PLSA launches LGPS Employer Guide outlining best practice
28 March 2017, Press Release
The Pensions and Lifetime Savings Association (PLSA) has launched the second in a series of guides aimed at helping new and participating employers in the Local Government Pension Scheme (LGPS), entitled A guide for employers participating in the LGPS: Best practice.
The guide aims to give an overview of the financial commitments, administrative responsibilities and regulatory requirements that employers face once they have joined. With an impressive 11% increase in membership of the £217bn scheme between 2014 and 20151, helping new employers navigate the LGPS is becoming more and more crucial.
Joe Dabrowski, Head of Governance & Investment, Pensions and Lifetime Savings Association, commented:
“The last few years has seen an increasing number of scheduled2 and admission bodies joining the LGPS, driven in particular by the conversion of many schools into academies. It’s often not made clear to them why they’re joining the scheme, which can make employer engagement difficult for the LGPS. This can result in new employers underestimating their obligations, particularly with regards to data requests.
“In order to help both the LGPS and new members of the scheme we have released the second in our series of LGPS guides3. The new guide aims to explain what is required of employers in simple terms, offering explanations of pension terminology where necessary.”
-ENDS-
[1] Local Government Pension Scheme Advisory Board, Scheme Annual Report 2015
[2] ‘Scheduled bodies’: Academies, County councils, London boroughs, post-92 Universities and further education colleges participate in the Local Government Pension Scheme as ‘scheduled bodies’. Scheduled bodies have an automatic right and requirement to be an employer in the LGPS as set out in Schedule 2 of the LGPS regulations.
[3] The first guide provided scheduled bodies with an introduction to the LGPS and local government contractors with help navigating entry into the LGPS. Both versions of the guide are available to download here.
NOTES TO EDITORS:
THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.
MEDIA CONTACTS:
Lee Blackwell, Head of Media & PR, Pensions and Lifetime Savings Association
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Babak Mayamey, PR Manager, Pensions and Lifetime Savings Association
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Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: [email protected]