All LGPS articles – Page 7
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NewsLGPS calls for ‘future-proofing’ benefits against discrimination
On the go: The chair of the Local Government Pension Scheme Advisory Board, councillor Roger Phillips, has written to the Department for Levelling Up, Housing and Communities asking for reforms to discriminatory death and survivor benefits in the LGPS, and to protect the scheme against future legal challenges.
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NewsCivil service union issues strike ultimatum
The Public and Commercial Services Union has threatened the government with strikes in the civil service unless it accedes to demands for improved pay, pensions and job security.
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NewsFirefighters’ options exercise requires ‘corrective action’
On the go: “Corrective action” is required for certain members of the Firefighters’ Pension Scheme, after a number of Fire and Rescue Authorities failed to conduct an options exercise properly.
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NewsGovt to change civil servants’ early pensions access
The government has proposed to change the rules around early access to pensions in the civil service, tracking 10 years behind state pension age, according to a new consultation over reforms to the Civil Service Compensation Scheme.
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NewsFBU receives more than 750 ‘immediate detriment’ claims
On the go: The Fire Brigades Union has received more than 750 ‘immediate detriment’ claims since June 6, despite being told by the Fire Chiefs’ Council that it should hold off applying immediate detriment until legislation is introduced next year.
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NewsGovt rejects appeal to make NHS scheme tax-unregistered
The government has rejected a petition to make the NHS pension scheme tax-unregistered, arguing that the loss of tax-relief and lump sums “would not benefit the vast majority of members”.
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NewsPublic sector retirees face higher exit payment scrutiny
Substantial exit payments resulting from pension strain arrangements in the public sector will likely see people nearing retirement having their cases referred to HM Treasury, under a proposed new regime.
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NewsGovt to consult on further LGPS McCloud regulations in 2023
On the go: The Department for Levelling Up, Housing and Communities is to consult on further regulations governing the application of the McCloud remedy to the Local Government Pension Scheme.
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NewsLGPS board presses new ministers on TCFD timetable
On the go: The Scheme Advisory Board of the Local Government Pension Scheme has written to two newly appointed government ministers urging them to commit to a timetable for scheme reform, as fears mount that important consultations could be delayed.
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NewsDLUHC rules out requirement for LGPS to provide life assurance AVCs
The Department for Levelling Up, Housing and Communities has confirmed there is no regulatory requirement to provide life assurance additional voluntary contributions under the 2013 regulations governing the Local Government Pension Scheme, but said it will consider amending the rules to clarify matters.
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NewsLGPS escapes McCloud cost-cap breach
On the go: The Local Government Pension Scheme in England and Wales, alongside its Scottish and Northern Irish equivalents, has avoided the cost-cap breach suffered by a number of other public sector schemes resulting from the impact of the McCloud remedy cost on their 2016 valuations.
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OpinionWhat is on the horizon for the LGPS?
Michael Welford, consultant and actuary at Quantum Advisory, considers the next steps for the Local Government Pension Scheme, with the results of its triennial valuation due later this year.
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PodcastsPodcast: LGPS faces affordability, engagement and policy challenges
Podcast: The Pensions and Lifetime Savings Association’s 2022 local authority conference unearthed the challenges facing the Local Government Pension Scheme and its employer members, including affordability, engagement and policy reforms. Recorded from the conference floor, Pensions Expert was joined by PLSA’s head of defined benefit, LGPS and investment Tiffany Tsang and West Midlands Pension Fund’s director of pensions Rachel Brothwood to discuss new research into the LGPS and what can be done to help employers.
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NewsGreater Gwent Pension Fund reports £137mn loss in Q1
On the go: The Greater Gwent Pension Fund has reported a loss of £137mn in the first quarter of 2022, mainly due to the global economic climate.
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NewsLondon Pensions Fund Authority launches transparency dashboard
On the go: The £6.9bn London Pensions Fund Authority has launched a transparency dashboard in partnership with fintech company Tumelo that displays a breakdown of its equity investments.
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NewsProcurement bill introduces uncertainty for regulated schemes
Government attempts to introduce flexibility to simplified public procurement processes could have an impact on regulated pension schemes, which will have to deal with increased uncertainty as a result.
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NewsTimms demands changes to GMP factsheet after public’s criticism
Work and Pensions Committee chair Stephen Timms has written to the Department for Work and Pensions demanding that it update and properly publicise its “insufficient” factsheet on guaranteed minimum pensions compensation.
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NewsNo AE reform, but Queen’s Speech measures spark protests
There was no mention of automatic enrolment reform in the Queen’s Speech, but bills around local boycotts, online safety and a revamped audit and reporting framework will all impact the industry, experts have said.
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NewsMcCloud sees more public sector schemes breach cost-cap ceiling
Three more public sector schemes have breached the cost-control mechanism as a result of the McCloud remedy, the Government Actuary’s Department has confirmed.