Firms demand pension refund

摘要

Contractors want councils to refund surpluses from their pension payments as part of an overhaul of the Local Government Pension Scheme. But a CLG consultation revealed councils were unlikely to be forced to redistribute any surpluses, once a firm's contract with the authority ended. The CLG this week published responses to an informal consultation on the treatment of organisations which are granted access to the LGPS, defined as having admitted body status (ABS). Under CLG rules, firms providing outsourced council services can grant their staff access to the LGPS - one of the most generously-funded pension schemes in the UK. But, because council partners often only take on contracts for a few years, their payments into the scheme are adjusted regularly following actuarial reviews and some complain they contribute significant 'upfront' payments.