The Norfolk Pension Fund has entered a new phase of governance after the government rejected proposals to continue existing pooling arrangements for Local Government Pension Scheme (LGPS) funds across England.

From 1 April 2026, the Norfolk Pension Fund now operates simultaneously as a shareholder and a client of the central LGPS pool — a significant structural change from how the fund previously operated.

The shift follows the government's Fit for the Future consultation and is tied to the progression of the Pensions Bill, which is still making its way through Parliament. Officers told the Audit and Governance Committee at its meeting on 28 April 2026 that the fund remains on track to implement further changes once the legislation is finalised.

Alexander Younger, the council's Head of Funding and Investment, confirmed that the fund's governance arrangements remain fully compliant with legislative requirements, regulatory guidance and recognised best practice.

The committee, chaired by Cllr Ian Mackie, resolved to formally agree that the fund's governance arrangements meet all current requirements.

The Norfolk Pension Fund provides retirement benefits to thousands of council employees and other public sector workers across the county. Changes to how the fund is governed and how its investments are pooled at a national level could affect how assets are managed on behalf of members in the long term.

Officers said further work would continue throughout the year to meet emerging national requirements as the government's pension reform agenda develops.