All LGPS articles – Page 9
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NewsGovt to consult again on McCloud implementation in 2022
The Cabinet Office, Home Office, Department for Education and Ministry of Defence have each opened consultations into the first phase of the McCloud remedy, covering regulations that will see all legacy schemes close to future accrual from March 2022. However, new consultations on phase two of the remedy will be launched next year.
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NewsBorder to Coast launches £3.7bn Multi-Asset Credit Fund
On the go: The Border to Coast Pensions Partnership has increased its aggregate investments to £34.6bn by announcing the launch of a £3.7bn Multi-Asset Credit Fund.
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NewsBMA joins firefighters in threatening McCloud legal action
The British Medical Association is the latest public sector body to threaten legal action should the government persist with plans to make its members pay for the cost of the McCloud remedy.
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NewsLGPS pool accelerates cost savings and commits to net zero
On the go: The Local Pensions Partnership has announced it made £28.2m in cost savings for clients in the year to March 2021, bringing the overall total savings to £74m since inception in 2016.
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NewsBrunel transfers funds to new Paris-aligned benchmarks
On the go: The £28bn Brunel Pension Partnership, which handles the assets of 10 partner funds with an aggregate size of circa £40bn, has transferred more than £3bn to its new FTSE Russell Paris-aligned benchmark series.
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NewsLGPS must consider net-zero impact to avoid social downturn, MPs say
MPs have called on Local Government Pension Scheme funds to mitigate the economic and social risks that a shift to a net-zero economy may have on the communities most affected by the green transition, averting a repeat of the mistakes made during the downturn of industry in the 1980s.
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NewsWarwickshire County Council hires pensions admin
On the go: Warwickshire County Council has hired the West Yorkshire Pension Fund as pensions administration provider for the Warwickshire Firefighters’ Pension Scheme.
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NewsPublic sector schemes told to conclude 2016 valuations
The Government Actuary’s Department has agreed with HM Treasury that its amendments to the cost-control framework used in public sector schemes meet the government’s policy objectives, drawing a line under the troubled 2016 valuation process and allowing public sector schemes to complete these.
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NewsBorder to Coast commits to net zero
On the go: The Border to Coast Pensions Partnership, which handles the assets of 11 Local Government Pension Scheme funds worth a collective £55bn, has committed to achieve net zero across its entire investment portfolio by 2050 or sooner in recognition of the urgent need to tackle climate change.
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NewsKent Pension Fund breaches LGPS regulations
On the go: Connection trouble with a third-party pensions administrator’s systems has caused staff productivity at the Kent Pension Fund to suffer, while poor record management by Kent Police led to a breach of Local Government Pension Scheme regulations.
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NewsPublic sector schemes wary of TPR’s new code of practice
Public sector schemes should press on with implementing the Pensions Regulator’s new code of practice, Aon has said. However, schemes are concerned about the new rules and have asked for more clarity from the watchdog.
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NewsIsle of Man civil servants to choose between DB and DC
On the go: Civil servants on the Isle of Man are to be given a choice between an existing defined benefit scheme and a new defined contribution arrangement, the island’s government has announced.
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NewsActuaries propose changes to public sector pension increases
The Association of Consulting Actuaries is calling on the government to change the way it calculates pension increases for unfunded public sector schemes, proposing that these are based on economic growth rather than inflation, as this would be “fairer” for future generations of taxpayers.
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NewsBorder to Coast on track to deliver £110m in cost savings
On the go: The circa £24.7bn Border to Coast Pensions Partnership is on track to deliver more than £110m of cumulative net savings within its first decade of pooling and more than £250m in the first 15 years, according to its annual report.
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NewsNorfolk Council scheme extends investment consultancy framework
On the go: Norfolk County Council, acting on behalf of its own circa £3.6bn pension fund and a number of other UK Local Government Pension Schemes, has announced an extension to the duration of the National LGPS investment consultancy framework as a result of the Covid-19 pandemic.
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NewsBrunel’s Faith Ward wins environmental finance award
On the go: Faith Ward, chief responsible investment officer at Brunel Pension Partnership, has been named environmental finance personality of the year by news and analysis service Environmental Finance for her work making Brunel a “sustainability leader”.
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PodcastsPodcast: Treasury ‘ignored advice’ in public sector pension reforms
Podcast: A report from the Public Accounts Committee about the public sector pensions reform has showed that Treasury ignored advice that could have prevented the McCloud case, argues Ian Neale, co-founder of Aries Insight. He is joined by Sackers partner Claire Carey, in an episode also covering industry consultation fatigue and the new Task Force on Climate-related Financial Disclosures reporting requirements.
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NewsLPPA streamlines admin systems via switch to Civica’s UPM platform
The Local Pensions Partnership Administration is set to switch to a new pensions administration platform, in a move designed to streamline its arrangements and also help tackle future fraud.
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NewsHigh Court spares council £6.5m in LGPS exit credit ruling
The High Court has found in favour of a county council in a battle with a contractor over £6.5m in exit credits, a ruling legal experts say provides much-needed clarity over regulations that have given rise to several legal disputes.
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PodcastsPodcast: Police officers let down by poor McCloud communication
Podcast: Police officers, who have complained about the ramifications of the government’s McCloud remedy, face a difficult battle to get their plight rectified, in another case where inadequate policy and communications has created damaging uncertainty for members. Quietroom development lead Joe Craig and Taylor Wessing senior associate Hadassah Shulman discuss this case, as well as simpler annual statements and the government’s anti-scam proposals.