11 March 2026
5 min
Market volatility, valuations and consultations continue to keep funds busy as we draw close to the end of the LGPS scheme year. And, on something a little different, we dive into the world of anti-obesity drugs and explore their impact on mortality.
Please see excerpts below from our latest edition. Click here to view the full edition.
As events unfold, our immediate thoughts rest with those directly impacted by the conflict.
The impact on markets:
In our view, this conflict should be thought of as a structural geopolitical risk, rather than a short term trading event. Energy and inflation risks are heightened: the Middle East is critical to global oil and liquefied natural gas supply, particularly via the Strait of Hormuz. Against this backdrop, we think it’s sensible to prioritise resilience through diversification, stress testing and strong governance. And in the longer term, clear stewardship frameworks will be essential as the scrutiny of companies exposed to conflict related activities intensifies.
Schools are the largest LGPS employer type across England, with around 10,000 local authority schools and 12,000 academies. The Department for Education (DfE’s) latest policy paper proposes more collaboration, requiring schools to join a “school trust”. Local authorities would be newly permitted to establish their own trusts, bringing maintained schools into a shared governance structure. The LGPS is not mentioned but the DfE’s proposals could be significant, given the sheer volume of employers and the resulting funding impact of employer movements.
On the home straight in England and Wales…
Final reports and funding strategy statements are being rubber stamped across the LGPS. Reflecting on a busy and successful valuation, the LGPS remains in a strong position and has seen increased levels of stakeholder engagement throughout. Careful stewardship of long-term strategy against this backdrop has been a widespread theme. We’ll be bringing more analysis of how funds have navigated the 2025 valuation once all the results are published – watch this space!
To elect or not to elect, that is the question. It’s all go in the world of English devolution. Cancelled elections are back on this May bringing almost inevitable changes to Pension Boards and Committees. In addition, the government has released a Local Outcomes Framework, setting expectations of local authorities. This may well feed into the work of the new Combined Authorities, and shape local investment opportunities for LGPS funds and pools.
Download our publication by clicking below.
If you have any questions or would like to discuss the topics covered in this edition, feel free to get in touch.
This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is based on its understanding of events as at the date of publication, which may be subject to change. It is not to be relied upon for investment or financial decisions and is not a substitute for professional advice (including for legal, investment or tax advice) on specific circumstances. HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon data provided by third parties, reasonable care has been taken to assess its accuracy however we provide no guarantee and accept no liability in respect of any errors made by any third party.
Hymans Robertson LLP is a limited liability partnership registered in England and Wales with registered number OC310282. Authorised and regulated by the Financial Conduct Authority and licensed by the Institute and Faculty of Actuaries for a range of investment business activities.
© Hymans Robertson LLP 2026. All rights reserved.
We pride ourselves on being thought leaders and are constantly discussing the many issues facing and shaping our industry. Sign up to find our current thinking on topical issues.
Opens in new window Subscribe
