The current draft of the Public Service Pension Bill includes elements which do not recognise the unique position of the Local Government Pension Scheme (LGPS). This is the view expressed by Bob Summers, Chair of the Chartered Institute of Public Finance and Accountancy (CIPFA) Pensions Panel, during a Public Service Pensions Bill Committee oral evidence session this morning.
Mr Summers pointed in particular to provisions in the Bill which would move, from local to central control, the responsibility for setting employer contribution rates and the timing of their application. This represents a major shift in the governance of local authority pensions and raises questions about future local democratic accountability for those pension funds.
Other clauses in the Bill would impose new costs at a time when government is seeking to make budget cuts and other clauses do not appear to recognise that requirements can be found in existing local government financial regulation.
Mr Summers commented,
“I am pleased to have been able to provide evidence to the Committee this morning and raise some of these concerns on behalf of the Local Government Pension Scheme.
“The Bill is still in its early stages, hopefully the Parliamentary scrutiny process will take on board some of these concerns and the legislation can be improved before becoming law.”
Contact: Tim Windle
CIPFA Press Office
t 0207 543 5787
Notes to Editors:
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