Local authorities may have chosen the vehicle that will drive them to the government’s April 2018 pension scheme pooling deadline, but there is still a lot of ground to be covered if the promised savings are to be achieved. 

The change in mindset demanded by the pooling of the local government pension schemes (LGPS) should not be underestimated. Local authorities are familiar with the regulatory regime of The Pensions Regulator, and may find that the Financial Conduct Authority (FCA) will take a different approach on some elements of regulation. Add to that the new operational dynamics, with new reporting lines, governance duties and, for some individuals, terms of employment, it’s fair to say all stakeholders are in new territory.