IRRV Alert - week ending 5th March 2021
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Local government pension scheme: changes to the local valuation cycle and management of employer risk (2 March 2021)
Consultation outcome
Local government pension scheme: changes to the local valuation cycle and management of employer risk
From:
Ministry of Housing, Communities & Local Government
Published:
8 May 2019
Last updated:
2 March 2021, see all updates
Applies to:
Wales and England
This consultation has concluded
Download the full outcome
Partial government response: reform of exit credits
PDF, 204KB, 7 pages
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Partial government response: review of employer contributions and flexibility on exit payments
PDF, 241KB, 11 pages
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Guidance on preparing and maintaining policies on review of employer contributions, employer exit payments and deferred debt agreements
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Detail of outcome
On 27 February 2020 the government published its response to the proposals for further changes to the rules on exit credits.
On 26 August 2020 the government published its response to the proposals on employer contributions and flexibility on exit payments.
On 2 March 2021 the government published statutory guidance on preparing and maintaining policies on review of employer contributions, employer exit payments and deferred debt agreements.
A further response will be made in relation to the other proposals in the consultation in due course.
Original consultation
Summary
Consultation seeking views on policy proposals to amend the rules of the local government pension scheme in England and Wales.
This consultation ran from
11:45am on 8 May 2019 to 11:45pm on 31 July 2019
Consultation description
The consultation covers the following areas:
- amendments to the local fund valuations from the current 3 year (triennial) to a 4-year (quadrennial) cycle
- a number of measures aimed at mitigating the risks of moving from a triennial to a quadrennial cycle
- proposals for flexibility on exit payments
- proposals for further policy changes to exit credits
- proposals for changes to the employers required to offer local government pension scheme membership
The proposals relate to the Scheme in England and Wales.
Documents
Local government pension scheme: changes to the local valuation cycle and management of employer risk
Ref: ISBN 978-1-4098-5459-3PDF, 512KB, 29 pages
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Published 8 May 2019
Last updated 2 March 2021 + show all updates