WYPF also provides shared service administration arrangements to three other LGPS funds and 24 Fire and Rescue Authorities. In total, with the shared service administration arrangements, WYPF serves 517,211 members and over 1,000 active employers.
2024/25 was another solid year for investments, although many global stock-markets fell back from all-time highs in the last few weeks of the year, due in part to concerns over the implications for economic growth of the US Government introducing tariffs, or increasing existing tariffs, on many imported goods. The US dollar also retreated, which reduces the value of WYPF's assets in UK sterling terms. Whilst listed equities are still by far WYPF's biggest allocation, the fund holds an increasingly diversified portfolio and most other asset classes also delivered single-digit positive returns over the year.
WYPF's provisional investment return for the year is 3.9%, which is the fifth consecutive year of positive returns. Our assets were valued at a record year-end high of nearly £20 billion at the end of March 2025.
Whilst much of the public focus is on the potential for collaboration and economies of scale in LGPS investments, this is also very important in administration. WYPF has demonstrated the benefits of collaboration in its shared service arrangements. Administration costs per member were £20.74 in 2024/25. This is a relatively material increase on the previous year, largely due to the delivery of significant projects such as implementing the McCloud remedy. Even so, it will once again be one of the lowest costs in the LGPS. However, low cost does not come at the expense of serving members and reassuringly WYPF continues to score very highly on quality in the CEM benchmarking studies it takes part in each year.
If you would like to read about the fund's performance in more detail, please see our full report on www.wypf.org.uk/wypf/wypf-documents-and-boards/
In October the Government launched a consultation on changes to the LGPS the ‘Local Government Pension Scheme in England and Wales – Scheme Improvements (Access and Protections)’ consultation, which lasts for ten weeks ending on 22 December 2025. The consultation represents the next phase in its efforts to improve access to and fairness in the scheme. The consultation sets out proposals across four key policy areas:
amending the normal minimum pension age to reflect legislative changes
simplifying the process for applications from academies to change the fund they are in
applying new Fair Deal protections to outsourced workers, and
bringing pension fund access to mayors and councillors in England in line with Scotland, Wales and Northern Ireland.
To learn more and for information about how to respond to this consultation search for ‘scheme improvements (access and protections)’ at www.gov.uk
Protect your pension and savings and always be on the look-out for criminals trying to catch you out. Earlier this year, Action Fraud revealed a total annual loss of £17,567,249. This equates to roughly £48,129 lost to this type of fraud per day in 2024. It pays to be aware and be on your guard against scammers. Take a look at www.actionfraud.police.uk/news/pensionfraud and www.fca.org.uk/scamsmart and find out how to protect yourself.