Scheme Advisory Board for England and Wales - Welcome
|4th April 2017||
"Local Government Pension Scheme (England) – Arrangements for academies In conjunction with the Department for Communities and Local Government and the Department for Education, the Local Government Association has today published “Local Government Pension Scheme – arrangements for academies”. This is intended for schools considering conversion to academy status, academy trusts, multi-academy trusts and administering authorities.
Contents of the paper include guidance for academy trusts on preparing to be an LGPS employer; their role and responsibilities post conversion; the position of multi-academy trusts in the scheme; pooling arrangements; understanding scheme deficits; outsourcing services; the Department for Education guarantee and academy re-brokerage.
Although the advice given in the paper is intended to have wide application across the 79 LGPS funds in England, some variation in policy and approach across all the funds and their advisers is inevitable. Schools engaged in conversion are therefore encouraged to contact their local fund as early as possible in the process and seek assistance from independent professional advisors retained by them for the purpose.”
The document is available online here
"In conjunction with the Department for Communities and Local Government and the Department for Education, the Local Government Association has today published “Local Government Pension Scheme – arrangements for academies”"
|4th April 2017||LGPS academies Update - On the 29th March, Councillor Roger Phillips, Chair of the Board, met with the local government Minister, Marcus Jones, and Lord Nash, Parliamentary Under Secretary of State for the school system to discuss the findings of the PwC report and agree next steps. Councillor Phillips set out the three mechanisms for change highlighted in the report including non-regulatory measures within the LGPS; regulatory measures within the scheme and thirdly, measures outside of the LGPS including through primary legislation.
Ministers were supportive of the Board’s conclusion that nothing would be gained without some degree of change. Ministers agreed that the immediate focus should be to explore the scope for resolving the identified issues within the LGPS, either by way of general guidance, statutory guidance or, where necessary, through changes to the scheme’s regulatory framework. Although agreeing to focus on solutions within the scheme at this stage, Ministers were also clear that should these not prove effective, more radical measures outside of the LGPS would not be completely ruled out.
Next steps – Ministers agreed that DfE, DCLG, GAD and the Board should continue to work closely together to pursue solutions, engaging key stakeholders including pension funds, actuarial firms and academy trusts as appropriate. The next stage will be to gather relevant evidence and develop specific proposals for change that the Board will consider before submitting its recommendations to Ministers for their consideration.
|23rd March 2017||
Board Statement on Pool Governace Following the meeting of the Board on 6th March 2017, the following statement was agreed:
"The Board recognises that it is for scheme managers within each pool to develop appropriate governance to assure all stakeholders of the transparent and effective implementation of strategy. In this respect the Board notes the comments made by the Local Government minister Marcus Jones MP on this matter in the Westminster Hall debate on 24th October 2016.
|14th March 2017||
LGPS Academies At the meeting of the Scheme Advisory Board on 6th March 2017, PwC presented the draft report “Options for Academies in the LGPS”. The report was commissioned by the Board to review current issues faced by the LGPS and associated stakeholders in relation to academies participating in LGPS funds in England. The Board is anxious to point out that the draft report makes no attempt to make any recommendations. Instead, it outlines a number of issues raised by stakeholders and how they envisage these concerns being resolved.
|4th January 2017||
MiFIDII - FCA consultationThe Scheme Advisory Board responsed to the MiFIDII consultation, a copy of the response can be viewed here.
|27th October 2016||
SF3 Statistical Release 2015/16The 2015/16 SF3 statistical release was published by DCLG on 26 October. The statistical release can be found on the DCLG web site.
|18th October 2016||
Implementation of Markets in Financial Instruments Directive II (MiFID II).The FCA are consulting on their third set of implementation proposals for MiFID II and are seeking views on the proposed changes to the FCA Handbook.
MiFID II takes effect from 3 January 2018 and the proposed changes will have significant implications for LGPS administering authorities.
The full consultation document can be found on the FCA website.
|17th August 2016||Election to fill practitioner seat on the LGP Scheme Advisory Board.
Board Practitioner Representative
The Local Government Pension Scheme Advisory Board agreed, at its meeting in August 2016, to proceed with the selection process to fill the vacant non-voting member seat which has been allocated to practitioners.
As seven (7) nominations were received by the closing date for nominations there will now be an election to complete the process. Each LGPS administering authority with an open fund is being invited to cast one vote for their preferred candidate. Each authority should use their discretion with regard to the process used to select their preferred candidate but should ensure it is open and transparent.
The candidate with the most number of votes will be appointed. If more than one vote is received from an administering authority, then all votes from that authority shall be null and void.
The nominations (listed alphabetically by surname) are:
Practitioner Advisor Supporting Statements from each candidate are provided here.
(1) detailing the name of the fund you are voting on behalf of;
(2) detailing the name of your preferred candidate, and
(3) stating, in your response, that: “this vote has been agreed through a transparent process and I am duly authorised to submit the vote cast”.
The closing date and time for the submission of votes is noon on Friday 16th September 2016.
Neither the individual fund votes nor the total votes cast for each candidate will be made public.
|10th August 2016||The Chair, on behalf of the Board, wrote to the Secretary of State for Communities and Local Government regarding LGPS investment in infrastructure LGPS investment in infrastructure, and the Parliamentary Under Secretary of State Department for Communities and Local Government regarding Investment Reform Criteria and Guidance. The outcome of any discussions will be reported to the next Board meeting.|
|3rd August 2016||GAD Section 13 dry run report
The Government Actuary's Department (GAD) have completed a “dry run” section 13 analysis based on the 2013 local valuations. This analysis assesses whether the four main aims; compliance, consistency, solvency and long term cost effectiveness; have been achieved:
GAD Section 13 dry run report pdf 51 pages 1.22MB
GAD Section 13 dry run report Appendices pdf 43 pages 687kb
|29th July 2016||New section on the Boards' Code of Transparency for investment fees|
|25th July 2016||Committee update - Update on committees and list of representatives|
|17 May 2016||Scheme Annual Report 2015 published|
|8th April 2016||Message from Cllr Roger Phillips, Chairman of LGPS Advisory Board, for Chairs of Pension Committees|