The London Pensions Fund Authority (LPFA) has called for an overhaul of local government pensions with a three-step plan to help secure the long-term sustainability of the Local Government Pension Scheme.
LPFA chairman Anthony Mayer said an independent commission should be established with the sole remit of ensuring the long term sustainability of the scheme. He also called for the introduction of a minimum threshold requirement where the scheme's assets should be at least 80% of its discounted long term liabilities. In addition, the commission should be given the power to increase contributions or adjust inflation indexation if a valuation falls short of the 80% funding threshold.
"What we need now is to start a debate. If there is a better plan out there, fine by...
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