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Local Government Pension Scheme

Asked by Mike AmesburyIndependentMinistry of Housing, Communities and Local GovernmentTabled Answered 5 December 2024UIN 16534

The question

To ask the Secretary of State for Housing, Communities and Local Government, what recent assessment her Department has made of the effectiveness of the Local Government Pension Scheme in supporting local and regional economic growth.

Answered by Jim McMahon

The LGPS already invests approximately 30% of its assets in the UK, as part of its duty to invest to pay pensions. The government believes that the LGPS can make a distinctive contribution to local and regional economic growth building on its local role and networks, through increasing its long-term investment in local communities. We are currently consulting on proposals, including requiring LGPS funds to set a target for local investment and to work with Mayoral Combined Authorities and equivalent bodies to identify suitable local investment opportunities.

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