With recent news highlighting the ever increasing number of people being caught by the LTA, we explain what it is and how pension schemes and their members can navigate their way through the pension tax maze.
The assumptions that need to be made as part of the Local Government Pension Scheme (LGPS) valuation process are varied and many. For example, what investment returns will the Fund achieve in future? What are members going to be earning? How long will they live?
One of Lord Hutton’s key recommendations was that retaining defined benefit schemes in the public sector should come with the condition that there is a “cost cap” mechanism. This seemed like a good idea at the time but like many things in life is easier to say than actually do.
Most LGPS benefits build up gradually during each member’s employment. However, if a member retires early as a result of ill-health, it might not just be the member that is laid low; the employer’s funding position may also be feeling down.
2018 was another eventful year for pensions. In the LGPS we saw three new sets of regulations passed introducing exit credits, equalisation of survivor benefits and new powers for MHCLG to issue statutory guidance.
As technology continues to change the way we live and work, a core element of our service offerings is online access via the internet. BWebstream is our secure, easy to use, fully-integrated online platform for pension schemes, giving exceptional control over administration. Lisa Hodge from the Public Sector Consulting team tells us how the team has been using the tool.
2018 has been as eventful as ever in the LGPS. In the countdown to Christmas, Associate Melanie Durrant reflects back on the last 12 months, starting from A to Z.
“Your statutory rights are unaffected”, “subject to approval”, “terms and conditions apply”; there is plenty of small print in our lives. TAS 100 isn't just small print for actuaries though: it's a key part of a framework of professional standards.
Aon released their report commissioned by the Scheme Advisory Board, identifying potential issues surrounding the participation of Tier 3 employers in the LGPS. We’ve set out some of the key issues and findings.
Given the focus on pensions in recent budgets, we were all hoping that the Chancellor would leave public sector pensions alone. Largely this was the case in last week's budget.