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The strategic shift toward local investment through the UK’s Local Government Pension Scheme (LGPS) is undergoing major reforms set to take effect by March 2026.

Key impacts:
• All assets must be managed within Financial Conduct Authority (FCA)-authorised investment pools.
• Local and regional allocations will be embedded in investment strategy statements.
• Annual reporting will track local investment outcomes and community impact.
• Funds gain flexibility to support local growth sectors – housing, energy, infrastructure, small and medium-sized enterprises and more.

The central challenge: balancing fiduciary duty with meaningful local economic development.

Learn more here

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LGPS reforms 2025: local investing moves from aspiration to obligation – Apex Investment Advisors

With £392bn in assets and 6.7 million members, the Local Government Pension Scheme (LGPS) is collectively the UK’s largest pensions scheme. By March 2026, new reforms will make local investing an obligation, not just an aspiration.

Only members with restricted access (ie. academics, asset owners, government and regulatory, independent advisers/trustees and sponsoring employers) can view this article. Please login or join to view.

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