Pensions governance

Pensions are a huge part of your financial wealth and will provide the income for you to live in dignity in your retirement. UNISON gets involved in how pension schemes are governed to make sure that you, the member, and your interests are at the centre of everything pension schemes do.

Many UNISON activists are involved in pensions scheme governance, both in the Local Government Pension Scheme (LGPS) and private sector schemes.

Local Government Pension Scheme

The LGPS covers workers in local government, schools, further education and higher education institutions (which became universities after 1992). Many other workers, for example in charities, are also members. It is divided into over 90 separate funds, which operate locally, covering the whole of Great Britain.  

Each of these funds administers pensions in its area. A committee, usually wholly made up of local councillors, is responsible for the fund management. In this they are supported by local pensions boards, which have an equal number of employer and employee representatives. Many UNISON reps serve on these boards. Their aim is to make sure the funds meet the needs of their members, and that investment accords with their priorities.    

LGPS Funds are supported by scheme advisory boards, which produce guidance and support materials and advise the government where issues arise or changes are proposed. UNISON officers and activists sit on the boards for Scotland, and for England and Wales.

Investment

The LGPS is a funded scheme: contributions from workers and their employers are invested to pay pensions when they fall due. In England and Wales, these investments are centralised in a number of investment pools. All funds belong to a pool, as set out below. These pools must carry out the investment strategy set by the fund.  

Borders to Coast

Beds, Cambridgeshire, Durham, East Riding, East Sussex, Essex, Herts, Kent, Lincs, Northants, North Yorks, South Yorks, Surrey, Teesside, Tyne and Wear, Warwickshire, West Sussex.

LGPS Central

Cheshire, Derbyshire, Gloucestershire, Hampshire, the Isle of Wight, Leics, Norfolk, Notts, Oxon, Shropshire, Staffs, Suffolk, Wilts, Worcs, West Midlands.

Local Pension Partnership Investments

Avon, Berkshire, Cornwall, Devon, Dorset, Environment Agency, LPFS, Lancashire, Somerset.

London Collective Investment Vehicle

32 London Boroughs, City of London, Buckinghamshire.

Northern LGPS

Greater Manchester, Merseyside, West Yorkshire.

Welsh Pensions Partnership

All Welsh funds.

UNISON contacts

For further information about how UNISON supports members in the LGPS, and our reps involved in governance, contact:

England and Wales: [email protected]

Scotland: [email protected]

A national LGPS Forum brings together regional lead activists to make sure we share knowledge and best practice across the network.