UK - The Local Government Pension Scheme (LGPS) in England received £3bn (€3.8bn) in income on investments in 2006/07, an increase of 14% on the previous year.

Figures from the UK Department for Communities and Local Government (DCLG) showed the number of pensioners in the 81 LGPS in England increased by 5% to one million - including dependents - at the end of March 2007.

The 'Local Government Financial Statistics England' published by the Office of National Statistics (ONS) also revealed a 1% increase in the number of employees in the scheme, which increased employee contributions to just over £1.6bn, while employer contributions rose by 12% to £4.6bn in 2006/07.

As a result, 62% of the LGPS income came from contributions, while 30.6% resulted from investments and other income, along with income from transfer values.

Statistics showed the total value of the 81 English LGPS was £122bn at the end of March 2007, an increase of 8% from £113bn the previous year, while investment income increased by 14% to hit £3bn.

That said, the government figures revealed LGPS expenditure increased by 11% in 2006/07 to £4.8bn, from £4.3bn in 2005/06, of which 82% was spent on benefits including lump sums, pensions and annuities for retired members and their dependants.

These figures relate to the 34 London pension schemes as well as 47 other local authority schemes based in the Midlands, North, South East and South West of England, but not those based in Scotland and Wales.

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