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Further to Local Government Minister Brandon Lewis’ speech at the NAPF in May, the Department for Communities and Local Government and the Local Government Association have jointly launched a call for evidence into the future structure of the Local Government Pension Scheme.
The call for evidence sets out several objectives that structural reform of the LGPS should aim to achieve including dealing with deficits, improving investment returns and reducing investment fees.
Responding to the announcement, CIPFA Pensions Panel chair Bob Summers said:
“This is a welcome first step in moving the debate on the future of LGPS management onto an evidence-based footing. Through this call for evidence, DCLG and the LGA have provided stakeholders with an opportunity to set out a clear vision of what restructuring should aim to achieve and a framework within which initiatives to improve the cost effectiveness of the LGPS can be properly assessed.
“We welcome in particular the emphasis on obtaining a comprehensive and robust data set to improve the quality of inter-fund comparisons. This is an area where our practitioners can actively contribute and CIPFA looks forward to working with LGPS funds, DCLG, the LGA and the shadow LGPS scheme advisory board to help bring this together.”
Contact: Matthew Patterson
CIPFA Press Office
t 0207 543 5600
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. They include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions. They are taught by our in-house CIPFA Education and Training Centre as well as other places of learning around the world. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services. This includes the development of local professional qualifications in African countries like Lesotho and Nigeria and in Europe in post conflict states in the Balkans.