15th June 2021 HM Treasury Ministerial statement on the Government Actuary’s final report on his review of the cost control mechanism

A Written Ministerial Statement has been laid today, announcing the publication of the Government Actuary’s final report on his review of the cost control mechanism. The WMS states that HM Treasury will respond to the report in due course. The report has 56 pages in total, including 4 appendices. There are 5 separate recommendations on potential changes to the mechanism – which applies across all public service pension schemes. Paragraph 1.17 of the report confirms that the review did not consider the separate cost control mechanism for the LGPS which is operated by the Scheme Advisory Board. The report acknowledges that the differences between the LGPS and the unfunded schemes mean that some of the recommendations, if adopted, may need revising to accommodate those differences.