LGPS contribution cut could save councils £3bn per year

LCP has called for a review of contributions to help protect councils’ financial positions

Holly Roach
clock • 1 min read
LCP partner Tim Gilbert
Image:

LCP partner Tim Gilbert

Cutting contributions to the Local Government Pension Scheme (LGPS) could save councils £3bn per year, according to Lane Clark & Peacock (LCP) analysis.

The consultancy noted due to increases in the surplus of LGPS funds of more than £100bn across England and Wales, councils could be paying more than £6bn a year into the LGPS for new benefits being...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

Holly Roach
Author spotlight

Holly Roach

News Editor at Professional Pensions

View profile
More from Holly Roach

IFoA makes series of recommendations to boost outcomes and create 'inclusive' pension system

Welcome Break Pension Plan agrees £23m buy-in with Just Group

More on Industry

IFoA makes series of recommendations to boost outcomes and create 'inclusive' pension system
Industry

IFoA makes series of recommendations to boost outcomes and create 'inclusive' pension system

The organisation said ‘persistent’ pension gaps need to be closed

Holly Roach
Holly Roach
clock 16 September 2025 • 4 min read
Industry welcomes Pensions UK's small pots consolidation feasibility review
Industry

Industry welcomes Pensions UK's small pots consolidation feasibility review

Industry says report is ‘important step forward’ to address proliferation of small pots

Martin Richmond
Martin Richmond
clock 16 September 2025 • 3 min read
Pension withdrawals surge 36% as record £70.9bn accessed in 2024/25, FCA finds
Industry

Pension withdrawals surge 36% as record £70.9bn accessed in 2024/25, FCA finds

Nearly one million pension plans were accessed for the first time during the year

Sahar Nazir
Sahar Nazir
clock 16 September 2025 • 2 min read
Trustpilot