All Public sector pensions articles – Page 7
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NewsTreasury slammed for McCloud errors, but members will foot the bill
The Public Accounts Committee has issued a scathing report highlighting HM Treasury’s failure to predict the numerous problems stemming from 2011-15 public sector reforms, warning its mistakes will take “generations” to resolve.
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NewsHigh Court spares council £6.5m in LGPS exit credit ruling
The High Court has found in favour of a county council in a battle with a contractor over £6.5m in exit credits, a ruling legal experts say provides much-needed clarity over regulations that have given rise to several legal disputes.
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NewsGovt fixes NHS scheme rules to avoid hefty retirement bills
The government is to amend regulations to the NHS Pension Scheme that has seen hundreds of employers, including GPs, hit with charges for staff members who are in the last three years prior to retirement, which could amount to hundreds of thousands of pounds.
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NewsMaster trusts to pave the way for dashboards integration in 2023
Master trusts and pension providers regulated by the Financial Conduct Authority will be the first schemes to provide data for the pensions dashboards in 2023, according to a new call for input published on Thursday.
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NewsBMA calls for doctors to be exempt from pension age hike
On the go: The British Medical Association has called for NHS workers to be exempt from proposals to increase the minimum pension age to 57, saying the complex nature of pensions taxation means many need to retire before this age.
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NewsNHS staff turn to scheme pays as taper issues rumble on
On the go: Nearly 40 per cent of the NHS staff who breached their annual allowance in 2018-19 turned to scheme pays to help them foot the bill, Quilter said, as it warned of a legacy of allowance issues for many doctors.
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NewsEmployer data struggles hamper McCloud administration
On the go: Gaps in employer records are far and away the biggest data challenge for administrators looking to tackle problems like McCloud, according to a Pensions and Lifetime Savings Association poll.
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NewsMcCloud funding impact ‘minimal’ but MHCLG needs to step up
On the go: The funding impact of the deferred choice underpin on the Local Government Pension Scheme is expected to be minimal, but the government needs to provide much more information to put minds at ease, according to speakers at the Pensions and Lifetime Savings Association’s Local Authority Conference.
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NewsLGPS assets drop 5% in 2020 as contribution income rises
Local Government Pension Scheme assets fell by 4.9 per cent in 2020 to £276bn, but funds saw increases in membership and contribution income, according to the most recent annual report from the LGPS Advisory Board.
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NewsGovt announces public service pension bill to implement McCloud
On the go: The government has announced a new bill intended to push ahead with the implementation of the McCloud remedy.
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NewsPolice slate ‘deeply unfair’ ramifications of McCloud remedy
Police officers from every federated rank in the UK have written to the chairs of the Police Pension Scheme advisory boards to complain about the “deeply unfair” ramifications of the government’s McCloud remedy.
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NewsAuto-enrolment participation stagnates in 2020
On the go: 2020 was the first year to see unchanged levels of participation since the auto-enrolment scheme was introduced, according to new figures from the Office for National Statistics published on Monday.
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Independent schools’ TPS phased withdrawal to start in August
On the go: Independent schools will be allowed to gradually phase out their participation in the Teachers’ Pension Scheme, with the new regulations coming into force in August.
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Experts dismiss national pension fund proposal
Analysis: Experts have largely poured scorn on a highly controversial proposal to create a gigantic national sovereign fund by merging public schemes and then mopping up private plans as well.
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NewsUSS rejects attempt to reopen controversial valuation
The Universities Superannuation Scheme has rejected a request by Universities UK, the advocacy group representing 340 higher education employers, to revisit the controversial assumptions behind its most recent valuation.
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Govt to clear up 'scheme pays' issues in McCloud remedy
On the go: The government will amend pension tax rules to make it easier for those who incur annual allowance charges as part of McCloud remedies to pay these through the pension schemes.
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Govt chooses full indexation of GMPs for public sector schemes
The Treasury has decided to abandon the idea of converting guaranteed minimum pension benefits in public sector schemes, opting for a permanent extension of full indexation, which will be more expensive for private pension funds that are forced to mirror government rules.
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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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McCloud £17.5bn cost could be an underestimate
On the go: The Office for Budget Responsibility has said its current estimate of the cost of the McCloud remedy could be an understatement, since different remedies for the discrimination case could increase the projected spending.
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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.