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Local Pensions Partnership (LPP) [1] is a national UK local government pension scheme services provider set up and launched by the London Pensions Fund Authority and Lancashire County Pension Fund [2] in April 2016. [3]
The Local Government Pension Scheme (LGPS) is one of the largest public sector pension schemes in the United Kingdom, with 6.4 million members from 15,000 employers. [1] It is a defined benefit pension plan. Administration is carried out through 89 [2] regional pension funds such as Greater Manchester Pension Fund and London Pensions Fund ...
In 2016 LPFA created the Local Pensions Partnership in collaboration with Lancashire County Pension Fund [2] to pool resources and improve management for the benefit of their members and employers. The LPP was set up to be open to other Local Government Pension Scheme and public sector funds in the UK. [3] [4]
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The Public Service Pensions Act 2013 (c. 25) abolished this arrangement, and subsequent Lord Chancellors have participated in the Ministerial Pension Scheme. [32] Local authorities contribute to pensions in the Local Government Pension Scheme using powers in the Superannuation Act 1972.
Inflation is expected to be by far the highest triple lock factor this year, potentially putting pensioners in line for an increase of 10% or more.
The Pensions and Lifetime Savings Association represents 1,300 pension funds which together provide pensions for 22 million people and have more than £1000 billion of assets. [2] Members' pension schemes include defined benefit, defined contribution, group personal pensions and statutory schemes such as those in local government.
It is run by Tameside Metropolitan Borough Council [1] and follows the rules of the Local Government Pension Scheme. With £23 billion in assets as of 2018, [2] [3] it is the largest local authority pension scheme in the UK and 9th largest pension fund in the UK (including private companies) overall. [4]