News
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.3rd August 2022 SAB Chair writes to Paul Scully MP on Audit issues within the LGPS
The Board Chair, Cllr Phillips, has written to the Minister outlining issues facing funds as a result of audit issues relating to the main local authority accounts. The letter proposes…2nd August 2022 McCloud update from DLUHC
DLUHC has provided an update on its work to rectify “McCloud” age discrimination. This has already been shared with LGPS administering authorities in England and Wales and software suppliers. Full…21st July 2022 Academy Trust and Local Government Pension Update
The Department for Education (DfE) has made a written ministerial statement confirming an extension of the guarantee that the closure of an academy trust will not lead to any outstanding…21st July 2022 New ministers for the LGPS
We understand that Paul Scully MP will be the new minister for Local Government and will therefore take up responsibility for the LGPS. We expect that the change of minister,…20th July 2022 Net Pay Arrangement Anomaly
HM Treasury has published draft legislation confirming that certain low earning individuals who contribute to pension schemes via a Net Pay Arrangement (NPA) will receive a direct top-up payment from…29th June 2022 LGPS 2016 Scheme Valuation Report published by Government Actuary’s Department
GAD has published its report on the 2016 scheme valuation which calculates the cost cap cost of the scheme using HM Treasury’s valuation directions, as at 31st March 2016. The…12th May 2022 DLUHC publish Special Severance Payment Guidance
The Department for Levelling Up, Housing and Communities has published statutory guidance on the making and disclosure of special severance payments by local authorities in England. The guidance sets out…
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