Issue - meetings
LGPS Cost Cap, McCloud Update and Actuarial Valuation Inpact
Meeting: 13/10/2020 - Pension Board (Item 7)
7 Draft response to McCloud Consultation PDF 249 KB
Additional documents:
- LBTH Draft Consultation Response, item 7 PDF 399 KB
- Webcast for Draft response to McCloud Consultation
Minutes:
The Board received a report that set out the key changes to the scheme proposed by the Government in their recent consultation document produced in response to the McCloud judgement concerning age discrimination.
The Courts determined that the protections afforded to some members of the Local Government Pension Scheme (LGPS) and other public service pension schemes, following the review by Lord Hutton and introduced in 2014 (for the LGPS and 2015 for other schemes), were age discriminatory and unlawful.
Accordingly, the Government accepted the findings of the Court and has issued a consultation as to how best to amend the LGPS regulations. A summary of the deliberations is set out below:
The Board
– Noted appendices to the report is the responses to various questions; and
– Noted that discussions with the Software Provider around how the data can be extracted.
The Chair Moved and it was:
RESOLVED to:
- Note the potential effects on pensions administration workload.
Meeting: 23/09/2020 - Pension Board (Item 5.4)
5.4 Draft response to McCloud Consultation PDF 249 KB
Additional documents:
- LBTH Draft Consultation Response, item 5.4 PDF 399 KB
- Webcast for Draft response to McCloud Consultation
Meeting: 25/11/2019 - Pension Board (Item 7)
Additional documents:
- Appendix1 Hymans Robertson Good governance in the LGPSJuly2019, item 7 PDF 8 MB
- Appendix2 Stewardship Code Final2, item 7 PDF 242 KB
- Appendix3 SAB Briefing Note on CMA182019, item 7 PDF 448 KB
- Webcast for LGPS Update - Investment Consultancy and Fiduciary Market Investigation Order 2019, The Pensions Regulator Publication of the LGPS Cohort Report, Updated UK Stewardship Code, Good Governance Report and TPR Governance Survey
Minutes:
Ms Miriam Adams, Interim Pensions and Investment Manager, introduced the report stating the purpose of the report was to update Board Members on the recent and key developments in relation to the LGPS.
The Chair, Mr John Jones referred to page 16 of the agenda, second bullet point and said it was clear the Pensions Board had a clear role to play in ensuring the LGPS scheme was performing to a high standard.
Mr Jones also referred to the eighth and ninth bullet point, on page 16 and said it was good the Pensions Regulator agreed Scheme Managers needed to take a holistic approach when considering the governance and administration risks to the fund.
With regards to the Competition and Markets Authority and the setting of objectives, Mr Jones referred to point 6.2 stating he was heartened to see these had to be measurable objectives.
The Board RESOLVED to:
1. Note the contents of the report.