lgps increase 2021

There could be new organisations that we haven't thought of. We don’t yet have a firm timing for the Scottish response, but we understand that it will be March at the earliest. Employers can apply for the cap to be waived in certain circumstances, for example, due to undue hardship, or where workplace reform would be inhibited. Kemira, a global chemicals company, announces price increases for all polymer products in the EMEA region across all segments. Josh, did you have any more to add? So, you can see the huge impact that this ESG news can really have on companies, and the CEO ended up resigning a few days later. So, really asking for just some clarity and visibility on how those tensions are, are, are managed and resolved. The five principles of our proprietary Social Impact Framework guide our decision-making process, but the success of our approach comes down to the detail of how we perform against those criteria. The first is intent, and intentionality is really, really key here. So, there are three sort of weapons, if you like, in the armoury. This is really-, it's around transitioning to a green economy, and it's about reporting the actual cost of climate change risk. Rachel: Always. Read more . The application of increases to LGPS pensions in payment 4 Version 1.0 – 4 January 2019 – paragraphs 1 to 45 ... payments before 6 April 2021 (backdated to 6 April 2016) and included the outcome of the Government consultation on increases to public service pension benefits published on 22 January 2018. So, these are the, the areas that we're working on as we pull together the final papers. So, just to touch briefly on the areas that are included. Once we receive confirmation from the Government we will make a further announcement. At CBRE Global Investors, we take a broad view of sustainability, believing that environmental, social and governance factors are interrelated and cannot be tackled in isolation. Josh Kriskinans: No, no, I would say absolutely. Catherine McFadyen: Good morning everyone. So, the, those are the two main strands that we're working on. The investment case includes: • Security of income So, a lot of work involved there, and my guess is that the first real major chunk of work the board will have to advise on is that the soon-to-be-expected public policy consultation from MHCLG on TCFD reporting. The process is convoluted to say the least, and although the regulations say the power to waive the cap is delegated to the full council in the case of local authorities in England, it still has to be approved by both MHCLG and Treasury, so it is quite unclear about how that power is actually being delegated. So, the regulation policy side of things is, is very supportive to this journey. Rachel: We've had one question's been upvoted, so I have to ask it to you. I think that's going to slip by a few weeks, so we're probably talking about mid-February, I would hope, and touch wood, but I think both as an administering authority and as scheme employers, I think you really do need to look at this guidance in quite detail before you start thinking in any sort of great detail about the way in which applications might go. The pension increase for 2019 was 2.4%.. Bob Holloway: Thank you very much, Lorraine, and good morning to everybody. So, as the-, as the graphic on the slide shows, the, the, the, the groups that worked on, on phase two in particular recommended a senior LGPS officer-, so this was really someone who, to take overall accountability for the delivery of the LGPS function, and the groups have worked hard on explaining what that role is and, and, and what the role will, will be and, and specifying the detail of that. And something we call resource efficiency, so getting more out of electricity that, that is being used, or other energy that is being used. The pensions increase for 2020 is 1.7%. We have heard that some employers have been putting off redundancies, hoping that the MHCLG regulations will be introduced before April and therefore this legal uncertainty will be removed. With that, Atole, I can hand over to you. You will get an increase in pension every April if prices have increased. There was, I think, a worry amongst some people that the COVID pandemic and the implication of that might've stopped the trend that we had been seeing. So, you have renewable energies, clearly a, a big part of that. The Local Government Pension Scheme (Scotland) The purpose of this consultation is to seeks views on changes to the Local Government Pension Scheme (LGPS) in Scotland. Yes, we're to have our question session now. Some have already done some analysis, as, as I mentioned during the presentation, of how many members they think will be impacted and are starting to prepare for that recruitment, and, and some are probably not, not quite so well advanced. Atole Schin: Yeah, it's, it's a great question. You will usually receive this increase if: you are receiving a pension and you are over 55. you retired because of ill-health, or. You will usually receive this increase if: you are receiving a pension and you are over 55. you retired because of ill-health, or. Gonna hand you over now to Rachel, who's gonna ask some of the selected questions from the, from the Q and A. New employee pay bands and contribution rates from 1 April 2021. We will be considering, when scheme advisory board meets on 8th February, the extent to which scheme advisory board should respond to the enquiry. The pension increase for 2017 was 1%. Private investors typically let assets to RPs on long-term operational leases, often 20 years or more, and they generate one of the most secure and consistent income streams in the real estate sector. Bob Holloway: I think it's a collegiate approach. MHCLG, as you'll be very aware, are