Current Issues in the LGPS - October 2026

In our October edition of Current Issues, we look at the latest on Fit for the Future reforms, explore what Single Purpose Pension Authorities (SPPAs) could mean for future governance, share early insights from the 2026 Scottish valuations, and consider the changing investment and stewardship landscape.

Read selected highlights from the latest edition below, or download the full publication. 

• Fit for the Future and governance reform - Local Government Pension Scheme (LGPS) funds in England and Wales are continuing to prepare for the Fit for the Future reforms, with a particular focus on Independent Governance Reviews and appointing Independent Persons. With the IP deadline approaching and IGRs due by 31 March 2028, funds are being encouraged to plan ahead and think carefully about the skills, experience, independence and perspective they need.
• Local Government Reorganisation (LGR) and SPPAs - LGR remains a key theme, despite the current pause in England. English funds are using the opportunity to consider future governance models, particularly SPPAs, while potential reform of local authority structures in Scotland means LGR is becoming increasingly relevant north of the border too.
• Scottish 2026 valuations - The first results from the 2026 Scottish LGPS valuations are emerging, with a broadly positive picture. Most funds are seeing whole-fund funding positions relatively similar to 2023. The focus now moves towards conversations with employers about funding strategy and future contribution outcomes.
• Investment and stewardship - The investment section focuses strongly on the changing sustainability and stewardship landscape. It covers emerging environmental and social investment considerations alongside stewardship reporting under the new LGPS regime, highlighting that partner funds retain their responsibilities and fiduciary duties even where their pool is already a Stewardship Code signatory.

Download the publication

If you'd like to discuss any of these developments and what they could mean for your fund, please 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.