Issue - meetings
LGPS Update
Meeting: 22/03/2016 - Clwyd Pension Fund Committee (Item 40)
PDF 85 KBTo provide Committee Members with current
issues affecting the management of the LGPS.
Additional documents:
Decision:
That the update be received.
Minutes:
Mr Middleman (Fund Actuary – Mercers), introduced a report to provide an update on the current issues affecting the LGPS as at February 2016. Mr. Middleman referred to the number of specific and wider issues affecting the whole of the pensions industry which were detailed in appendix 1 to the report.
Mr Middleman also provided a verbal update on the implications of the Chancellor’s budget statement on 16 March 2016 and referred to the SCAPE discount rate, LGPS – British Wealth Funds, the expectation of all schools in England to become Academies by 2022, and the new Lifetime ISA (LISA), pension’s taxation, and salary sacrifice. It was confirmed by the Chief Executive that academies will still not be an issue for Wales.
Mr Middleman advised that the implementation of the new State Pension would have implications for costs for employers through increased National Insurance contributions and indexation of GMP pensions for certain members. He also noted that the GMP reconciliation exercise would require significant resource and cost for the Clwyd Pension Fund to implement.
RESOLVED:
That the update be received.