In May 2006, Public Service Events brought together the key stakeholders involved in the restructuring of the Local Government Pension Scheme to attend the Investment Futures for the Public Sector (IFPS) event at ExCeL, London . A number of prestigious and influential speakers identified the key issues concerning both administration and investment strategies in the public sector, including:
Bob Holloway – Head of LGP2, Department for Communities and Local Government
Penny Shepherd MBE – Chief Executive , UK Social Investment Forum
David Laverick – The Pensions Ombudsman
Stuart Imeson – Head of Pensions and Investments, West Yorkshire Pension Fund
Steve Troop – Group Head, Retirement Business, HSBC Insurance
In June the DCLG published their consultation document on these revisions to the scheme -Where Next? Scheme members, employers and many others have been asked to respond to this document by September this year to ensure that the new scheme can be shaped appropriately and delivered successfully through the LPFA from April 2008 onwards.
To discuss the progress of the subsequent consultation on the regulations that will govern the new pension scheme, Public Service Events is pleased to present IFPS 2, which will provide important insights into the future of the scheme and the Government’s policy on it, offering an environment in which investment managers and fund administrators can share their opinions on the proposed changes, and the best approaches to their effective implementation by 2008.
IFPS 2 takes place at the Barbican Centre, London on 6th December 2006 , at a crucial juncture in the development of the future scheme. Following the closure of the Where Next? response period, the event promises to deliver important news on the consultation period, and lively debate on its significance to:
- Trustees;
- Actuaries;
- Fund Managers;
- Fund Administrators;
- Finance Directors; and
- Investment Professionals
The Where Next document is an invitation to consultees to share views on four proposed options for the new-look scheme. These options were developed in collaboration with LGPS interests between December 2005 and June 2006, and develop concepts based on the responses received to the October 2004 Green Paper Facing the Future – Principles and Propositionsfor a new-look Local Government Pension Scheme in England and Wales. The four options under discussion are:
1) An updated current scheme, with additional benefit improvements;
2) A new, final salary scheme with an improved accrual rate;
3) A new, career-average scheme; and
4) A new, hybrid arrangement, based on a career-average core with a final salary option.
IFPS 2 will give those with a professional interest in the development of the LGPS an invaluable opportunity to learn more about the direction the consultation period is taking, and share their views on the proposed regulatory framework prior to the finalised regulations coming into effect in April 2007.
