LGPS

A merger of 34 London borough pension funds into a multi-billion pound superfund is unlikely to happen until 2016 at the earliest, the head of London's largest scheme says.

Local authorities will have to overhaul administration systems before changes to the Local Government Pension Scheme in 2014, warns a provider.

Fund management and administration charges levelled on the Local Government Pension Scheme surged to a record high of £437m last year despite just a £124m increase in investment income, government statistics show.

An actuarial and consultancy procurement framework for local government pension schemes will launch next month promising "better prices" for schemes.

Will LGPS reform be easy from here?

Here it is. The a handy table to compare the current (2008) LGPS with the newly agreed 2014 scheme.

Employers and unions have announced the details of a new local government pension scheme which will take effect from 1 April 2014. The scheme will have seven major features.

A levy on local authority schemes could be introduced to fund the creation of an independent national governance organisation aimed at improving standards and scheme performance.

The Local Government Association has urged the government to bring negotiations between unions and employers on Local Government Pension Scheme reforms to a "rapid conclusion" after ministers delayed approving the plans.

Conventional gilt holdings for local government pension schemes increased by £441m last year as rising prices and increased allocations boosted the value held by the LGPS, figures show.