Friday, 16 May 2014 13:54
The reform of the LGPS, as with all the main public sector pension schemes, follows Lord Hutton of Furness' report of March 2011 and the resulting Public Service Pensions Act 2013. The primary aim of The Scottish Local Government Pensions Advisory Group (SLOGPAG) is to facilitate the delivery of a scheme that takes a balanced consideration of the unique Scottish position, continues to provide valued benefits for scheme members, and is affordable, sustainable and fair to employers, scheme members and tax payers.
Monday, 12 May 2014 07:37
The Budget announcement on the 19th March 2014 commenced a consultation on Freedom and Choice in Pensions.
The consultation sets out greater flexibility around the funds under a Defined Contribution pension when the individual concerned wishes to retire. Currently for these type of schemes legislation requires the member to invest in an annuity to purchase a pension going forward from retirement. The proposed greater flexibility applies to Defined Contribution schemes only. The consultation proposes a restriction on the ability of Defined Benefit public service pension schemes (which includes the Local Government scheme in Scotland) to transfer their benefits to Defined Contribution schemes.
The consultation is also considering increasing to age 57 from 2028 the national minimum pension age which reflects the minimum age a pension can be taken for tax purposes. The current national minimum pension age is 55.
The consultation runs until June 2014. You can find further details at: