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LGPS funding hits record highs; employers urged to take advantage of ‘unique opportunity’


By Callum Conway

The Local Government Pension Scheme (LGPS) has reached record funding levels, with the aggregate position for the 87 funds in England and Wales rising to 147 per cent as of 30 September 2025, according to Isio’s latest Low-Risk Funding Index.

The index also revealed a low-risk surplus of £147bn, the first time the LGPS surplus has exceeded £100bn


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Refinements needed on targeted support rules to ensure regime success, FCA told

Whilst targeted support is expected to be a "major" step forward, refinements are needed to help ensure that the regime succeeds, with particular concerns raised around the proposed mandatory signposting requirements

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Pensions UK AC 25: TCFD now ‘looking in the rear-view mirror’, transition plans should drive ‘forward-looking’ approach

The Task Force on Climate-related Financial Disclosure (TCFD) requirements have become a “compliance exercise”, The Pensions Regulator (TPR) climate and sustainability lead, Mark Hill, has said, suggesting that transition plans will move pension funds to adopt “forward-looking targets”

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Industry research reveals 'clear appetite' for CDC amongst employers and savers

There is strong support for collective defined contribution (CDC) offerings amongst both pension savers and employers, Hymans Robertson has said, after its research revealed a "clear appetite" for change

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WPC to hold hearing on pre-1997 indexation and member representation

The Work and Pensions Committee is set to hold an evidence session on indexation on pre-1997 pension rights and member representation, hearing from experts across the pensions industry on recent concerns in this area

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Pensions UK AC 2025: Pensions transfer costs need to be under £10, experts say

The current pensions transfer system isn’t working, is too expensive, and requires providers working together to speed up the process, Smart Pension CEO, Jamie Fiveash, has stated, suggesting that the cost of a pension transfer needs to be cut to less than £10

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This week in pensions: 13-17 October 2025

Pensions Age takes a look back at the top stories of the week, including updates from Pension Minister, Torsten Bell, news from the first Pensions UK Annual Conference, and more

Check out our latest news

News in brief - 17 October 2025

The latest news in brief and mandates from the past seven days
Govt shares draft regulations for LGPS changes as it launches latest consultation

The government has launched a consultation on four proposed changes to the Local Government Pension Scheme (LGPS) in England and Wales, sharing the draft regulation for the first two changes alongside this
DC unlisted equity investments doubles; more to be done to meet Mansion House commitments

Signatories of the Mansion House Compact have maintained steady progress on their commitments, an update from the Association of British Insurers (ABI) has revealed, although support for increasing investment in unlisted equities from clients has decreased.

The ABI's update revealed that investment in unlisted equities held through defined contribution (DC) default funds has doubled since last year, growing from £0.8bn to £1.6bn
LGPS consolidation ‘on track’; questions remain over growing pressures

The ongoing work to consolidate the Local Government Pension Scheme (LGPS) remains on track, industry experts have suggested, although there are growing concerns over the sustainability of workloads and the longer-term direction of travel

Pensions UK AC 2025: Pension Commission interim report due spring 2026

The new Pensions Commission is expected to publish its interim report in the spring, commissioner, Nick Pearce, has confirmed, also emphasising the importance of effective implementation alongside policy design
Pensions UK AC 2025: VFM metrics 'significantly' impact savers' decision making

Value for money (VFM) metrics “significantly” affect consumer decision-making, with different designs causing participants to focus on different aspects of pensions in their decision-making, research from People’s Pension has found


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Private markets – a growing presence within UK DC

Laura Blows discusses the role of private market investment within DC schemes with Aviva director of investments, Maiyuresh Rajah

Budget speculation persists; Bell brands tax rumours as 'nonsense'

Whilst the Pensions Minister hit back at recent speculation around the upcoming Budget, data from the Financial Conduct Authority revealed that continued uncertainty is impacting saver behaviour

Always on: Cyber incident planning

Aon associate partner, John Harney, looks at why cyber incident response planning for pension schemes must be an ongoing strategic priority – not a ‘one and done’ exercise

Pensions consolidation - what is it and why is it beneficial?

Having spent the past six years working for two of the leading consolidators in the pension trustee market, Tom Neale, chief operating officer of Entrust, Gateley’s pension trustee company, is uniquely placed to offer valuable insights into this rapidly developing market

From DC pot to paycheck: Turning savings into income for life

Phoenix CIS head of corporate investment services, Jess Williams, shares how her team helped deliver a UK fi rst for DC master trust members

Pensions administration and AI: Is it just a patch?

Isio highlights how the human touch must not be lost when integrating AI solutions into pensions administration

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The sum of many small parts

As the number of self-employed continues to rise, what changes are required to better assist them in their retirement saving?

Blending assets

Sandra Haurant considers the role of multi-asset investing within pension fund portfolios

Making moves

Many, perhaps most, pension scheme memberships or other retirement savings vehicles will be transferred in some way before an individual retires. David Adams looks at how the popularity and efficacy of different types of transfer are being influenced by improving practices and by regulatory and market conditions

Making sidecars stick

Sidecar savings are emerging as a potential tool to boost workers’ financial resilience – but employers and providers face operational, technical, and regulatory hurdles. Paige Perrin investigates the challenges and opportunities

Gold rush

Sandra Haurant explores the increasing pension fund interest in gold investment

Closing the disability pensions gap

Many people with disabilities are unable to accumulate significant occupational or private pension savings, in part because of the difficulties to find work and the struggles they may face within the workplace. David Adams looks at what the pensions industry, employers and policymakers might do to help ensure more disabled people can enjoy a better income in retirement

Multi-employer CDC in practice – from drawing board to delivery

After years of planning, the first multi-employer CDC pension schemes could be launched as early as 2027, with regulators set to publish rules this autumn

Adequacy, accountability and the next generation

From auto-enrolment to AI, Sophia Singleton sits down with Paige Perrin to talk about how the Society of Pension Professionals (SPP) is driving progress to deliver better outcomes for savers and support the future of the pensions profession

A new era? The return of the Pensions Commission

Tasked with addressing pension adequacy, and how people can save more for retirement, the revived Pensions Commission structure has already got the industry talking about just how much it could achieve

Navigating the changing tide

LGPS funds have been busy working to make the government’s fit for the future policy a success, but with looming deadlines and growing scrutiny facing the scheme as a whole, is this work still achievable? Sophie Smith reports

The psychology of decumulation

Callum Conway explores how pensions policy and product design can work with – rather than against – human behaviour

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Private markets – a growing presence within UK DC
Laura Blows discusses the role of private market investment within DC schemes with Aviva Director of Investments, Maiyuresh Rajah

The DB pension landscape 
Pensions Age speaks to BlackRock managing director and head of its DB relationship management team, Andrew Reid, about the DB pensions landscape 

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In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

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