Pension Schemes Bill
4 September 2025
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Pension Schemes Bill House of Commons
15:33 - 16:00
Speaker 1
Now, come to the line-by-line consideration of this bill. And so, we begin with clause one and the amendments to clause one. And I'm going to call the government minister to move government amendment number 7, with which it would be convenient also to discuss government amendment 8, amendments 10 to 12, and government amendments 16 to 24, inclusive.
16:00 - 16:01
Speaker 2
Thorsten Bell.
16:02 - 17:35
Speaker 3
Thank you, Mr. Chairman. Before I turn to the amendments, I should briefly outline the reform of the local government pension scheme that chapter one provides the legislative underpinning for. The LGPS is the largest pension scheme in the UK with 400 billion assets under management. It's projected to rise to almost 1,000,000,000,000 in 2040. But the re LGPS, as a matter of cross-party consensus, has not realized its full potential, not least because it is too fragmented.
The first chapter of this bill sets out the legislative basis for reform to modernize the LGPS' investment framework and governance arrangements, setting robust new standards that all pools must meet, including FCA authorization, the capacity and expertise to manage 100% of their partner authority's assets, and the ability to deliver on local investment mandates. As part of these reforms, the LGPS will be moving from 8 pools to 6. And have set a deadline for the new pool partnerships to be agreed in principle by the end of this month, with new shareholder arrangements in place by March 2026. These clauses would mean that by this time next year, we will see a world-class LGPS made up of large pools of professionally managed capital, held to account by authorities who have confidence in robust and transparent governance structures and who together are delivering the best value for members. Then I should remind the committee that for LGPS members, their benefits are guaranteed by statute, and nothing that we discuss today will affect any of those benefits.
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