UK – The pensions panel of the Chartered Institute of Public Finance and Accountancy (CIPFA) has issued a new set of guidelines for the Local Government Pension Scheme (LGPS), the umbrella organisation for 100 individual local authority pension funds in the UK representing £100bn (€163bn).
A spokesman for CIPFA says it drafted the guidelines to help the LGPS adhere to the Myners’ review principles without the need to legislate. “Eventually we hope to draft a more detailed code of practice but initially the guidance scheme is intended to steer the LGPS towards how it should be behaving with respect to the Myners’ report,” he says.
CIPFA’s spokesman says the LGPS needs a distinct code of practice since it is subject to specific regulations and investment restrictions set out by the Department for Transport, Local Government and the Regions (DTLR).
“Otherwise the LGPS is the same as any other pension fund and is as vulnerable to points raised by Myners, such as trustee training and investment decision-making. Our code will reflect this, as well,” he says.