SAB Cost Management Process now complete

The Government Actuary’s Department has now completed the scheme cost assessment required under Regulation 116 of the LGPS Regulations 2013. The final report was completed using methodology and assumptions determined by the Board, following discussion at the Cost Management, Benefit Design and Administration (CMBDA) Committee. Scheme costs were assessed as being 20.5% of pensionable pay, 1% above the 19.5% target overall cost. This is within the range where the Board may make recommendations to amend benefits to bring scheme costs back towards the target cost but is not obliged to. Following discussion, the Board agreed not to recommend any changes in its letter informing the Secretary of State of the outcome.