Following changes to the LGPS regulations, earlier this year, we have reviewed the Funding Strategy Statements for both the Cambridgeshire and Northamptonshire Pension Funds. This consultation seeks views on proposed amendments to these documents.
The Funding Strategy Statement provides information about how employer’s pension liabilities are calculated and how employers pay for their own liabilities. The changes to the Funding Strategy Statements include minor amendments to ensure the wording of the policies is in line with the wording within the regulations. This includes adding a reference to “surpluses” and “exit credits” alongside any references to “deficits” or “exit debits” within the policies.
The most significant change is the ammendment of “Note (j) (Admission Bodies Ceasing)” to provide detail on how the Funds will treat potential exit credits on cessation of an admitted body.
This consultation will be of interest to all employers in the Cambridgeshire and Northamptonshire Pension Funds but particularly Admitted Bodies and their sponsors.
What do I do next?
The draft documents are available by clicking on the following links:
The consultation will close at 9am on Monday 10th December. Please send any comments or questions to PenEmployers@northamptonshire.gov.uk
We thank you for your help in this important exercise.