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The Draft Public Service Pensions Bill, which was presented to Parliament last week, proposes major changes to the governance and oversight of public sector pension schemes. In particular the Pensions Regulator is set to widen its current oversight of private sector pension schemes to cover public sector pensions.
Commenting on the changes, CIPFA Pensions Panel Chair, Bob Summers, said:
“Any measures intended to strengthen governance in public sector pensions should be welcomed. We at CIPFA look forward to exploring with the Pensions Regulator how existing governance arrangements and associated Codes of Practice and guidance, particularly in the sphere of the Local Government Pension Scheme, can be deployed to assist the Regulator in discharging these new responsibilities”.
However Mr Summers expressed some concern at elements of the bill which seek to centralise aspects of the Local Government Pension Scheme under the control of the Treasury,
“The LGPS is unique amongst UK public sector pension schemes in that there is a clear accountability link between local fund administrators and local Council Tax payers. The introduction of a third party that can influence funding strategy and the process by which employer contributions are set weakens that link and restricts the ability of the local fund administrator to manage the fund flexibly to suit local circumstances.”
Contact: Tim Windle
CIPFA Press Office
t 0207 543 5787
Notes to Editors:
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.