LGPS funding levels hit 145% in 2025

Author: LAPF Investments | Published: March 23, 2026

Funding levels in the LGPS dropped from 147% to 145% in the final quarter of 2025, according to new figures from Isio.  

This – according to the research – was driven by reductions in UK government bond yields, mostly offset by increases in asset values.  

Its findings also suggest that 86 of the 87 LGPS funds are estimated to have funding levels greater than 100%. 

The data gathered also assessed the aggregate results between 31 March 2022 and 31 December 2025.  

As of 31 March 2022, the aggregate funding level was 67% – with it remaining at significantly higher levels since 31 May 2023. This improvement has come because of significant increases in UK government bond yields and improvements to asset values.  

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