quite stretched for resource just now, as well, dealing with some of the, the issues that have been touched on this morning, but we are still working with them and talking to them about when, when resource might be available to, to take this forward after it goes to the scheme advisory board. These are flexibilities that came in to the scheme regulation in September, and it's really about better managing the ESIC gateway for those employers, who-, this is a bit of a cliché, I know, but who can't afford to be in the scheme but can't afford to leave the scheme. The pension increase for 2018 was 3.0%. Pensions Increases - 2021. Be careful in selecting the right ones, I mentioned greenwashing earlier, that's another important factor that be again considered when you're looking at new managers, are they just talking the talk or are they walking the walk in terms of the, the ESG integration or impact they're looking to make. Expansion of ARRS roles (additional roles agreed in October 2020 to continue, and paramedics, AHPs and MHPs to commence from April 2021). And this chart shows the temperature differential last year versus the average of the temperatures around the world from the 1980s to 2010, and almost everywhere, particularly in the ice cap Siberia region, there are significant increases in,- in temperature. I've tried to answer some of them as we go along, but plenty of them coming, and I have to say, Lorraine, you're very popular today. Sunak fails to spot the levelling up wood through the top-down trees. For example, the CPI index for the year up to September 2020 was 0.5%, therefore, an increase of 0.5% applies to pensions in payment from 12 April 2021. The Government has confirmed the employee pay bands and contribution rates which will operate in the LGPS in 2021/2022. So, again, continual focus and scrutiny on the LGPS around the reputational risks of holding certain investments. High-quality integration also means understanding sustainability risks, as well as pricing those risks appropriately. In the-, in the LGPS it has most impact where employers are aged 55 or over and made redundant or leave their employment due to business efficiency. If we move to the next slide after this, Josh, and this is the problem facing us all un fortunately. 2. Whereas, a company like Samsung, they're much more what we call vertically integrated, so they don't outsource as much, they do most of the, the cooking as it were within the company. Initially we thought this might come from a member complaint reaching the pensions ombudsman who would then make a determination, however, on the 22nd December three requests for judicial reviews were granted permission to be heard. Members About Employers Governance Enter your ... We await confirmation from Government that the revaluation and pensions increase that will apply to LGPS contributing member pension accounts, benefit on hold pensions and pensions in payment in April 2021 will be 0.5 per cent. Read more . It wouldn't be an LGPS presentation without mentioning pooling, and pooling very much offers, especially for the smaller funds, operation-, opportunities, sorry, for collaboration and engagement. 21 October 2020. I will just conclude before we open up to questions, I see there's a quite a few questions so thank you for those. The pensions increase for 2021 is 0.5%. The government is investigating possible alternative methods of paying increases to your GMP if you reach SPA on or after 6 April 2021. For consultations undertaken by MHCLG that relate specifically to the LGPS in England and Wales, visit our Scheme consultations page. In 2017 the TCFD released its recommendations for … Occupancy rates are consistently very high in the sector, with demand outstripping supply and tenant churn relatively low. Hence, the fundamental drivers are different to those underpinning GDP growth and market forces that influence house prices in the private market. This structured approach to decision-making also helps to balance the ­contribution made across locations, so LGPS investments can contribute to the social good in their local community as well as across the nation. However, when you actually buy the electric vehicle and operate it, the emissions that are subsequently the case are far, far fewer than if you're using petrol or, or, or diesel, So, there's a significant carbon avoided on an electric vehicle compared to the status quo. Anyone? Sponsored opinion from CBRE Global Investors. From April, the weekly pension will rise by £3.40 a week, taking it to £137.65. The pension increase for 2019 was based on 2.4%. Bob Holloway: I think it's also important to point out that this independent review really is a tool for the scheme advisory board to monitor how standards of governance and administration are improving across the scheme. The SFDR, so that's the Sustainable Finance Disclosure Regulations, is one that you might hear about, and the-, and the EU taxonomy. This file may not be suitable for users of assistive technology. The LGPS update took place on 26 January 2021. Some of our services are affected by the pandemic. This year’s budget has been one of the most anticipated in recent memory, and with good reason. The next phase would, would be a, a, a wider consultation. As others begin to see the value and potential of the afforda­ble housing sector,  we expect more entrants but it takes time to establish a robust framework to drive investment decisions and to have a proven investment process. The pension increase for 2019 was 2.4%. If you reach SPA after 5 April 2016 but before 6 April 2021, Merseyside Pension Fund pays the whole increase on the GMP as part of your LGPS pension. Atole Schin: Well, I, you probably won't be surprised for me, to hear, but, like, imminently, now. It