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The results of the 2017 valuation of the LGPS are expected any time now. They are likely to suggest that contribution rates should rise further from 1 April 2018.
Many LGPS employers believe they have little flexibility in that they can’t afford to remain in the LGPS and can’t afford to leave. Although it is not widely recognised, as an employer you will shortly have a window of opportunity to consider alternative funding plans. This window may only be three or so months (the period up to 1st April 2018). It is therefore imperative that you take action quickly if you want flexibility as to how the LGPS valuation results impact on you.
We are currently working with several employers to:
Negotiate managed exits from the LGPS that avoid the need for immediate lump sum payments
Represent them in funding discussions with their pension fund to reduce future pension costs
The work we are doing with these employers is crucial in securing a viable future for them.
To arrange a meeting to explore how Xafinity can help you achieve better outcomes from the LGPS, get in touch with Steven Scott using the contact information on the right.