Future structure of the Local Government Pension Scheme (LGPS)
During 2013 it became clear that 2014 would be a significant year for the LGPS with the implementation of the LGPS 2014 in addition to application of the 2013 Triennial Valuation results. However, it is the consultation on the future structure of the administration of the LGPS which most commentators believe will see the most fundamental changes to the scheme in recent times. The draft proposals include fund merger and collective investing and much has been written on these issues over the last year, in particular the Call for Evidence responses, where many stakeholders shared their views.
Clearly the work of the Shadow Scheme Advisory Board along with colleagues from DCLG and the LGA will inform much of the final outcomes. We heard the latest on the consultation process plus the work of the Shadow Board along with the report from Hymans Robertson and the data analysis from WM Company. There was also be an update from the Pensions Regulator on developments around the Code of Practice to be implemented for 2015 and an insight into the work going on in London to establish a collective investment approach.