Local government pension scheme regulations
These proposed changes to the scheme regulations implement policies on Fair Deal for staff pensions and freedom and choice in pensions.
These draft regulations amend the Local Government Pension Scheme Regulations 2013 (SI/2356), and the Local Government Pension Scheme (Transitional Provisions, Savings and Amendment) Regulations 2014 (SI/525) in order to provide clarifications that have been requested by practitioners and improve the operation of the regulations.
They introduce the ‘Fair Deal for staff pensions’ for staff in the local government pension scheme who are compulsorily 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.
This consultation seeks comments on proposals to ensure that local government and participating employers in the local government pension scheme, provide the appropriate level of pension provision as set out in the new Fair Deal guidance.