60 second summary
Back to school: testing times for the LGPS
06 Apr 2017 - Estimated reading time: 1 minute
The recent Scheme Advisory Board announcement on Academies in the Local Government Pension Scheme has put this topic back into the LGPS timetable. The SAB announcement is clear that “the immediate focus should be to explore the scope for resolving the identified issues within the LGPS” as opposed to regulatory change. There is therefore a real, but short, opportunity to make progress here, and hopefully avoid yet further regulatory change.
This comes at the same time as the Government Actuary’s Department request from the Fund Actuaries for extensive and detailed information: 14 questions per Fund plus 17 items of data per Academy – not a quick task given the number of academies. The four actuarial firms are working with GAD to get consistent and pragmatic approaches agreed before proceeding. In any event, this data will ideally help to shed some light, to counter the sometimes heated opinions we hear.
We still haven’t had sight of the report for SAB prepared by PwC, although we’d be surprised if it contained much we haven’t heard or said before.
Download our 60SS to view the main issues, and some thoughts on practical solutions which Funds could adopt: we hope such steps will be sufficient for the LGPS to “pass the test”.