Local Government Pension Scheme 30 September 2010 PENSION LIAISON OFFICERS’ GROUP (PLOG)

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Presentation transcript:

Local Government Pension Scheme 30 September 2010 PENSION LIAISON OFFICERS’ GROUP (PLOG)

Local Government Pension Scheme AGENDA 1.Welcome/Attendance (David Anthony) Valuation - Presentation of Results (Peter Summers – Hyman Robertson) Valuation – The process from here (David Anthony) 4.Open Forum 5.Future PLOGS

Local Government Pension Scheme 1. WELCOME / INTRODUCTIONS David Anthony – Head of Pensions Peter Summers – Fund Actuary (Hymans Robertson) Andy Cunningham – Employer Relationship Manager

Local Government Pension Scheme Valuation - Presentation of Results Our Actuary’s slides are available by , if you are an employer in Wiltshire Pension Fund. Please contact Andy Cunningham using the details below if you wish to see the slides: T: E:

Local Government Pension Scheme VALUATION – THE PROCESS FROM HERE Stabilisation Policy Applies to all employers with tax raising powers WPF comfortable 100% Funding Level achieved over Long Term (24 years) Avoid ‘knee-jerk’ increases in Contribution Rates Set Contribution rates for next 6 years Review every 3 years validity of assumptions in modelling Stable contributions over time Impact: –Freeze current contribution rates until April 2014 –Increase by +1% p.a. from April 2014 for next 3 years

Local Government Pension Scheme VALUATION – THE PROCESS FROM HERE Employers with Non-Tax Raising Powers: Affordability issues of proposed rates Potential for Contribution Relief for next 3 years Employers all different (covenants? contract length? open / closed? maturity? experience?) Assess perceived risk to the Fund (via Employer Stability Review) Categorise employer (1-4)

Local Government Pension Scheme VALUATION – THE PROCESS FROM HERE Employers with Non-Tax Raising Powers: Increase from Total increase over 3 April 2011years Category 1:0% up to 1/3 rd of Full rate Category 2:1/3 rd of Full rate up to 2/3 rds of Full rate Category 3:2/3 rds of Full rate up to Full rate Category 4: Full rate

Local Government Pension Scheme VALUATION – THE PROCESS FROM HERE Employers with Non-Tax Raising Powers: Carry out employer reviews where requested Update employer of category Propose rates to pay from 1 April 2011 – 31 March 2015 Complete process by December 2010 Approved by Committee February 2011 Submit to Secretary of State by March 2011

Local Government Pension Scheme 4. OPEN FORUM Any Issues / Questions?

Local Government Pension Scheme 5. FUTURE PLOGS Aim is quarterly Number of Topical Issues (Hutton Review, Cost-Sharing, High Earners tax implications, etc.) Target the correct people in organisations (Finance/Admin) Will update you on Future meetings