Agenda item

Public Sector Pensions Reform - Establishing a Local Pensions Board (Local Government Pension Scheme)

22 January 2015

Public Sector Pensions Reform – Establishing a Local Pensions Board (Local Government Pension Scheme)

 

In March 2011, the Independent Public Service Pensions Commission published its final report of the review of public service pensions.  The report made clear that change is needed to “make public service pension schemes simpler and more transparent, fairer to those on low and moderate earnings”.

 

In order to meet the requirements of the Public Services Pensions Act 2013, the Local Government Pension Scheme (LGPS) was reformed, effective from 1st April 2014.  The Act also made legislation as to the overall governance of pension schemes, in particular that a local Pensions Board be established by 1st April 2015; the Board need not be operational at this point.  The Pensions Board must include employer and scheme member representatives in equal numbers.

 

We submit a printed and circulated report thereon recommending that the Court agree the to the creation of a Pensions Board to ensure that the City of London Corporation complies with the requirements of the Public Services Pensions Act 2013.

Minutes:

22 January 2015

Public Sector Pensions Reform - Establishing a Local Pensions Board (Local Government Pension Scheme)

In March 2011, the Independent Public Service Pensions Commission published its final report of the review of public service pensions.  The report made clear that change is needed to “make public service pension schemes simpler and more transparent, fairer to those on low and moderate earnings”.

 

In order to meet the requirements of the Public Services Pensions Act 2013, the Local Government Pension Scheme (LGPS) was reformed, effective from 1st April 2014.  The Act also made legislation as to the overall governance of pension schemes, in particular that a local Pensions Board be established by 1st April 2015; the Board need not be operational at this point.  The Pensions Board must include employer and scheme member representatives in equal numbers.

 

We submit a printed and circulated report thereon recommending that the Court agree the to the creation of a Pensions Board to ensure that the City of London Corporation complies with the requirements of the Public Services Pensions Act 2013.

 

Read and agreed.

 

Supporting documents: