TAILIEUCHUNG - LOCAL GOVERNMENT PENSIONS IN ENGLAND: AN INFORMATION PAPER

In rare circumstances, auditors and audit organizations may determine it necessary to depart from a relevant presumptively mandatory requirement. In such rare circumstances, auditors should perform alternative procedures to achieve the intent of that requirement. The need for the auditors to depart from a relevant presumptively mandatory requirement is expected to arise only when the requirement is for a specific procedure to be performed and, in the specific circumstances of the audit, that procedure would be ineffective in achieving the intent of the requirement. If, in rare circumstances, auditors judge it necessary to depart from a relevant presumptively mandatory requirement,. | Local government pensions in England An information paper July 2010 fil audit. . commission The Audit Commission is an independent watchdog driving economy efficiency and effectiveness in local public services to deliver better outcomes for everyone. Our work across local government health housing community safety and fire and rescue services means that we have a unique perspective. We promote value for money for taxpayers auditing the 200 billion spent by 11 000 local public bodies. As a force for improvement we work in partnership to assess local public services and make practical recommendations for promoting a better quality of life for local people. Contents Summary 3 Introduction 6 The Local Government Pension Scheme 7 Affordability and fairness 12 Affordability to taxpayers 12 Fairness for LGPS members on different levels of income 14 Fairness between different generations of employees 14 Fairness in comparison with private sector schemes 15 Fairness in comparison with other public pension schemes 15 Assessing the financial health of LGPS funds 17 Cashflow 18 Funding levels 20 Can funds return to full funding within the planned recovery period 25 The overall cost of providing pensions 26 Is there a consensus for change 27 Choices 29 Change the benefit package 29 Allow more local flexibility 30 Encourage funds to seek higher returns 31 Combine funds 31 Contents Audit Commission Local government pensions in England

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