Issue - meetings

LOCAL GOVERNMENT PENSION SCHEME (LGPS) UPDATE

Meeting: 08/07/2022 - Local Pension Board (Item 7)

7 LOCAL GOVERNMENT PENSION SCHEME (LGPS) UPDATE pdf icon PDF 362 KB

Additional documents:

Minutes:

The Head of Pensions Administration presented the report of the Director of Pensions which provided Board Members with a copy of a report on developments in the Local Government Pension Scheme (LGPS) which had been taken to Pensions Committee since the previous Board meeting. The main issue was the potential impacts of the McCloud judgement imposing additional liabilities. High level analysis identified that 34,000 members of the Merseyside Pension Fund met the criteria to qualify for protection and informed by the actuarial estimate of a 1% cost of total liabilities this equated to around 340 members who were likely receive an additional underpin amount. Combined with the incoming pension dashboard, there were concerns about the resource requirements.

 

Resolved:

That the report be noted.