On 6 September, HM Treasury announced details of the valuation of public service pension schemes.
Initial results for the unfunded schemes (Teachers, Fire and Police) show that members will get improved pension benefits over the period April 2019 to March 2023 and that the amount employers pay into the schemes will need to increase.
There is a news article about the Teachers’ Pension Scheme valuation on the TP website.
The LGPS operates an additional cost control process which will be allowed to complete before the HM Treasury cost control mechanism is tested. Therefore, it is not possible at this stage to give any indication of the changes to either scheme member benefits or employer costs in respect of the LGPS.