best practice: A guide for employers participating in the LGPS
The PLSA has been working on implementing the recommendations made in the report, The Local Government Pension Scheme: Today’s Challenges, Tomorrow’s Opportunities, which identified areas where existing good practice can be fortified and where action can be taken to address the ever-increasing regulatory and environmental challenges facing the scheme.
As part of this work, we have updated our best practice guide to help employers participating in the LGPS to understand and fulfil the significant financial commitments, administrative responsibilities and regulatory requirements associated with the scheme.
There have been a number of additions and amendments to this best practice guide since it was last published in 2017, including new sections on the:
- Benefits of being an LGPS employer
- Internal Dispute Resolution Procedure (IDRP).
This guidance will help employers to adopt:
- A sound HR strategy for employees in the scheme
- A good governance process for managing participation in the scheme
- Robust financial and risk management with respect to contributions and liabilities within the scheme
- Good contract management if they have come to participate in the scheme as an admission body
- The ability to evidence this best practice to stakeholders.