The snappily named Assured Tenancies and Agricultural Occupancies (Forms) (moratorium Debt) (Consequential Amendment) (England) Regulations came into force on Monday 3 May 2021.
Employers admitted to the LGPS should therefore review their policies on how they exercise discretions under the LGPS to ensure that the policies are up to date, achieve value for money and protect the employer’s reputation.
In the LGPS staff can retire early from the age of 55. Even though the pension will be reduced to reflect the fact that the employee has retired early, employers have a discretion to waive that reduction. In this situation, there will usually be a cost to the employer. The pension fund may ask the employer to make a one off payment to the pension fund to cover the cost to the pension fund of waiving the reduction to pension benefits. These payments can be very substantial, amounting to tens or occasionally hundreds of thousands of pounds.
There can be reputational and other costs for employers as well. The fall-out from allowing early retirement and waiving reductions to pension benefits can include criticism from regulators if they take the view that the employer has failed to manage the risks of early retirement appropriately.
All employers admitted to the LGPS are required to have a policy governing how they will exercise certain discretions in the LGPS. This policy must include a statement on when staff will be allowed to retire flexibly and when actuarial reductions may be waived. Given changes to the regulations governing the LGPS from 1 April, all LGPS employers should be taking this opportunity to review their policies on the exercise of discretions to ensure that they appropriately manage the risks to the employer. Employers are required by the new LGPS regulations to provide a new policy statement by 1 July 2014.
For more information
What is a post-nuptial agreement and why do people enter it? Find out more in this ebriefing.
This ebriefing considers the Government’s proposals to simplify the procurement procedures, as set out in Chapter 3 of the Green Paper entitled “Using the right procurement procedures”.
In the second of a two-part episode, trainee solicitors Tom Corrigan, Precious Melia and Sike Olawale discuss what a training contract looks like at Anthony Collins Solicitors.
Cases involving large-scale IT contracts are quite rare and the recent case provides a useful judgement for matters involving digital transformation projects which have gone wrong.
From 4 May 2021, The Debt Respite Scheme (Breathing Space) comes into force. This scheme provides debtors with the right to legal protection from their creditors.
Birmingham-based Anthony Collins Solicitors (ACS) has announced a raft of new promotions, including appointing three new partners.
EOTs have been aggressively marketed as a tax-free share sale, but that should not deter practitioners from raising EOTs.
Remuneration for the supply of goods and the power to award equitable allowances.
The government did not accept two of the Law Commission’s recommendations - as they saw them as important safeguards in protecting charities interests in property.
To receive invitations to our events, as well as information and articles on legal issues and sector developments that are of interest to you, please sign up to Newsroom.