More LGPS news – Page 13
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News
LGPS authorities expected to justify new pension powers
On the go: Local Government Pension Scheme administering authorities will be expected to justify the use of their new powers around reviewing employer contributions, spreading exit payments, and setting up deferred debt arrangements.
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NewsImmediate choice a ‘no-brainer’ for judges’ McCloud remedy
The unique position of judges and their non-standard Judicial Pension Scheme means that opting for the “immediate choice” solution to McCloud is a “no-brainer”, experts have said, despite the rest of the public sector taking a different course.
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Judges to face immediate choice in McCloud solution
On the go: Members of the Judicial Pension Scheme will be subject to an immediate choice in 2022 in response to McCloud, in contrast to the rest of the public sector’s deferred choice underpin.
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NewsLGPS funds have £10bn invested in fossil fuels
Data crunch: Despite recent initiatives against climate change, Local Government Pension Scheme funds still have £9.7bn invested in fossil fuel companies, according to new research.
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NewsCan UK councils rent their own streets to fund pensions?
Several US public schemes have embraced unusual means of securing funding, including renting property to themselves. Although these tactics cannot be used across the Atlantic, the post-Covid landscape could see a variety of new strategies being deployed in the UK.
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Schemes should not ‘mindlessly chase’ illiquidity premium
On the go: The chief investment officer of the £19bn Local Pensions Partnership has criticised asset managers promising unrealistic returns from illiquid assets, arguing that they no longer provide the same premium they once did.
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Government reverses course on public sector exit payments
On the go: The government has announced it is to disapply the restriction on public sector exit payments that came into force in November.
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NewsJudicial review could hold up public sector exit payment reform
The High Court is to hear challenges brought by a number of public sector unions to the £95,000 exit payment cap, after permission for a judicial review was granted late last year.
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Access Pool launches seven new sub-funds worth £5.5bn
On the go: The Access Pool, which handles assets for 11 Local Government Pension Scheme funds with around £46bn in assets under management, has launched seven new sub-funds worth £5.5bn.
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NewsGovt opts for deferred choice underpin solution to McCloud
The government has confirmed it will opt for the deferred choice underpin solution to the McCloud problem, which despite being the right choice according to pensions specialists, will open the floodgates of administration woes for public sector schemes.
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Inquiry launched into LGPS role in ‘just transition’ to net-zero
On the go: The All-Party Parliamentary Group for Local Authority Pension Funds has launched an inquiry to look at how these schemes can help in achieving a just transition to a decarbonised economy.
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Aberdeen City Council Transport Fund completes first buy-in
On the go: The circa £300m Aberdeen City Council Transport Fund has secured roughly three-quarters of its liabilities through a buy-in with pensions insurer Rothesay Life.
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Covid delays Kent fund remedies after Woodford debacle
The Kent County Council Superannuation Fund’s auditor has flagged delays in attempts to learn lessons from the Woodford debacle as a serious risk to the scheme.
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Data error leads Cornwall Council to overcharge hundreds of employees
Hundreds of workers enrolled in the Cornwall Pension Fund could be due a rebate after an administration error saw Cornwall Council overcharge them for their pension contributions.
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LGPS could face legal challenges over new exit payment cap
Local Government Pension Scheme administrators face potential legal challenges, after a new cap on exit payments from public sector schemes contradicting existing regulations came into force on Wednesday.
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Charity participants in LGPS face going concern issues
An Institute of Chartered Accountants of Scotland report laying out guidance for charity trustees on going concern has prompted a second look at their participation in the Local Government Pension Scheme, with experts warning that many could face crippling debt payments as they run out of members.
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OpinionMcCloud remedy: Are some public servants more equal than others?
The solution proposed by the government for the McCloud age discrimination case ticks all the key fairness boxes, even though all members will not be treated the same, explains Royal London’s senior intermediary development and technical manager, Moira Warner.
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OpinionPrivate sector consolidators can learn from LGPS pooling
The Pensions Regulator has given the green light for the establishment of the first private superfunds, but the consolidation of multiple pension schemes is not a simple task. Local Pensions Partnership chief executive Chris Rule explores some lessons of pooling.
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Cheshire in the vanguard on TCFD carbon revelations
The Cheshire Pension Fund is one of the first UK pension funds to report on the carbon footprint of its £6.1bn investment portfolio, estimating that its stock portfolio’s carbon intensity is a third less than the benchmark.
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Redundant local civil servants face pension cut
Public sector members of the Local Government Pension Scheme aged above 55 who are made redundant and want to retire early will face a cut to their benefits, according to new rules proposed by the government.