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2007 Local Government Pension Scheme Valuation survey results
West Sussex County Council, on behalf of the Society of County Treasurers, Metropolitan Treasurers, Welsh Treasurers and London Councils, has carried out a survey of the results of the 2007 valuation of LGPS funds in England and Wales.
The summary results and accompanying press release can be downloaded here [PDF: 36KB].
(Posted 17 June 2008)
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Hymans Roberston launches new longevity service
Hymans Robertson has recently announced that is inviting trustees of large workplace pension schemes to join a special free trial of its new, dedicated longevity analytics service called "Club Vita".
As a member of Club Vita, participants will be able to pool their longevity experience and see how their experience compares with others. The club is all about the capture and rigorous analysis of real data on real people – specifically those who are members of occupational pension schemes – enabling consultants to understand and report on the real diversities in longevity across UK pension schemes.
By grouping pensioners together with those of similar characteristics – e.g. salary before retirement, location and industry – patterns start to emerge. Club Vita membership will enable schemes to 'join forces' with each other to gain deeper insight on issues affecting longevity. They will be able to replace their 'standard' mortality tables with bespoke survival curves, and monitor their actual experience against anticipated experience, thereby providing early warnings.
The club aims to:
- Provide quick insights into actual rates of reduction in death rates from occupational pension scheme members – not simply information from insurance companies or general population data;
- Cover the whole age spectrum – from 16 to 116 – not just pensions in payment;
- Provide access to models of longevity improvement focusing on ‘real world’ developments (e.g. healthcare spending and smoking prevalence) rather than generic mathematical models;
- Provide scheme data enriched with information such as regional socio-economic indicators;
- Provide access to experts on longevity risk.
Hymans Robertson aims to pilot the Club Vita service with around 100 large occupational schemes. Participation in the free pilot programme is available to all UK with more than 1,000 pensioners. However space is limited and applications for membership will close on 31 July 2008. Around 30 LGPS funds have taken part so far. Any other funds interested in finding out more about joining in the pilot are advised to contact Douglas Anderson at douglas.anderson@hymans.co.uk or on 0141 566 7777.
(Posted 9 June 2008)
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CIPFA Pensions Panel launches survey of practitioners’ views on the Local Government Pension Scheme investment regulations
The CIPFA Pensions Panel has today launched a survey into practitioners’ views on the Local Government Pension Scheme investment regulations.
The survey, which has been put together by a Pensions Panel working party under the chairmanship of former Panel chair, Peter Scales OBE, poses a series of questions based on comments about the state of the investment regulations that have emerged from across the industry over the last few years and is designed to gauge practitioner attitudes on operating within the current regime.
In the letter below, LGPS practitioners are invited to partake in the survey which is available to complete on-line at
https://www.surveymonkey.com/s.aspx?sm=AZmo3qcD_2bpzHyawkiTvlhA_3d_3d
or by completing the Word template below.
Download PDF of invitation letter [size 104KB]
Download Word version of the Survey [size 341KB]
(Posted 27 March 2008)
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CIPFA Pensions Panel Meeting 21 February 2008
The CIPFA Pensions Panel met on 21 February 2008. Please click here to download a note of the proceedings.
(Posted 19 March 2008)
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IPF launches TISOnline Investments stream
IPF have launched a new stream to their TISOnline service.
TIS Investments is a comprehensive guide to the investment of local authority funds and treasury management practices. This new information stream offers you the latest on current practices and procedures.
Investments tackles the fundamentals of investment and explains the different types of investment funds, e.g. cash funds, pension funds and trust funds, and the legislative framework under which they operate. It also addresses important issues that influence the formulation of an investment strategy, such as corporate governance, ethical investments and in-house or external management.
If your organisation does not subscribe to TISOnline or you would like to add TIS Investments to your subscription, please email tis@ipf.co.uk for more information.
(Posted 6 March 2008)
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CIPFA Pensions Panel Newsletter – February 2008
The first in a new series of Pensions Panel newsletters is now available to download here.
If you would like to receive a copy of future newsletters direct by e-mail, please send an e-mail with the word "Subscribe" in either the subject line or the body of the e-mail to nigel.keogh@cipfa.org.
(Posted 14 February 2007)
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CIPFA Pensions Panel Meeting 5 December 2007
The CIPFA Pensions Panel met on 5 December 2007. Please click here to download a note of the proceedings.
(Posted 5 February 2007)
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CIPFA, UKSIF and the LAPFF launch responsible investment self-assessment framework
An innovative Responsible Investment Self-Assessment Template for local government pension scheme funds was launched at the Local Authority Pension Fund Forum (LAPFF) annual conference on 30 November. Read more and download copies of the report and the template here.
(Posted 30 November 2007)
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New pension scheme internal audit guidance
A working party of the County Chief Auditors Network (CCAN) and Lead Authority Working Group on the Audit of Investment Managers (LAWGAIM), supported by funding from the Society of County Treasurers (SCT), has produced updated guidance for internal auditors working with Local Government Pension Scheme administering authorities.
Led by Duncan Savage, Assistant Director (Audit and Performance) at East Sussex County Council, the working group, with input from the Audit Commission, PWC and CIPFA, has built upon existing shared audit arrangements (largely aimed at gathering assurance on investment management activity) to produce, for the first time, internal audit guidance that considers all aspects of pension scheme administration.
Although written specifically with local government pension scheme auditors in mind, internal auditors working with other public sector schemes may also find elements of the guide useful to their own work.
The guidance, approved by the SCT, is available to download below in PDF format, with Appendix C (Risk and Control Matrix) also available as an Excel file for those organisations wishing to tailor it for their own use.
Pension scheme internal audit guidance (PDF)
Appendix C – Risk and Control matrix (Excel)
The guidance has also been incorporated into the TISonline Internal Audit stream where it will be updated from time to time via the stream editorial board. For more information on TISonline please visit www.tisonline.net.
(Updated 14 August 2007)
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ASB April 2007 edition of Inside Track
The April edition of the Accounting Standards Board quarterly update, Inside Track, contains an update on the ASB Accounting for Pensions research project.
The article includes links to recent discussion summary papers on the various issues under consideration as part of the project, as well as further information on the project itself.
To access this or earlier editions of Inside Track, please click on the link below:
http://www.frc.org.uk/asb/publications/insidetrack.cfm
(Posted 2 May 2007) |
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The Local Government Pension Scheme: Weighing-up Risk Against Reward - An Introductory Guide to Asset-liability Studies for Local Government Pension Funds (2007)
The CIPFA Pensions Panel have released more practical guidance. Click here for more details.
(Posted 7 August 2007)
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