Issue - meetings

Regulatory Update

Meeting: 14/06/2021 - Staff and Pensions Committee (Item 6)

6 Regulatory Update pdf icon PDF 301 KB

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Neil Buxton stated that the report provided an insight to developments in the LGPS and the wider pension arena that impact on the LGPSThe introduction of a national pension dashboard by central government could conceivably ensure that all information about an individual's pension rights would be available to that person online. The new 2021 Pension Act will allow schemes to block transfers out of the LGPS where specified conditions are not met.  This should help limit the number of members  The Act will also introduce a climate change governance taskforce to force schemes to ensure that there will be effective governance in respect of climate change. Information from the LGA (Local Government Association) is expected at the end of 2021 regarding these changes. Neil Buxton added that the pension age where a member can receive their pension under their own volition will increase from 55 to 57 in April 2028. It was clarified that employees who were part of a pension fund before 12th February 2021 (the date of the consultation document) would be able to continue to retire  at age 55 pension, even if they transfer to a new job where the employer is a LGPS member. The Pension Regulator is issuing a new code of practice which consolidates many of the existing codes and removes code 14 that applies to public service pension schemes.  Further guidance on the impact on the LGPS is expected to be issued by the Regulator and MHCLG later in the year.  


In response to Councillor Millar, Neil Buxton said that the County Council could respond to central government’s changes independently, but more weight would be gained commenting through the LGA. 



That the Staff and Pensions Committee note and comment on the report.