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Events
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Upcoming Events and
Webinars –
April 17th – RPI
Reform
This webinar
provides a detailed update and analysis of the current
position of the Reforms to RPI, which will have an effect on
future funding positions and Investment strategy in the
future
April 27th –
Economic Update and Q&A
CIPFA in
partnership with Camdor Global Advisors are delivering a
first class live economic update covering key issues on the
economy in the uncertain times of Covid-19 crisis.
Key Areas will be
covered with a live Q&A on, Key Data and Trends. The
Economic impact on the global and UK economy and the Impact
on Portfolios
Programme
caveat
All
events are subject to change. Where new topics emerge that
are considered as either more important or urgent than those
within the existing programme, the CIPFA CPN will attempt to
add them to the programme as outlined above. However there
may be occasions when a new programme has to replace an
existing programme already highlighted at short notice.
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Advisor Update
Welcome to the April
Pensions Newsletter
Firstly – I hope this
finds you well and best wishes in these challenging times ahead.
CIPFA has released a statement on its website confirming how it is
protecting the health and safety of students, members, customers
and staff in these unprecedented times. As things currently
stand, all previously scheduled training events, conferences and
panel meetings from 23 March to 31 May 2020 are affected.
Across the networks we
still plan to go ahead with the services and events offered via
webinar in the current circumstances, to ensure you still are
getting the latest guidance and information. We can assure you
that you will still receive the same standard of service and
more.
Revisions to 2019/20
financial reporting requirements
COVID-19 represents the
greatest challenge faced by public services in a generation,
placing the Public sector under greater pressure than ever.
On Monday, CIPFA/LASAAC
considered radical proposals to streamline the 2019/20 accounts,
including Pension Fund Accounts, in an effort to alleviate the
pressure on finance teams that have been diverted from their
normal duties.
However, from extensive
discussions over the last week, it is clear that the proposed
simplification and reduction proved unacceptable to regulators
and auditors.
CIPFA has consistently
been briefed by local government CFOs that the workload
associated with minor changes only would outweigh any benefits
for stretched finance teams. Therefore, in order to create
certainty for both the preparers and auditors of accounts, the
CIPFA/LASAAC Board has today resolved that in the absence of
regulator and audit support, the status quo position will hold
for full application of the 2019/20 Code for both Local
Authority and Pension Fund Accounts.
In acknowledging that
unfortunately, radical change is not possible on this occasion,
CIPFA nonetheless encourages the application of local judgement
on what disclosures should be made in order to alleviate
organisational pressures on councils.
New Dates for the
Financial Statements and Pension Fund Accounts 19/20
The final regulations
are due to be made this week which will extend the statutory
audit deadlines for 2019/20 for all local public authorities,
apart from health service bodies. The Accounts and Audit
(Amendment) Regulation 2020 will amend the 2015 regulations for
English authorities and put back the dates for completion of the
draft accounts, public inspection and final publication.
The publication date
will move from 31 July to 30 November. The requirement to hold
the public inspection of accounts in June will be removed and
instead authorities must commence it on or before the first
working day of September. This means that the draft accounts must
be approved by 31 August at the latest.
Link: http://www.legislation.gov.uk/uksi/2020/404/regulation/2/made
RPI Consultation
closing - 22/04/2020
The UK Statistics
Authority (the Authority) and HM Treasury are jointly consulting
on reforming the methodology of the Retail Prices Index (RPI).
The deadline for responses to consultation is the 22nd of April
2020.
CIPFA joint with
Insight are hosting a webinar on the 17th of April on RPI reform
and how it will affect your pension scheme. The presentation will
include background to the proposed changes to RPI and explanation
of the implications, and an outline of the consultation. Speakers
will be giving views on how this could be resolved without people
losing out and actions you can take.
We hope you will join
us for the webinar.
Link to consultation: https://consultations.ons.gov.uk/rpi/2020/
Best wishes,
Richard Lloyd-Bithell
CIPFA Pensions and
Treasury Management Advisor
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