CPN autumn workshop 2015


Following the May 2015 general election, an announcement on possible asset pooling was made in the July 2015 budget and pension funds continue to explore all possible avenues to increase efficiency and reduce costs. Looming next year is the revaluation of all English and Welsh funds, but before then, the publication of the next Comprehensive Spending Review will set the scene for further reductions in local authority grants. Governance arrangements have seen the introduction of Local Pension Boards from April 2015 and the spotlight is turning on comparisons between funds using a range of financial and non-financial indicators. Fund costs and performance will require review in the context of the recent budget announcement on possible asset pooling.

A certainty is that the pressure on individual employer contribution costs is intense,  local authorities are having to examine all opportunities to reduce costs, further cuts to local authority grants make this an absolute necessity. The need for pension funds to demonstrate efficiency and cost awareness is fundamental. Part of this will be ensuring that there is clarity and understanding on how the existing accounting and auditing framework works including the accounting rules on the allocation of overheads, a key issue for funds now as local authorities explore all possible avenues to reduce costs.


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