This section of the site contains the publications issued by the Board which can be accessed via the menu items at the top of the page. The latest update from the Board is shown below.

An archive of all previously published Advisory (inc. Shadow Advisory) Board updates is available here. This update is also available in PDF format - 1 page - 112KB.

 

June 2017

The Scheme Advisory Board met on 26thJune 2017.

The main action points and agreements included:-

Membership

A letter has been sent to the Welsh LGA seeking a replacement for Mary Barnett following her retirement.

Matters arising

1. It was noted that the FCA’s announcement on MIFID II was due on the 27th July (see www.lgpsboard.org for details of the announcement)

2. A tender is open on the 3rd tier employers’ project.

3. The judicial review against DCLG on the investment regulations statutory guidance was noted.

4. A survey on the effectiveness of local pension boards is open until the end of July a full report will be provided to the next Board meeting

Post election impact

The board was advised that some changes to regulations may only be possible if there was cross party support. The Board’s Chair is to meet with the local government Minister on the 18th July.

Code of transparency

Six asset managers have signed up to the voluntary code (at the time of writing this has now increased to ten link to transparency page). A working group will be established to develop a procurement process and specification for the next stage to secure an independent compliance service.

Academies

The board was given an update on the data collection exercise undertaken by GAD. Agreement was also reached on the following draft objectives which will consulted on with administering authorities during the summer:-

  • Protect the benefits of scheme members through continued access to the LGPS;
  • Ring fence local tax payers and other scheme employers from the liabilities of the academy trust sector;
  • Improve the efficiency and effectiveness of administrative practices;
  • Increase the accuracy and reliability of data.

A meeting with DCLG and DfE on the 12th July will discuss these and other objectives that will help shape the next stage of the project.

Cost management

The board received an update from GAD on the draft paper on assumptions for the 2016 scheme valuation under Treasury directions.

50/50 survey

Over 8,000 responses have been received. The survey runs until the end of July when a full report will be published.

Late retirement factors

The Board agreed that formal discussions with DCLG should commence to explore options for change in the way that additional pension is calculated for membership after normal retirement age.

Pooling

The Board agreed to prepare a consultation paper on proposals to establish a Cross Pooling Forum and to assess the demand for an open session for Chairs of pension committees and local pension boards on progress towards pooling.

Responsible investment guidance

The Board was advised that work would continue on preparing a working draft for consultation.

Date of next meeting

The next meeting is scheduled for the 2nd or 3rd week in October 2017.