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The Local Government Pension Scheme (LGPS) is one of the largest public sector pension schemes in the United Kingdom, with 6.4 million members from 15,000 employers. [1] It is a defined benefit pension plan. Administration is carried out through 89 [2] regional pension funds such as Greater Manchester Pension Fund and London Pensions Fund ...
The Pensions Act 2008 is an Act of the Parliament of the United Kingdom. The principal change brought about by the Act is that all workers will have to opt out of an occupational pension plan of their employer, rather than opt in. This is referred to as automatic enrolment, and moves a significant amount of responsibility onto the employer to ...
As the UK's biggest public service department it administers the State Pension and a range of working age, disability and ill health benefits to around 20 million claimants and customers. [6] It is the second largest governmental department in terms of employees, [ 1 ] and the second largest in terms of expenditure (£228bn as of July 2021 ...
The UK Chancellor invited John Hutton to chair an independent commission on public service pension provision. [1] This was intended to reduce the otherwise increasing cost of taxpayer-funded state pensions (as life expectancy increased) while ensuring adequate levels of retirement income.
LPP was established to enable public sector schemes to pool resources and improve management of their assets for the benefit of their members and employers. It is open to all members of the Local Government Pension Scheme and public sector funds in the UK. It had £26.3 billion of assets under management in June 2024 [4] and according to its ...
Pension Schemes Act 1993. An Act to consolidate certain enactments relating to pension schemes with amendments to give effect to recommendations of the Law Commission and the Scottish Law Commission. The Pension Schemes Act 1993 ( c. 48) is a United Kingdom Act of Parliament that concerns the administration of occupational pensions .
The Pensions Ombudsman is a non-departmental public body stewarded by the Department of Work and Pensions, and the Ombudsman and Deputy Ombudsman are appointed by the Secretary of State for Work and Pensions. The Ombudsman is an independent commissioner; he and his staff are not civil servants. His brief is to resolve disputes of fact or law ...
The Pensions Advisory Service. The Pensions Advisory Service ( TPAS) was British government body that provided free information, advice and guidance on state, company and individual pension schemes. Additionally they helped any member of the public who had a problem, complaint or dispute with their occupational or private pension arrangement.
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