The Head of Pensions Administration at Merseyside Pension Fund presented the report of the Director of Pensions which provided an overview of changes affecting the future administration and governance of the Local Government Pension Scheme (LGPS). Changes include a revised revaluation date to remove the impact of inflation on growth in pension benefits. This, together with increases to HMRC annual allowance limits, would reduce the number of members who exceeded the annual allowance, and for those who are affected to a lesser degree it was noted that a recommendation that an increase to the state retirement age to 68 be brought forward was not to be implemented and 10 years notice would be given on any change. It was also noted that the government response to the McCloud remedy had been issued confirming the extension of the underpin to all members regardless of age with service before 31/03/2012. In addition the Dashboard implementation had been delayed until at least October 2026 to allow time for infrastructure to be developed.

Resolved – That the administration and governance changes to the LGPS, to ensure continued compliance with legislation, statutory guidance, and industry codes of practice, be noted.