Annual Revaluation date change in the Local Government Pension Scheme (LGPS)

Closed 24 Feb 2023

Opened 10 Feb 2023

Contact

lgpensions@levellingup.gov.uk

Overview

This consultation seeks views on changing the Local Government Pension Scheme for England and Wales (LGPS) annual revaluation date from 1 April to 6 April. This is to mitigate against the impact of high inflation on LGPS revaluation this year and consequent tax liabilities arising as a result. These tax liabilities would arise because the timing of LGPS revaluation on 1 April is not aligned with HMRC’s process for assessing the annual allowance tax charge. The proposed change would bring it into alignment. We are also seeking views on draft regulations to affect this change.

What happens next

Thank you for taking the time to complet our consultation. All responses will be carefully considered.