The CIPFA Pension Panel has become increasingly concerned that in some instances the pressure to reduce costs may now be impacting on the effective administration of the LGPS. The panel acknowledges that a number of funds and pools have worked hard to protect schemes during this difficult period.
The chair of the panel has therefore written on behalf of the CIPFA Pensions Panel to remind all Section 151 Officers of their responsibilities regarding the resourcing requirement for Local Government Pension Scheme (LGPS) funds. The pension liability is the biggest single risk on the balance sheet of most local authorities, and the responsibility for this risk lies with individual employers in respect of both the historic and current costs.