The Department for Communities and Local Government (DCLG) have completed a consultation on changes to the regulations for the LGPS in England and Wales. Section 21 of the public service Pensions Act 2013 requires consultation with parties that may be affected by the scheme regulations. The consultation sought responses from interested parties on amendments to Local Government Pension Scheme Regulations 2013 and the Local Government Pension Scheme (Transitional Provisions, Savings and Amendment) Regulations 2014 which came into force on 1 April 2014.
There were a number of key amendments to the regulations including:
- The Fair Deal for Staff Pensions for staff in the Local Government Pension Scheme who are compulsory transferred to another service provider. The Treasury ‘Fair Deal for Staff Pensions’ policy issued in October 2013 sets out new requirements for securing pension protection for staff transferring out of the public sector.
- Consultation on specific draft regulations that would provide members with more options for using their Additional Voluntary Contributions in the scheme following the introduction of ‘Freedom and Choice’ in Pensions.
For more information or to view the full draft proposal documents please visit https://www.gov.uk/government/consultations/local-government-pension-scheme-regulations. The consultation closed at 12.00am on 20 August 2016.