doesn't have an impact north, north of the border, so any Scottish listeners can breathe a sign of relief, this doesn't apply in Scotland. So, this really looked at particularly the role and the, the training that's required of committee members. The main other function it will have is to act as advisory board to both the bought investment committee and to the board itself. Just a, a quick note on that timeline. I hope you can all hear me. Thank you. By Mike Weston, CEO, LGPS Central Limited. So, in MHCLG's view the exit cap regulations take precedence over the members' right to an immediate payment of an unreduced pension under the LGPS regulations, and they think that where the cap is exceeded administering authorities should pay reduced pensions to these members or provide them with a deferred benefit, which they can take later, and the employers should pay the employee a lump sum equal to the amount of strain cost they're able to pay under the £95k cap, and this is called a cash alternative payment. Read more . We are very busy just now drafting those, those papers for the scheme advisory board in a week or so, and that we, we hope to be able to take those papers to the scheme advisory board at its meeting in February, and thereafter, it, it, it really is for the scheme advisory board to, to make their recommendations to, to MHCLG. Impact investing can also be achieved through public and private markets, so whether that's holding shares in listed equities, so holding shares in companies focussed on the stock market, or having direct investment into private markets, areas include wind farms, for example, if, if you're focused on having climate impact. So, one more general, whoever wants to pick this one up, so, turning back to the point of the Covid-19 and the impact of working remotely, how do we seek to ensure that remote access works well for those members who have limited ability or means to seek such access? Also, the phase two report, as part of the service delivery recommendations, asked for some KPIs, so we've done quite a lot of work on that, and then, the, the other area that a significant amount of effort has gone into is looking at what a new governance compliance statement might look like. More, more broadly around electric vehicles, I don't think anyone can deny that they're, they are going to be an increasing part of our future. So, so as we've said, the, the, the proposals will accommodate the cap, and they will do this by allowing an employee to take a partially reduced pension, where the employee is not able to pay a full, full strain cost because of the cap, or they'll be able to use their own funds to lower the reductions to their benefits, and they will also have the option to not take their benefits at all immediately, take them at a later date should they wish to. Read more . I can't name them yet because this is going to have to be approved by the scheme advisory board when it meets on the 8th February, but we had representatives from administering authorities, from pool companies and partnerships, asset managers, special interest groups, consultants on a rota basis, PLSA. The pension increase for 2020 was 1.7%. So yes, it is quite, quite within the remit of a pension fund committee to divest. Description. If you look back, looking back on 2020, it was definitely a knockout year for ESG in terms of investment performance, with ESG funds performing pretty well on the whole. The, for a couple of reasons, not just for the way temperatures are, are going up and, and the impact that will have on the environment, but also, this is a trend that other investors are starting to pick up on. Last updated 12 January 2021 — see all updates. Well, we will give certain parties, in particular administering authorities, direct, direct access to the underlying database, so they can populate the database themselves with their own case studies. So, these investments need to be making a valid contribution not the overall achievement of that goal, so, 'is my electric vehicle company actually making a contribution to a net zero world,' for example. The intention is that over time, perhaps over the first five or six months, the database will become more and more up-to-date and more and more topical. Wed, 03/03/2021 - 09:26. Scheme members. So, there, there are various grounds, and some of the grounds are equality issues, in equality grounds. Just to, just to put some statistics to that, last year there were around four million sales of electric vehicles globally. I briefly mentioned TCFD reporting. Download the presentations and view the webinar from this event. Lothian Pension Fund, one of the Scottish pension funds in the LGPS, have a nice way of phrasing it, saying, 'Engage on equity,' is engage when you're holding shares, and look to deny in debt if you don't believe companies are, are pulling their weight on ESG. The pension increase for 2020 was 1.7%.. Now, the, the legal uncertainty is, and we've all thought it, it's going to be brought about by a challenge to the regulations. So, hopefully that sets the scene nicely in doing-, doing a little bit of jargon busting, and I think it's important to understand for you why ESG is so important for the LGPS. The pension increase for 2020 was based on 1.7%. Now, whilst we see it as a multi year, multi decade trend, there are benefits from being earlier on, on that trend, so you wouldn't wanna wait too long. So, yes, good morning, I hope you're all well. Around two-thirds (77%) of Local Government Pension Scheme (LGPS) funds have received a claim relating to historic transfers over the past 12 months, according to Eversheds. DJ Dhananjai is fund manager, CBRE UK Affordable Housing Fund; Alice Wilcox is head of LGPS partnerships, CBRE Global Investors. So, this will vary form