It is now a number of months since the Local Government Pension Scheme (LGPS) 2014 reforms took effect in England and Wales. These not only reformed the basis for the calculation of members' pensions, but also made changes to the information that Scheme employers have to hold and provide to their Pension Fund administering authority. With the Scheme reforms now settling in, you may wish to check that as an employer your practices are consistent with the requirements.
This paper highlights key aspects of LGPS 2014 which impact on the member information employers need to hold and provide to their Pension Fund administering authority.
Public service pension schemes - the law has changed
8 April 2015
New legislation came into force on 1 April 2015 for public service pension schemes and the regulator's expanded role to oversee the governance and administration of those schemes.
To help you understand what the changes mean for your scheme and how to comply with your duties, The Pensions Regulator has published a code of practice. Download the code and essential guide to the code on the Regulator’s website.
The Regulator also has a range of online resources to help you get to grips with the changes, including their Public Service Toolkit .
NEST (National Employment Savings Trust)
NEST research shows 2014 stagers face fundamental challenges in getting automatic enrolment right
28 January 2014
2014 employers have three fundamental gaps that could present challenges when meeting the new workplace pension requirements: an experience gap, a knowledge gap and a reality gap New findings released today by NEST show that employers staging in 2014 have three fundamental gaps to deal with as they meet their automatic enrolment challenges. Identified as the experience gap, knowledge gap and reality gap, NEST warns that, compared with their predecessors, second year employers may not be engaging enough with the detail of the reforms in order to successfully manage their duties. The report, NEST Insight, commissioned by national not-for-profit pension scheme NEST, found that first year employers successfully navigated their way through the legislation thanks to their pensions experience and knowledge and by dedicating enough time to the project. However, many reported that implementing the duties took longer than expected. The research found that 20 per cent of first year employers had taken over 16 months to get ready, despite previously offering a pension scheme to at least some of their workers. Even with this level of preparedness and experience, 66 per cent found meeting their duties more difficult than anticipated.
Commenting on the findings, NEST chief executive Tim Jones said:
“The success of automatic enrolment so far, with low opt-out rates and over 2.5 million workers automatically enrolled in a workplace pension, is due in large part to the efforts of
CIPP Policy News Journal
08/04/2015, Page 436 of 521
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