www.wiltshirepensionfund.org.uk

01 Oct 2014, Time:12:12


Action Navigation


Top

As you are aware the Local Government Pension Scheme (LGPS) is facing significant changes in the future.

The changes can be split into two phases:

On 22nd December a set of 'principles' were believed to have been agreed by the Local Government Association (LGA), the local government unions and the Government on how to take forward the future reforms of the LGPS. These agreements are subject to further negotiations due to take place in the New Year.

The proposed agreement consists of:

A significant principle currently under discussion by union officials and LGA is the 'single step solution' to both short and long term issues which would merge the two phases into one by 2014. This would negate the need to increase contribution rates from April 2012.

In order to meet the constraints faced, a four stage approach is envisaged:

Timetable

Nov/Dec 2011 - discussions on stage 1

Jan to April 2012 - discussions on stage 2

April to September 2012 - communication programme and drafting of regulations

April to November 2012 - discussions on stages 3 and 4

September 2012 to March 2013 - consultation on new scheme regulations

March 2013 - commencement of scheme valuation

October 2013 - initial valuation results

October 2013 to March 2014 - implement new scheme

April 2014 - new scheme in place

This is just a summary of the information available with regards to recent talks and agreements. For more detailed information and full details of the principles, stages and timetables, please follow the link to the LGA websites.

We will post more updates as we receive them.

Updated Jan 2012


Wiltshire Pension Fund logo Wiltshire Pensions Fund, County Hall,Trowbridge, Wiltshire, BA14 8JN.
© 2007 Wiltshire Pension Fund.