The chances of further mergers among the 89 Local Government Pension Scheme (LGPS) funds advanced a step further last week, after the DCLG and the Local Government Association (LGA) launched a consultation into ways of significantly reducing their estimated £471m annual running costs.

First mooted in May at the National Association of Pension Funds local authority conference, the call for evidence, which closes 30 August, could lead to sweeping changes into how town hall funds are structured.