The report of the Director, West Yorkshire Pension Fund, (Document “D”) updates the Local Pension Board on changes to the Local Government Pension Scheme (LGPS) 2014 and provides information on associated matters.

Recommended –

That the report be noted.

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Resolved –

That the report be noted.

ACTION: Director, West Yorkshire Pension Fund

The report of the Director, West Yorkshire Pension Fund, (Document “D”) updated the Local Pension Board on changes to the Local Government Pension Scheme (LGPS) 2014 and provided information on associated matters.

Members were reminded that since the Local Government Pension Scheme (LGPS) was introduced there had been a number of consultations on proposed changes to the LGPS following which amendment regulations had been issued.

The report provided an update on the following:-

·         Consultation on Fair Deal – strengthening pension protection;

·         Consultation on the Local Valuation cycle and the management of employer risk;

·         The Local Government Pension Scheme (Amendment) Regulations 2020;

·         McCloud and variation guidance;

·         Consultation on restricting exit payments;

·         Scheme Advisory Board Good Governance Report;

·         Third Tier employers;

·         LGPS Annual Report 2019.

Other issues discussed included updates to the Money and Pensions Service dashboard; the reintroduction of the Pensions Schemes Bill and changes to tapered annual allowances and lifetime allowances following the Spring Budget in March 2020. 

Resolved –

That the report be noted.

ACTION: Director, West Yorkshire Pension Fund