Local Government Pension Scheme: Changes to the Scheme Advisory Board Cost Management Process (CMP)

Closed 24 Mar 2023

Opened 30 Jan 2023

Contact

sheila.owen@levellingup.gov.uk

Overview

This consultation seeks views on proposals to amend the rules of the Local Government Pension Scheme (LGPS) in England and Wales.  It covers amendments to the scheme regulations governing the Scheme Advisory Board (SAB) cost management process (CMP).  The SAB ‘cost management process’ is provided for in regulation 116 of the LGPS Regulations 2013 and operates symmetrically, so that if valuations show that the costs of providing benefits have risen or fallen outside of a target level, recommendations must be made which would bring them back to target.  A separate HM Treasury cost control mechanism takes place under section 12 of the Public Service Pension Act 2013 (link). 

Any changes to the LGPS rules are likely to be of interest to a wide range of stakeholders, such as local pension funds, administering authorities, those who advise them, LGPS employers and local taxpayers.           

Please see the related documents section below for a draft statutory instrument related to this consulation.                                     

How to respond

You may respond by completing the survey below. Alternatively, you can email your response to the questions in this consultation to: LGPensions@levellingup.gov.uk  

If you are responding in writing, please make it clear which questions you are responding to.

Written responses should be sent to:

Local Government Finance Stewardship
Department of Levelling Up, Housing and Communities
2 Marsham Street,
London 
SW1P 4DF 

When you reply, it would be very useful if you confirm whether you are replying as an individual or submitting an official response on behalf of an organisation and include:

- your name,
- your position (if applicable),
- the name of organisation (if applicable),
- an address (including post-code),
- an email address, and
- a contact telephone number