Datesforyour diaries...
10thJuly
EMPLOYERSSTRATEGICFOCUS GROUP
10thJuly
CessationPolicyconsultation closes-Don'tmissoutonthe opportunitytohaveyoursay!
July&August
Reminder-circulationofmember AnnualBenefitStatements
11th-15thSeptember
PENSIONAWARENESSWEEK
Staytunedformoredetails!
20thSept
LANCHOFNEWQUARTERLYMEMBER WEBINARS
Employers Website
Weappreciateyourfeedback!We willbeimplementingthefollowing changestoimproveourwebsite:
Remappingpagestobetter categorizethem
CreatinganEmployersSuite witharangeofhelpfulvideos, guides,andresources
Tomakethesiteeasierto navigate,allexistingpageswillbe categorizedunderoneofthese groups:
EmployeeStarters,Changes, andLeavers
NewandCeasingEmployers
EmployerResponsibilities Forms
ResourceSuite
EmployersArea News
Weplantomaketheseupdates livebyAugust
EmployerCessationPolicy Consultation
CLOSES10THJULY
HavingrecentlyupdatedtheCessationPolicytobringinlinewithcurrent pensionregulationsandbestpractice,wewouldwelcomeanyfeedbackyou haveontherevisedCessationPolicybeforeitgoestothePensionCommittee forapproval.
Forease,pleasefindthekeychangesbelow:
1 Introduction–theeffectivedatehasbeenchangedtoincludethelast reviewdate
4.Policyreviews–changeincontactdetailsfortheresponsibleFundofficer
6.CalculationBasisforcessationevents–addedthelikelihoodofsuccess corridorof90%to95%tosubsection6.2(a),asperapprovalatthe November2022PensionCommittee
7.Paymentofanycrystaliseddeficit–changeininterestrateforthelate paymentofdeficitpayment,frombaserateplus5%perannumto1%above baserateinaccordancewithRegulation71(4) Asentencehasalsobeen addedregardingpaymentsforemployerswithnoguaranteeandwhoare outsideofthecorridor
8.4Disputes–newsectionintroducinganappealandadjudication provision
9.DeferredDebtAgreement(DDA):Non-crystallisationofcessationdebt calculation–
originalsection9(7)removed,whichreferredtothealternativeemployer investmentstrategyandfollowingpoints/sectionsmovedupaccordingly Additionofsection9(13)toclarifythatistheFundwithlegaladvice,who isresponsiblefordraftingtheDDA
11.Relatedpolicies–referencemadetotheFundingStrategyStatement (FSS)
OnceapprovedbythePensionCommittee,the“approved”datewillbeupdated accordingly.
IFYOUHAVEANYFEEDBACK,PLEASERESPONDTO MATTHEW.ALLEN@WILTSHIRE.GOV.UKBYMONDAY10THJULY2023.
GUIDEFOREMPLOYERSPARTICIPATINGINTHELGPS
ThePensionsandLifetimeSavingsAssociationhavereleasedan LGPS-BestPractiseEmployerGuide.
This is a best practise guide to help you to understand and fulfil your administrativeresponsibilitiesandregulatoryrequirementsasanEmployerofthe Fundincluding:
Making regular contributions, making payment of employees’ contributions andmakingadditionalcontributionsifyoursectionoftheschemeisindeficit Facilitatingcommunicationswithschememembers
Settingupadministrativeprocessesformakingpayments Providingaccuratedatatotheschemewhenrequested.
RESPONSIBLEINVESTMENTANDSTEWARDSHIP HIGHLIGHTSOF2022/23
Lastyear'sreportexplainedseveraldifferentaspectsofthisbroad area.Thisyear'sreportbuildsonthistoshareexamplesofthework wedoinaction.
Responsibleinvestmentisthestrategyto incorporateESG(environmental,socialand governance)factorsintoinvestment decisions.
TheseESGfactors,includingClimateChange, areimportantfactorsforthesustainabilityof investmentreturnsoverthelongterm.We needtoprotecttheFund’sassets,sothatwe haveenoughmoneytopaypensionbenefits astheyfalldue,andtohelpkeepour employers’contributionratesasstableand affordableaspossible.That’swhyweconsider thesefactors–wearealwaystryingtoearn strongrisk-adjustedreturns,andESGfactors playanimportantroleinhelpingustodothat.
