News
Revaluation Order/Public sector pensions increase
The Pensions Increase and Revaluation Order for public sector pensions has been published today alongside a written ministerial statement which sets out how the main public service schemes will be…Minister responds to SAB letter on External Audit
Lee Rowley MP, Minister for Local Government, has responded to a letter written to him in August 2022 by SAB on delays in the external audit of local authority accounts,…Consultation on changing the revaluation date issued
DLUHC has issued a consultation on changing the in scheme revaluation date from 1 to 6 April, with effect from 1 April 2023. The proposed change will remove the impact…DLUHC consultation on changes to the SAB’s cost management process
DLUHC has today launched an 8 week consultation on changes to the Scheme Advisory Board’s cost management process – the process that operates separately from but alongside the quadrennial scheme-level…SAB Scheme Valuation Report 2022
The Secretariat is currently in the process of planning for the Board’s 2022 Scheme Valuation Report. The report is aggregated using data from individual fund valuation reports. It would be…Chancellor announces “Edinburgh Reforms”
On December 9th, the Chancellor of the Exchequer announced a set of reforms to drive growth and competitiveness in the financial services sector. It has been confirmed that the Government…Board Chair and Secretary meet with Minister Lee Rowley MP
Cllr Roger Phillips and Board Secretary Jo Donnelly had a useful meeting with the Minister on December 7th, 2022. Topics discussed included pooling, government progress on the Good Governance recommendations,…Further education reclassification
Following a review into the classification of further education sector, the Office for National Statistics has reclassified colleges and their subsidiaries in England into the central government sector. You can…2021/22 Annual Reports
The Board is aware that some pension fund audits are likely to be delayed again this year, largely due to issues with auditing the host authority’s accounts. There is a…SAB finalises its response to DLUHC’s climate risk reporting consultation
SAB has submitted its response to DLUHC’s climate risk reporting consultation, which closes on 24th November 2022. The response includes some over-arching observations on the role of pension funds (as…10th November 2022 New Local Government Minister named
It has been confirmed that Lee Rowley MP will be the new minister for Local Government and will therefore take up responsibility for the LGPS. The Board Chair, Cllr Phillips,…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…19th October 2022 SAB Chair writes to Paul Scully MP on the Fair Deal policy
The Board Chair, Cllr Phillips, has written to the Minister to request an update on the Fair Deal policy. The Minister was asked whether the policy was under active consideration…18th October 2022 SAB Chair writes LGPS Scheme Advisory Board meeting invitation to Paul Scully MP
The Board Chair, Cllr Phillips, has written to the Minister to invite him to a future Scheme Advisory Board meeting, saying that Board meetings would enable the Minister to constructively…17th October 2022 Scheme Advisory Board issues response to HM Treasury’s exit pay consultation
In August, HM Treasury issued a consultation on a new controls process for high value exit payments paid to staff working in central government. Although that will not affect local…1st September 2022 DLUHC launches its climate risk reporting consultation
DLUHC has launched its consultation regarding governance and reporting of climate change risks. The consultation seeks views on proposals to require Local Government Pension Scheme (LGPS) administering authorities in England…26th August 2022 SAB Chair writes to Paul Scully MP on age discrimination in LGPS benefits
The Board Chair, Cllr Phillips, has written to the Minister recommending reform of the LGPS rules on death grants and survivor benefits. This is to address recent challenges that the…3rd August 2022 SAB publishes statement in response to UKLFI’s letter to the SAB Chair
The SAB has published a statement in response to UKLFI’s letter to the SAB Chair. The full statement is available on the BDS section of the SAB website.
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