New Local Government Pension Scheme Results Give Grounds For Cautious Optimism
Costs are being contained and the LGPS provides better value for money than any other pension provision available and significantly cheaper than private sector comparators.
The Department for Communities and Local Government (DCLG) has today published performance data for the Local Government Pension Scheme in England and Wales. The value of LGPS assets over the year to April 2013 rose by 12.6% to £188bn. Administration and management fees have gone up but remain around 30p for every £100 of assets managed.
GMB National Secretary and LGPS Board Member Brian Strutton said, "The LGPS statistics compiled by DCLG always need to be treated with extreme caution because they are a snapshot in the midst of change. They are not compiled consistently and they do not tally with actuarial cost measures of the scheme.
That being said, it is possible to infer that we are starting to see signs of improving investment performance and growing scheme membership, albeit with a lower pay profile. Costs are being contained and the LGPS provides better value for money than any other pension provision available and significantly cheaper than private sector comparators. There's a message here to ministers being lobbied to break up the LGPS - it ain't broke so don't try to fix it."
Contact: Brian Strutton, GMB National Secretary on 07860 606137 or GMB Press Office: 07974 251823 or 020 7391 6755.