If a local government employer wants to become an LGPS employer, we will require an admission agreement.
Participation places certain statutory responsibilities on the employer. Further details are in our Pension Administration Strategy.
The admission agreement details:
The Pensions and Lifetime Savings Association (PLSA) has published guidance aimed at helping employers understand what they need to know before joining the LGPS.
If your organisation is an admitted body and decides to leave the LGPS or stop employees joining the LGPS, your employees who are / have been members of the LGPS will still be expecting a pension from us.
Because of this, all your current and future liabilities will need to be calculated and plans laid to pay them off, together with other rates and adjustments to the Fund.
The Fund's actuaries will need to calculate how much this will be.
As this could be a substantial amount payable in one lump sum, you should assess your options very carefully.