Understanding and managing your accounts
17 Jul 2018 - Estimated reading time: 2 minutes
Taking control of your LGPS participation was a key theme of the recent seminars we held for Academies in London, Leeds and Birmingham.
We kicked off the mornings with an introduction to the wider pensions landscape, setting out how the LGPS works and how you, as Academies fit into that framework. For most, if not all, of the attendees offering LGPS access to your non-teaching employees is mandatory. Understanding the areas where you do, or do not, have control is essential for successful liaison with your local LGPS Funds.
The main part of the seminars covered the accounting exercise that takes place at the end of August each year. We discussed the process and your role in that, how the assumptions are set, and spoke through the accounting disclosures themselves in detail. We encourage you to make the most of the materials supplied along with your accounting disclosures, and we hope you’ll be better placed to answer any auditor queries following the session.
As the number of Multi-Academy Trusts (MAT) around the county are growing, we discussed some issues particularly important for MATs: namely around the way in which they are administered by each Fund, some considerations for when a school moves between MATs and some of the things to think about for MATs that would like to consolidate into a single Fund.
We finished each morning with a round up of some current issues: changes in contributions in the Teachers Scheme from 2019 and the triennial valuation for LGPS with changes in contributions from 2020; the potential impact of ill-health early retirements, and the Scheme Advisory Board’s academy working group.
Thanks to all those who came along and participated. We understand the challenges faced by many of you, and those challenges may differ between Funds and Schools. We’d encourage engagement and regular dialogue with your Administering Authority to help you best manage and understand your LGPS participation.
If you’d like any further information on any of the topics covered, please contact Julie West. We’d love to hear your suggestions for future seminars, and we will of course let you know when and where these are running.