Statistics for the Local Government Pension Scheme nationally were published on 26 October 2022 by the Department for Levelling Up, Housing and Communities. Highlights include:
• total expenditure of £14.4 billion, an increase of 6.6% on 2020/2021
• total income of £15.9 billion, a decrease of 8.1% on 2020/2021
• employer contributions decreased by 24.3% on 2020/2021 to £7.8 billion
• employee contributions of £2.6 billion, an increase of 4.8%
• the market value of LGPS funds on 31 March 2022 was £364 billion, an increase of 8%
• there were 6.3 million scheme members on 31 March 2022: 2.0 million active members, 1.9 million pensioners and 2.3 million deferred members
• there were 94,724 retirements in 2021/2022, an increase of 14.2% compared with 2020/2021.
The decrease in total income and employer contributions is common in the final year of the three-year valuation cycle. This is due to employers making early payment of contributions in the previous two years.
