My frustration with the LGPS that could be so great if it tried.

I would like to tell you what the affably brilliant George Graham has to say but I can’t;- because the article sits behind a paywall. The LGPS does not let outside opinion into its closely guarded media so I can only sit here and consider why I am frustrated as a council tax payer.

I have written about the fury of council tax payers in the West Midlands and today I have been invited to a meeting with one of the few friends I have senior in the LGPS. I will ask him for his view of the LGPS.

Last year I tried to open a door, offering software to the LGPS to help their first year members to transfer into the scheme the DC pots which they can swap for inflation proofed pension. I have tried but with no success.

My technology team built a calculator to help LGPS staff to assess what their annual allowance tax bill might be – depending on their strategy. It was ordered, accepted and then rejected by a London Borough’s pension scheme.

I have suggested that its great investment pools such as Border to Coast offer their fund management expertise to newcomers to the awakening UMES CDC market. That’s of no interest either. Nor is the use of its tremendous administration teams who could help deliver CDC where LGPS is just too hard for local businesses.

I have done what I can to promote reform within LGPS. I have promoted single purpose pension authorities, as Jeff Houston  is doing here

I wrote about this for Surrey CC – four months ago.

Is it surprising that the LGPS is held in low esteem by those outside its bubble? I suspect that it has alienated more than me. Here is the comment of the person I am meeting later this month – a public sector consultant today.

Hi Henry – read with interest your thoughts on LGPS surpluses and Reform’s plans – don’t disagree about a certain amount of complacency in the scheme – be good to catch up in person – how is your diary over the next week or so?

Once again, I will take the extra step if there is a chance to get some of my ideas into play, to make LGPS relevant not just to those in the bubble, but to those like me finding it hard to get in!

The LGPS is great. It is great because it is guaranteed to be successful in paying pensions by everyone. Many people (I am one) pay more into the LGPS (via council tax) than we do into our own private sector pension!

 

About henry tapper

Founder of the Pension PlayPen,, partner of Stella, father of Olly . I am the Pension Plowman
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