The LGPS has seen much change in recent years. A CARE scheme was introduced in April 2014 alongside new governance arrangements. The cost of the LGPS sits alongside the other pressures facing local authorities and is one of many areas under continual focus in the relentless search for local authority savings. The cost of recovering past service deficits and providing protection for pre CARE service benefits offsets potential savings, but this needs to be seen in the context of work being undertaken to improve scheme efficiency including the recent announcement on potential asset pooling. The next scheme valuation in March 2016 will set employer contribution rates that will impact in the midst of a CSR planning period which will show local authority funding under even more strain and CFOs will face intense pressure to identify savings.
This seminar provided CFOs with the latest information on the LGPS. Expert speakers from the LGA, CIPFA and Hymans Roberson addressed issues that CFOs will need to consider when looking for savings including flexibility and funding risks which will need to be considered against the risks facing local authorities across all services.