
Dementia currently affects 1 in 14 people in the UK. Many people will either know someone with dementia, have had to support and care for someone with dementia or have been diagnosed themselves.
Review of contributions
The government has given administering authorities of LGPS pension funds the ability to review employer contributions in between three-yearly valuations in three circumstances:
The government has made clear that market volatility or changes in asset values would not be a proper basis for the use of this new flexibility.
This would enable LGPS funds to respond to circumstances where the employer's liabilities substantially reduce or increase because of a TUPE transfer or local government re-organisation or where an employer's financial strength weakens materially. It also allows employers to request a review. The government has suggested that the potential impacts of Covid-19 might be a circumstance leading an employer to ask for a review.
Flexibility on exit payments
The government has recognised that employers may feel trapped into accruing further liabilities in the LGPS that they cannot really afford because they are also unable to afford the exit payment that would fall due if all employees stop accruing benefits. Whilst some LGPS funds already allow this sort of arrangement, the government wanted to put this on a formal footing.
The government has therefore introduced deferred debt arrangements (DDAs) which allow employers to defer an exit payment and to pay this off over time by way of continuing contributions. This has the potential to allow employers who want to reduce their liabilities to do so without risking insolvency or a substantial impact on their operations caused by a large exit payment.
There are a number of points to note about the new DDAs:
This new arrangement substantially mirrors arrangements introduced for private-sector pension schemes in April 2018 so we already have experience of negotiating these sorts of agreements in relation to private sector schemes.
For advice in relation to deferred debt arrangements (DDAs) or options for managing liabilities in the LGPS, contact Doug Mullen.
Dementia currently affects 1 in 14 people in the UK. Many people will either know someone with dementia, have had to support and care for someone with dementia or have been diagnosed themselves.
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