type to type, but its' really important to be able to measure progress and, in, in a number of these areas. Previously agreed changes to be delayed I think it's, it's, it's the biggest challenge to that sector whereby the, the actual process of mining the, the, the raw materials, be it cobalt or, or, or lithium etc, can be quite intensive and there are associated ESG risks with them. And as this slide goes, goes into detail, carbon footprint is essentially the total climate change impact pertaining to all the greenhouse gases that are caused by various goods or services that, that, that we use, and it's, it's normally calibrated to, to relate to carbon dioxide to have a, kind of, common measure. The pension increase for 2020 was 1.7%. And SFDR is really broadly, as a lot of these things are, about increasing disclosure and information for people around sustainability. Atole Schin: Last year we saw China, Europe, Japan, Korea and the UK either committing or recommitting to carbon net neutrality for the economies, ranging from ten years out to 40 years out, leaving a situation where, as we speak now, 45% of the worlds biggest emitters have committed to net zero policy in the future. So, it's really crucially important for investment managers to integrate ESG considerations, but also important to flag that these can often be very hard to spot and hard to find if, if fraud is, is, is taking place behind closed doors, and sometimes these can come of surprises to investment managers. Advice for EU Citizens Post Brexit. Catherine talked about knowledge and, and understanding this morning, and as of 2016 it's been a regulatory requirement for schemes to acknowledge ESG issues in your investment strategy statement, and that very much falls under the knowledge and understanding bracket, and these documents really are, I know I said earlier, but they're great places to come and, kind of, boost your knowledge on, on our scheme's approach to these, these issues. A lot of work and a lot of feedback and a lot of conversations around developing and specifying that senior officer role. With the dividend increases coming in hot and heavy to start the year, I featured some of the significant dividend increases from the previous month. Some were already offering home working and found the transition relatively straightforward, whereas others who didn't were in the position of having to source equipment such as laptops and phones to enable staff to work from home, which obviously took some time. I'll just conclude by, by reminding about this slide, which I think really starkly shows the challenge that we all have as individuals, but also as representatives of pools of money. 2nd March 2021 Employer Flexibilities guidance published. Is that not what the pension boards are supposed to do anyway? So, we're increasing being, as an active manager, asked for various freedom, freedom of information requests, whether that's about aerospace and defence companies or climate, climate-considered holdings. Moving on to the UK stewardship code, so again, new requirements for sustainability reports, which need to be more outcome focused. The scope three emissions are much more of, of, relating to scope three. There's often strong pressure to divest in fossil fuels and other-, from pressure groups. You're starting to have some indices claiming compliance with Paris climate accord basis, which we find a bit difficult to believe at the moment. Brexit - Advice & Guidance to EU Citizens 08 Jan 2021. So, what's on the agenda? Some managers might be talking to the talk, but they really need to be walking the walk as well and integrating ESG throughout their investment strategies. Joshua Kriskinans: Sure. So, do you see a role for, for the independent member of the local pensions board in these new governance proposals? Those reports are available, I think, on the scheme advisory board website, but also at the links shown on the slides there. And finally, pooling. No Increase in Forever Stamp WASHINGTON, DC — The United States Postal Service filed notice with the Postal Regulatory Commission (PRC) today of price changes to take effect Jan. 24, 2021. Once these guidance goes out, hopefully, we're now thinking about probably mid-February, we'll also continue to monitor the position. Dividend News and Dividend Increases in January 2021. We are expecting this policy-, it will be a policy consultation. Introduction 1.1 This explanatory memorandum has been prepared by the Department for Work and Pensions and is laid before Parliament by Command of Her Majesty. And just to give you an example, a company like Amazon, its scope one and two emissions represent about 15% of their total emission. The other area of work which some of you will be aware of-, you may be aware that the LGPS all-party parliamentary group has just launched an enquiry into just transition. The original timetable was for them both to be published at the end of January. A to Z. They were from a combination of unions, the lawyers for local government and ALICE, which is a representative body for local authority chief executives. Now, you might say, 'Well, we're all in lockdown, when we were in lockdown in March and April last year there's a lot of press around carbon emissions reducing, and isn't, isn't gonna solve everything?' So, an electric vehicle, electric vehicles are a great example where the actual manufacturing of electric vehicles is more carbon intensive than a car, a standard combustible engine vehicle. At 11:00am we're going to hear from (inaudible 00.39) and Joshua Kriskinans from Ninety One, who are an investments company. However, the member could elect to give up their statutory redundancy pay in exchange for an unreduced pension should they choose to. This has created a need for