05 June 2024
10 min
With meteorological summer underway, our ‘hot’ topics include new guidance for academies and changes to the Scottish exit credit regime. Our Edinburgh conference focused on the future and we continue on that theme by shining the spotlight on longevity, inflation and AI.
In this month's edition of Current Issues in the LGPS, some highlights include:
A new regime will soon apply to employers in Scottish funds that cease in surplus. Proposed regulations that are due to come into force on 29 June will create a discretion for funds to determine the amount of any exit credit (regulations currently force funds to pay out the full surplus). This will bring the Scottish Regulations largely in line with those in England and Wales. The accompanying consultation ended on 30 May. Our short consultation response is available here; it mentions the governance challenges and seeks clarity over the intention behind the Transitional Provision.
In April, the Education and Skills Funding Agency (ESFA) published best practice guidance for academies in the LGPS. Our 60-second Summary considers this latest guidance and discusses the impact of the DfE’s guarantee which was extended a year ago to cover outsourced contracts at academies. Whilst the extension of the guarantee will be very welcome by LGPS funds, there are still scenarios that are not automatically covered. Funds will need to decide how to handle requests for outsourced contracts that are open to new LGPS members.
Our LGPS Online Learning Academy (LOLA) team has released a standalone module covering Task Force on Climate-related Financial Disclosures (TCFD). It covers five training videos (introduction, governance and reporting, strategy and scenario analysis, risks and opportunities, and metrics and targets) for Committees, Boards and Officers. It also provides a jargon buster and a knowledge check for the audit trail. There is a one-off fee to release the module to your LOLA licence holders. Please contact andrew.mckerns@hymans.co.uk to set up access.
If you'd like to discuss anything further or have any questions, please get in touch.
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