Local Government Pension Scheme expenditure in England and Wales for 2015-16 reached over £10bn, the government has revealed.

Statistics published by the Department for Communities and Local Government show that for 2015/16 expenditure in England alone was £10bn, with a further £758m in Wales. On a like-for-like basis, this was an increase of 0.6bn (6.1 per cent) in England and £69m (8.2 per cent) for Wales.

In contrast, total LGPS income in England for the year was £12.4bn, a decrease of £0.2bn (1.4 per cent); for Wales, the income was £863m, an increase of £40m (4.9 per cent).

In England, employers’ contributions to the LGPS amounted to £6.6bn and employees’ contributions to the scheme were £2bn. The market value of the LGPS funds in England at the end of March 2016 was just over £200bn.

For Wales, employer contributions totalled £472m and employees’ contributions were £135m. The market value of the funds at the end of March 2016 was just over £13bn.

LGPS in England has more than 5.06 million members, of this number, 1.8 million are still contributing to the scheme, 1.5 million are pensioners and 1.8 million are former employees who are entitled to a pension at some time in the future.

In Wales, there are 333,000 people, of which, 135,000 are employees who are still contributing to the scheme, 92,000 are pensioners and 105,000 are former employees.

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