The NAPF’s response to the DCLG-LGA call for evidence is based on our belief that public service workers should have access to good quality, sustainable and affordable pensions. Larger pension schemes can benefit from greater efficiencies, through reduced operating costs and improved investment performance and a governance premium - they are more likely to be well run and better able to take advantage of investment opportunities.

The Local Government Pension Scheme (LGPS) faces unprecedented internal and external challenges such as the introduction of the new scheme in 2014, maturing funds and increasing scheme opt outs. This is creating greater pressure to invest in ways that realise returns while managing risks. The Government is right to facilitate an open debate about the case for schemes working together to drive further efficiencies.

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