The National Association of Pension Funds (NAPF) responded to today’s announcement of the agreement reached by the Local Government Association and trade unions on the new Local Government Pension Scheme (LGPS).
The majority of Local Authority Pensions Funds are NAPF members.
Darren Philp, NAPF Policy Director, said:
“Importantly, this agreement protects the lower paid from having to pay more into their pension. The last thing we want is for those at the bottom of the pay scale to lose out.
“This deal will allow employers and unions to finally start communicating with scheme members about the changes to their pension, reassuring them that the LGPS will remain a good quality pension scheme.
“But the clock is ticking as the new rules are set to take effect in 2014. So it is crucial that the consultation moves forward swiftly, and that further work around cost management and scheme governance is carried out.
“In reforming public sector pensions we need to avoid a race to the bottom. The LGPS scheme needs to be sustainable and affordable in the long-term and we need to ensure that these proposals will be a lasting settlement.”
Notes to editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]