Covid-19 Alert

Updated 21st May

News

22nd May 2020 - update to COVID-19 page - Governance survey results

The Covid-19 information and updates page has been updated with a link to a results summary of the Covid-19 governance survey.

21st May 2020 - update to COVID-19 page - NHSC Life Assurance Scheme

The Covid-19 information and updates page has been updated with a link to a summary of the NHSC Life Assurance Scheme.

11th May 2020 - SAB issues statement on Supreme Court boycotts judgement

‘The SAB welcomes the clarity brought by the judgement of the Supreme Court in the case of R (on the application of Palestine Solidarity Campaign Ltd and another) Appellants) v Secretary of State for Housing, Communities and Local Government (Respondent). In seeking to restrict the outcome as well as the considerations taken account of by an LGPS administering authority when developing its responsible investment policy, the government has been judged to have overstepped its powers. It is the Board’s view that Responsible Investment policy decisions belong at the local level reflecting: the need to pay pensions both now and in the future; local democratic accountability and the views of scheme members; and that outcomes of policy developments should not be subject to restrictions based on unrelated matters’

The Board's secretariat and legal advisor have commenced work on a draft summary of the judgement which will be published on this site as soon as it is available.

1st May 2020 - updates to Covid-19 page - Governance survey

The Covid-19 information and updates page has been updated with a link to a survey on the impact of COVID-19 on LGPS governance.

29th April 2020 - Supreme Court Judgement on LGPS boycotts

The Supreme Court today handed down its judgement in the case of R (on the application of Palestine Solidarity Campaign Ltd and another) Appellants) v Secretary of State for Housing, Communities and Local Government (Respondent) which was originally heard on 20th November 2019. The court found in favour of the appellants and would appear to take the position that the Government has the power to direct authorities on the approach they take to investment decisions but not the investments they make.

A Summary of the judgement (PDF 2 pages 180kb) published by the practice at 11KBW is available - please note this summary is the view of 11KBW not necessarily the Board which has yet to consider the implications of the judgement for itself.

21st April 2020 - updates to Covid-19 page - Cash flow survey summary

The Covid-19 information and updates page has been updated with a summary of an LGPS cash flow survey which took place during the first two weeks of April.

17th April 2020 - delay to RPI consultation announced by HMT

Following representations from a number of industry bodies including a letter from the SAB chair (PDF 1 page 85kb) the Chancellor has announced that the consultation on changes to the Retail Price Index will be extended by four months from 22nd April to 21st August

14th April 2020 - updates to Covid-19 page - Extension of accounting deadlines

The Covid-19 information and updates page has been updated with links to the regulations extending local authority accounting deadlines and the accompanying explanatory note

9th April 2020 - PIRC provisional LGPS performance 'not the same magnitude as 2008'

Provisional performance figures for 2019/20 from PIRC Local Authority Universe show estimated average returns across its for its LGPS members (62 funds with an aggregate value of almost £180) of around -5% for the year.

This return is of a very different magnitude to the almost 20% falls seen following the dotcom bubble and the financial crisis. The medium term numbers also all still remain positive with 3 year returns at 1.8% pa, 5 yrs at 5.2% pa and 10yrs at 6.9% pa.

7th April 2020 - updates to Covid-19 page - LGPS resilience survey and additions to FAQs

The Covid-19 information and updates page has been updated with a summary of a survey on the resilience of LGPS administering authorities to deliver critical processes and the administrator FAQS have been added to.

3rd April 2020 - updates to Covid-19 page - TPR guidance and virtual council meetings

The Covid-19 information and updates page has been updated with links to TPRs guidance of 3rd April for public sector schemes and regulations providing for virtual council meetings

2nd April 2020 - updates to Covid-19 page - FAQs and board statement on valuations

The Covid-19 information and updates page has been updated to link to the FAQ's for scheme administrators and to add a statement from the board on the 2019 valuations in the light of the recent movements in equity markets

1st April 2020 - LGPS Cost Transparency compliance and validation system

Byhiras goes live with the Cost Transparency compliance and validation system for the Scheme Advisory Board. Please see press release below for more:

Press release Byhiras Cost Transparency Platform for LGPS live pdf, 2 pages, 462KB

30th March 2020 - McCloud Q&A updated

Following last week's ministerial statement the Q&A has been updated. Please see the link below:

The McCloud case Q&A for administering authorities page (opens in new window)

26th March 2020 – Ministerial Statement on McCloud

On March 25th Lord Agnew made a ministerial statement regarding progress toward remedy in public service pension schemes following the McCloud/Sergeant age discrimination case. Please go to the McCloud Page for more information on the implications for the LGPS.

25th March 2020 - New Coronavirus and LGPS page

A new page has been added under the scheme developments menu to provide information, updates and links about Covid-19 and its impact on the LGPS click here to open the page

25th February 2020 - Board meeting summary 3rd February 2020

The Board has published a summary of the 3rd February meeting, please see the Board updates page

24th February 2020 - Scheme Advisory Board – Practitioner Representative

The Chair of the Board is pleased to announce that following votes from administering authorities in England and Wales, Rachel Brothwood (West Midlands Pension Fund) has been successful in her nomination as practitioner representative on the Board to fill the vacancy left by Nicola Mark. Commenting on Rachel’s appointment Councillor Roger Phillips said “Stepping into Nicola’s shoes was never going to be an easy task but Rachel joins the board with a wealth of knowledge and experience of the scheme and I know that she will continue to represent scheme practitioners to the same high standard enjoyed by the Board in recent years.”

24th February 2020 - Statement from the Scheme Advisory Board on Responsible Investment Guidance

The Scheme Advisory Board wishes to thank all those who responded to the request for comments on Part 1 of the Responsible Investment draft guidance and has issued a statement regarding the next steps which can be found on the Responsible Investment page

For previous years' news go to the New Archive page  

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