Deficit management (working group)
A small working group, including a representative from DCLG, was set up to look at the recommendations the Board wished to make on regulation changes in respect of deficit management and how best to take this forward.
On 29th January 2015 a letter was sent to all pension funds informing them of the Board’s deficit management project and introducing the work plan taking the work forward.
At its meeting on 6th February 2015, the Board adopted the work plan and communications plan below:
On 24th April 2015 the Board held an event for the LGPS community, introducing the deficit management work plan, engaging practitioners and prompting discussion. At its meeting on 1st June 2015, the Board adopted the deficit recommendations, and on 23rd June 2015, these recommendations were sent with a covering letter to DCLG for the newly appointed minister's consideration.
PriceWaterhouseCoopers (PwC) Report
The Local Government Association commissioned PwC to produce a report, “Deficit management in the LGPS”. This report was prepared for the Local Government Association and the LGPS Shadow Advisory Board and solely for the purpose and on the terms agreed with the Local Government Association. The recomendations in the report, presented to the, as then, 'Shadow' Advisory Board, on 22nd October 2014, represent the views of PwC and understanding of the prevailing interpretation and practice at that time. The Board has considered PwC's recomendations and its own objectives in this area, and its work plan and recommendations are set out in the documents above.
The text of the PwC report has not been amended to allow for subsequent developments.