAG): 9th February, 26

Investment Committee (IC): 23rd February, 26

Compliance Reporting Committee (CRC): 2nd March, 26

Cost Management Benefit Design Administration Committee (CMBDA): 9th March, 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