Scottish LGPS funds - how should employers navigate refunds of surplus becoming discretionary from July 2024 onwards?

Online 14:00 - 15:00 23 July 2024

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After a recent consultation by The Scottish Public Pensions Agency (SPPA), a new regulation will be implemented regarding exit credits for employers leaving the Scottish LGPS funds. Payment of exit credits will no longer be guaranteed; instead, the decision of whether to pay, and how much, will be at the discretion of the fund.

With significant improvements in LGPS funding (bulletin 57) in recent years, this presents significant uncertainty for employers, meaning understanding the policies of individual funds, together with wider legal principles, for exercising their discretion is critical.

To explain just how we might expect funds to exercise their discretion and the possible implications for those considering exit our Head of Corporate & Public Sector Alistair Russell–Smith is joined by lawyers from Burges Salmon on our latest webinar.

Scottish LGPS funds – how should employers navigate refunds of surplus becoming discretionary from July 2024 onwards?

You will hear experiences from England and Wales where the discretion has been in place since 2020. We will review case studies exploring different outcomes to give insights into what outcomes are achievable.

Most importantly there will be practical tips and support for you to consider if you are planning an exit, including:

  • Get clarity from fund on exit credit policy in advance
  • Get an indicative cessation valuation that is guaranteed for 90 days
  • Profile affected employees, and consider any win-wins that might be there (e.g. funding an early retirement strain, buying added years)
  • Understand implementation costs (advisers, funds)

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