Local Government Pension Scheme Regulations 2014: better governance and improved accountability
Consultation on regulations relating to the introduction of governance and cost control arrangements to the new Local Government Pension Scheme in England and Wales.
This consultation seeks views on new governance arrangements for the Local Government Pension Scheme in England and Wales, which came into force on 1 April 2014.
The consultation invites responses from interested parties on the draft regulations which are to come into force from January 2015 onwards.
The main provisions include a requirement for the Secretary of State to establish a national scheme advisory board to advise him on the desirability of changes to the scheme. Provision is also made for administering authorities to establish local pension boards to assist them with the effective and efficient management and administration of the scheme. Also, for a set of new cost control mechanisms to be introduced.
Before making regulations, the Secretary of State is required to consult those likely to be affected by the regulations. See the statement listing those who would normally be consulted.