private sector investment to fill the gap while helping to provide a long-term benefit to society. MHCLG are working on statutory guidance to assist admin authorities and employers. Tito Mboweni Now, the purpose of these two sets of guidance really is to try to strike a balance. So, from what you know, what do you think the-, how prepared are funds for McCloud? So, particularly looking at Section 151 Officers and also finance directors of other councils or other participating bodies and making sure that they've got enough of a working knowledge of the LGPS to, to allow them to participate effectively in, in its governance. Most authorities experienced postal issues, which in the main have now been resolved, but in the early days many authorities had staff taking it in turns to visit the office to scan post, print off letters and send them, etc, and inevitably there has been a move to electronic communication, which as long as it's secure is a good thing, but it has been a step change for most authorities and, and something that we think will continue to grow. I think my advice at this point is to-, is to wait and see. The SFDR, so that's the Sustainable Finance Disclosure Regulations, is one that you might hear about, and the-, and the EU taxonomy. The investment-, if impact investments are to have impact, they need to set out to achieve a goal at the start. So future rental levels are far more predictable than if they were set in the open market. If anything, the, the trend has continued with this, this chart for instance, it shows in Europe the number of new electric, so, the number of new auto car sales over time, and what you can see toward the right hand side is the blue line which relates to electric vehicles overtook the white line which relates to diesel vehicles. So, there's still a lot of unknowns, it's a huge undertaking, and as you would imagine a cause of concern for administering authorities. This is because the strain cost is included in the exit cap calculation, so it counts towards that £95,000, and the strain cost is the amount of money the employer pays to the pension funds so the employees can receive their pension early. So, this is very much being led by the LAPPF, and it's the idea that in transitioning from, so, a non-green economy to a zero-carbon economy, that we, we shouldn't leave, sort of, communities, jobs and people stranded. Catherine McFadyen: For the independent member of the local pension board? Bob Holloway: Yes, I'm a bit-, yes, I'm not sure whether application is, is, is the right word to use here, and in fact, the, our, the scheme advisory board guidance does go into great detail on how the sort of process kickstarts. So, do the companies work with suppliers that hold the same values, do they look after the well-being of their employees, or are they interacting with the local community? So, Apple, you may be familiar with, operate a business model of outsourcing different components that go into the phone to different companies. Lorraine Bennett: Thank you, Carl, and good morning, everyone. Rachel: Sorry, I'm just going through to see if we've got any last-minute questions that have come in. That's really all I want to say on responsible investment. So, the final topic I'm going to cover and move on to is the exit cap, and it doesn't get any cheerier I'm afraid. The final driver, which is somewhat harder for us to quantify, is around consumer behaviours, and I think I'm not alone in having more of a focus on, on recycling than I would have done five years ago, for, for example. That's available on LGPSregs.org, but if they want specific advice on how to deal with individual exits, then I'm afraid that, that's more likely to be legal advice. LGPS. For those of you not familiar with Ninety One, you may previously have know us as Investec Asset Management, and since March of last year there's been a few changes on our end. These big companies are much more likely to listen when you have big pools of assets behind these engagements, and the LGPS really are leaders in this space, challenging companies like Glencore and more recently HSBC on their climate initiatives. 2021 FireSmart Community Funding & Supports - Program & Application Guide 2 2. Number one, ESG is crucially important, and remember, the primary responsibilities of local authority pension funds are to pay members' pensions, so your fiduciary duty is members of the pensions board and pensions committees, are to do so. There's a stat there which is the average person in the UK has an annual carbon footprint of around fifteen tonnes, and we're very aware, we talk about beware of carbon toeprints, and the point we're making here is, really, and it applies not just to us as individuals and consumers but it also applies to companies that we invest in as we'll see later, you, you can focus on the very immediate things that you do such as how much you drive your car or how many planes you get, and you can calculate how much carbon you, you produce, but possible what's more important or more relevant is the, the carbon emissions that are produced by all the goods you purchase, or all the things that you use, and the next slide is a good example of that. I've included a screenshot there of a London, or of Southwark's pension fund statement, and they're very much looking to reduce their fossil fuel exposure, and take a nice approach in splitting that out into short, medium, and long-term goals. If you reach SPA after 5 April 2016 but before 6 April 2021, Oxfordshire Pension Fund pays the whole increase. So, it won't be identical to what private sector schemes are having to report on climate change risk and financial disclosures. We have been engaging with MHCLG throughout the process.

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