The Road to Local Government Pension Scheme Consolidation – Key Milestones
Following on from BNY Mellon’s whitepaper ‘LGPS Pooling: The Collective Good?’, we examine the activities, and associated implementation deadlines, that LGPS pools need to plan for in preparation for the April 2018 deadline set by the U.K Government.
Investment pooling for the Local Government Pension Scheme (LGPS) in England and Wales, one of the largest Defined Benefit schemes (DB) in the world with over four and a half million members, from 89 funds to eight larger pools, has a number of objectives including generating synergies and economies of scale, providing cost-effective access to asset classes and boosting infrastructure investment.
However, the U.K. Government has set a challenging timeline for implementation of the reforms, and as the deadline of April 2018 rapidly approaches, we have created a digital road map to guide the LGPS community in planning.
Our digital road map is split into three ‘tracks’:
Third Party Operator (TPO) – the activities a pool will need to undertake to select, appoint and integrate with a TPO
Common – the activities a pool will need to undertake regardless of whether it is building or outsourcing its Operator
Own Build – the activities a pool will need to undertake to build out its own Operator
Rotate your device to view our Interactive Timeline
To discuss any of the information contained here, or to find out how BNY Mellon can assist you during this important time, please contact us.