The Local Government Pension Scheme is one of the largest pension schemes in the world, with over 6.7 million members and £400 billion of assets.
Ministers are consulting on restoring access to the Local Government Pension Scheme for councillors in England and extending it to mayors.
The proposed reforms would align England with Scotland, Wales and Northern Ireland where elected members already have access.
The proposals will show locally elected leaders the respect they deserve as dedicated public servants. This comes as local government reorganisation and devolution continue to reshape councils across England, the responsibilities held by mayors and councillors are expanding significantly.
Other measures being consulted on include:
Making it simpler for Multi-Academy Trusts to apply for their staff from different schools to be in the same pension fund;
Implementing new Fair Deal protections ensuring workers outsourced from local government keep seamless access to the Local Government Pension Scheme.
The LGPS is one of the largest pension schemes in the world, with over 6.7 million members and £400 billion of assets under management. The scheme serves those who work in local government including waste collectors, school staff including teaching assistants and dinner ladies, library managers and parks workers.
The consultation follows earlier reforms announced by the government this year focusing on investment pooling and local investment, designed to unlock the scheme's full investment potential as it approaches £1 trillion in assets by 2030.
The consultation will run until December 22.
