Published: September 08, 2026
We are pleased to have contributed to a new Pensions UK report exploring how the Local Government Pension Scheme supports millions of members, provides value for employers and taxpayers, and invests for long-term growth across the UK.
We welcome the publication of LGPS: Supporting Local Workers, Delivering Local Growth, a new report from Pensions UK examining the value, impact and future evolution of the Local Government Pension Scheme.
The report provides a timely and evidence-led account of the LGPS and the important role it plays across the UK. It highlights how the scheme provides secure retirement incomes for more than 7.6 million members while supporting employers, taxpayers and long-term investment in businesses, housing, infrastructure and regional growth.
We were pleased to support and contribute to the development of the report alongside colleagues from across the LGPS community. At a time when the future of the scheme is the subject of increasing political and public discussion, we believe it is important that the debate is grounded in evidence and reflects what the LGPS is already delivering.
The report describes the LGPS as a British success story, with strong funding, disciplined governance and diversified investment strategies. It argues that policymakers should build on these strengths rather than fundamentally redesign the scheme. Its recommendations include implementing current reforms effectively, strengthening the pipeline of investable UK opportunities and removing barriers that constrain the deployment of long-term pension capital.
Connecting the UK through long-term investment
We are particularly pleased that the report features a case study on our investment in a portfolio of UK regional airports on behalf of several of our Partner Funds.
The portfolio comprises Bristol Airport, London City Airport and Birmingham Airport. These important infrastructure assets help connect businesses, communities and international markets, while supporting trade, tourism and regional economic growth across the UK.
Our investment reflects our long-term approach to infrastructure. We focus on identifying assets with the potential to deliver resilient returns over extended periods, while recognising the wider role that well-managed infrastructure can play in supporting economic activity.
The airports case study provides a practical example of how pooled pension capital can be invested in nationally significant infrastructure. It also shows how collaboration can enable our Partner Funds to access opportunities at scale, supporting operational improvements and future growth while maintaining a clear focus on long-term value for pension fund members.
Building on strong foundations
We share the report’s view that reform should build on the LGPS’s existing strengths. The scheme is already delivering secure retirement incomes, value for employers and taxpayers, and significant investment in the UK economy.
As the LGPS enters its next phase, we will continue to work constructively with our Partner Funds and organisations across the sector. We want to help ensure that reforms are implemented successfully and that more high-quality, investable opportunities are available to long-term investors when they offer an appropriate risk-adjusted return for members.
We believe this report makes a valuable contribution to that discussion by combining evidence about the strength of the LGPS with practical examples of how pension capital is already supporting connectivity, communities and economic growth across the UK.
Read LGPS: Supporting Local Workers, Delivering Local Growth on the Pensions UK website
