We look after about 160 employers. Our annual report contains a list of them. Working in partnership with them is essential.
Joining Strathclyde Pension Fund
If a local government employer wants to become an LGPS employer, we will require an admission agreement.
The admission agreement details:
- Which employees are to be offered the LGPS
- Whether a local authority is standing as guarantor
- Whether an indemnity or bond is in place
The Pensions and Lifetime Savings Association (PLSA) published guidance on 28 March 2017 aimed at helping employers understand what they need to know before joining the LGPS.
Leaving Strathclyde Pension Fund
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 actuary 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.