1st November 2022 SAB statement on employer contributions

At its meeting on 10 October 2022 the Local Government Pension Scheme Advisory Board (the “Board”) discussed emerging results from the current round of triennial local fund valuations. Whilst understanding and recognising the extremely challenging position for local government finance, the Board would ask that administering authorities and other fund employers have regard to the desirability for long term stability in pension contributions when considering whether reductions in employer contributions are desirable as a result of an improved funding position. The full statement gives more detail of the Board’s discussion, and full reasons for making this statement.