Do you want to take control of your costs and risks in the LGPS?
06 Apr 2018 - Estimated reading time: 2 minutes
Participating in the Local Government Pension Scheme (LGPS) delivers valuable benefits to pension scheme members, however, there are associated costs and risks for employers. We recently held a series of seminars focused on helping you, as employers, manage your participation in the LGPS more effectively. We covered topics such as data management, funding, accounting valuations and scheme mergers. Here are the key messages:
Managing data and engaging with your LGPS Fund
The data requirements of participating in the LGPS are onerous. You and your payroll provider will have to work hard with your Fund to ensure the correct data is calculated and supplied for your employees. This can be even trickier if you participate in multiple Funds.
Understanding and managing your payroll processes would allow you to deliver this data to your LGPS with minimal fuss saving you time and effort - contact Andrew McKerns, Benefits Consultant, to help you achieve this.
Funding and the end game?
LGPS funding valuations are fast approaching and give you the opportunity to engage with your LGPS Fund to develop a funding plan that works for you. This is also the right time to consider the question - is the LGPS the right pension arrangement for your organisation?
Developing and understanding your own funding and exit plan will help to control your LGPS costs. This will improve budgeting certainty and help you plan for the future effectively. For support with this and your discussions with the Fund, contact Julie West, LGPS Employer Actuary.
Accounting valuations: take control
The pension figures disclosed in your accounts are heavily dependent on the choice of assumptions. As leaders in an organisation, you can influence how the value and structure of your LGPS liabilities are reported.
For advice on preparing your organisations accounting disclosures, and to help you take control of your accounting assumptions, contact Craig Alexander, Head of LGPS employer accounting.
Consolidation and Merger
If you participate in multiple funds, you may be considering whether combining your LGPS liabilities into one fund would increase the effectiveness of your organisation. It may be possible to achieve economies of scale, reduced administration overheads and obtaining a greater degree of influence over your LGPS funding strategy.
Having supported large consolidation projects, we can help you navigate the consolidation process and provide project management to ensure a smooth and successful outcome.
Understanding the benefits of consolidation will help you make a decision about the best approach for your organisation. For further support with your own plans, contact Julie West.
LGPS Employer Seminar Series – new dates added!
Due to high interest, we will be hosting a further two LGPS Employer seminars in Newcastle and Carlisle. For more information and to register, please click here.