Employers Pension Forum
This presentation is the property of its rightful owner.
Sponsored Links
1 / 16

Employers Pension Forum 13 June 2012 PowerPoint PPT Presentation


  • 81 Views
  • Uploaded on
  • Presentation posted in: General

Employers Pension Forum 13 June 2012. Local Government Pension Scheme. Proposals for LGPS 2014. A Career Average Revalued Earnings (CARE) scheme using CPI as the revaluation factor The accrual rate will be 1/49 th

Download Presentation

Employers Pension Forum 13 June 2012

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Employers pension forum 13 june 2012

Employers Pension Forum

13 June 2012

Local Government Pension Scheme


Proposals for lgps 2014

Proposals for LGPS 2014

  • A Career Average Revalued Earnings (CARE) scheme using CPI as the revaluation factor

  • The accrual rate will be 1/49th

  • There will be no normal scheme pension age, instead each member’s Normal Pension Age (NPA) will be their State Pension Age

  • Average member contributions to the scheme will be 6.5% with the rate determined on actual pay

Local Government Pension Scheme


Proposals for lgps 20141

Proposals for LGPS 2014

  • Members can elect to pay half contributions for half the pension, while still retaining the full value of other benefits. This is known as the 50/50 option

  • For current scheme members, benefits for service prior to 1st April 2014 will be protected, including remaining ‘Rule of 85’ protection. Protected past service will continue to be based on final salary and current NPA

  • Where scheme members are outsourced they will be able to stay in the scheme on first and subsequent transfers

Local Government Pension Scheme


Proposals for lgps 20142

Proposals for LGPS 2014

Local Government Pension Scheme


Proposals for lgps 20143

Proposals for LGPS 2014

Local Government Pension Scheme


Proposals for lgps 20144

Proposals for LGPS 2014

Local Government Pension Scheme


Proposals for lgps 20145

Proposals for LGPS 2014

Local Government Pension Scheme


Proposed contribution bands and rates for april 2014 determined on actual pay

Proposed Contribution Bands and Rates For April 2014 determined on actual pay

Local Government Pension Scheme


Protections

Protections

  • All membership before 1st April 2014 will be calculated on the basis of final pay on leaving and current NPA

  • If a member currently qualifies for ‘Rule of 85’ protection this will continue

  • Underpin – protection for members who were within 10 years of age 65 in April 2012. For these members a calculation will be calculated under both LGPS 2008 and LGPS 2014 scheme rules and the better will be awarded

  • Fair Deal -members compulsorily transferred out of LGPS employment will be able to stay in the LGPS

Local Government Pension Scheme


What happens next

What Happens Next?

  • Work continues on future cost management and scheme governance

  • Unions will consult with their members and will then proceed to a member ballot

  • LGA will consult with employers

  • If agreed draft regulations will be issued in late Autumn for consultation

  • New scheme regulations effective from 1st April 2014 will be in place from April 2013 so that actuarial assumptions for the 2013 valuation can be based on the new scheme rules

  • Further information www.lgps.org.uk

Local Government Pension Scheme


Employers pension forum 13 june 2012

Year end update

Local Government Pension Scheme


Employers pension forum 13 june 2012

LGPS 2010/11 Year End Returns

Local Government Pension Scheme


Employers pension forum 13 june 2012

LGPS 2011/12 Year End Returns

Local Government Pension Scheme


Employers pension forum 13 june 2012

LGPS 2010/11 Contributions Posted

Local Government Pension Scheme


Employers pension forum 13 june 2012

LGPS 2011/12 Contributions Posted

Local Government Pension Scheme


Employers pension forum 13 june 2012

LGPS Year End Comparison

Local Government Pension Scheme


  • Login