I put up yesterday – between meetings and in a hurried way, a report of what had been said by Richard Tice against the management of the LGPS Pension Scheme. I do not pretend to be balanced, I am not a journalist and I wasn’t invited to Tice’s press confernce.

I commented at the time at the absence of pension press at the press conference but a “Mary” is mentioned as a questioner and Mary McDougall’s account of Reform’s position is now published. 

I do not suppose that the voice of Richard Tice is going to get a hearing at any pension conference and my reason for giving it air on this blog is because Reform currently speak for a large part of the population who are very fed up with how their country  (and be extension the LGPS pension scheme) are being run.

It is not enough for the pension industry to brush Tice’s comments under the carpet, the 13 Councils that Reform has control of choose how and where to invest and it is very likely that they will change their strategies, reduce their fees and compete with the more expensive alternatives.

Not to beat around the bush, the FT re-publishes Toby Nangle’s league table of performance between the various regional funds

Eyes will be drawn towards Kensington and Chelsea with a return close to Global Equities market return (and invested in index funds). This may be the fund referred to by Tice as an exception proving the rule.

The contentious position adopted by Tice has already run into the opposition of Pensions UK and their spokesperson  “Zoe Alexander”.

“The latest valuation figures show that the LGPS delivered an aggregate return of 8.9 per cent in 2024 with average funding level of 108 per cent.

“The next valuation is expected to show this position even further improved. Significant improvements in funding over this valuation cycle are already expected to result in reduced employer contributions.”

Alexander also clarified that whilst any savings could be passed onto taxpayers via reductions in their council tax, these decisions are for individual councils.

“The policy of consolidation, pursued by both the last and current government, has led to considerable savings, estimated at over £1bn,” she continued. “These savings are expected to accelerate as the pooling reforms proceed rapidly.

“Like all significant UK pension schemes, the LGPS takes responsible investment seriously and integrates climate considerations into overall risk management.

“The LGPS also has a strong record of investing in local areas – and we anticipate that the latest government reforms, and the devolution bill, to strengthen this further. It has the highest proportion of investments in domestic assets in the UK pension sector.

“Any policy proposing changes to the structure or approach of one of the largest pension funds in the world should be supported by evidence, and detailed plans. The duty of LGPS is to look after members’ interests.”

John Ralfe, not a known exponent of open DB plans or investment in equities by pension schemes warns FT readers

“If you are a defined benefit pension scheme, you shouldn’t be investing 75 per cent in equities because you’ve got liabilities to meet,” said independent pensions consultant John Ralfe, adding that Reform had used “made-up numbers”.

The response is dismissive and insulting, I would not expect to see such a tone in any other debate, especially as the response is outrage that so many classes of suppliers , advisers and purchasers at LGPS are spending so much.

For those who missed it yesterday, don’t bother reading my comments, bother listening to what Richard Tice says in the first half of the session (most of the questions are off beam and not essential).

LIVE: Reform UK unveils plans to overhaul council-controlled pension funds and save billions for taxpayers. https://t.co/Fu3Fs9heQH

— Richard Tice MP 🇬🇧 (@TiceRichard) September 1, 2025