SAB briefing on passage of LGPS sections in the Pension Schemes Bill

The Board today is publishing this short briefing now that the Pension Schemes Bill has completed its passage through Parliament and received Royal Assent.

The briefing summarises the Commons’ reasons for rejecting the amendments proposed by the Lords. The amendments the Lords put before the Commons were:

• Motion A: sought to prevent regulations requiring LGPS asset pool companies to invest in particular assets, asset classes or locations
• Motion B: sought additional publication requirements linked to LGPS valuations.
• Motion B1: sought reassurance on interim contribution rates between triennial valuations.
• Motion C: sought to update regulations allowing employers to request interim reviews of contribution rates.

Whilst all amendments were rejected by the Commons and do not feature in the final Act, substantive assurances were put on record by the minister and these are summarised in the briefing.

The Board welcomes these assurances and will continue to engage with stakeholders to support the ongoing Fit for the Future implementation period.