Sixty Second Summary
Legislative changes falling like Autumn leaves
18 Nov 2020
- Despite big challenges, LGPS administration teams have always demonstrated their resilience when under pressure
- Communication needs to be clear and transparent
- Keep McCloud work (at least) ticking over
- Administration planning for these next 12 months is the key to success – focus on resource
The (un)fab four additional pressures placed on LGPS admin teams
LGPS funds (particularly in England and Wales) may be forgiven for starting each week with trepidation and wondering what will land on their desk next. Dealing with all the challenges facing the Scheme over these last few months could be considered broadly equivalent to a new scheme implementation – but with much less time to react. 2020 is keeping true to its promise of being a year like no other!
For anyone counting, there are currently at least 4 key additional pressures faced by LGPS administration teams:
- McCloud implementation
- £95K cap and exit payment reform (England and Wales only)
- Covid-19 administration backlogs and remote working
- Goodwin rectification
Add in the short timeframe for the expected delivery of the top two bullet points and it results in the most acute pressure ever faced by LGPS funds. But there are always solutions to be found, and that is what we really want to talk about.
Download our sixty second summary for more on:
- the importance of clear and continued communication;
- keeping McCloud on track; and
- the resource required to deliver this work
If you would like to discuss further or find out more about how we can support you, please speak to your usual Hymans Robertson consultant.
Webinar replay: Tackling the LGPS administrative challenge
Catch our webinar on demand, where experts from our Governance, Administration and Projects (GAP) team discussed administration planning, resourcing and solutions for:
- £95k cap and exit payment reform (England and Wales only)
- COVID-19 backlogs