As we enter the latter third of 2014 – a year yet to realise its full potential to transform the Local Government Pension Scheme (LGPS) – it is refreshing that the recent consultation on LGPS governance is acting as a catalyst for genuine progress.

I and my London Pensions Fund Authority (LPFA) colleagues firmly support any attempt to improve the governance arrangements of the LGPS and specifically those which seek to mirror best practice in trust based schemes.

First-class governance is absolutely central to achieving positive outcomes, and the opportunities for synergy and enhancement of governance arrangements should be considered in parallel to the proposed changes already being considered to the scheme’s investment arrangements and future structure.