UK - The future direction of the Local Government Pensions Scheme is set to be revealed when government ministers respond to the DTLR's internal stocktake review in the next few weeks.
Many local government pension managers have argued the final salary promise should be kept following speculation that the review will reflect the DTLR’s willingness to move to a cheaper average earnings scheme for new employees.
But managers said any move away from DB would increase difficulties in employing staff and lead to demands for higher pay.
West Midlands Pension Scheme chief pensions officer Mike Woodall said: “We hope that they will retain a final salary scheme. We are already seeing too many private sector companies moving away from final salary - that can only be a retrograde step.”
The stocktake review was launched in September and a report was sent to department ministers at the end of last month.
By Jonathan Stapleton
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.