Fair is Fair, deal?
As part of the LGPS 2014 agreement the local government employers committed to allowing anyone transferring out
of local government to carry on paying into the pension, this was called Fair Deal.
So if you were transferred out to a private contractor you could keep your LGPS pension. This would be the case
however many times you transferred as long as you were still doing the same job.
So if Trevor worked in refuse for the council and this transferred to ‘Bins R Us’ he could stay in the LGPS. If ‘Bins R Us’
lost their contract to ‘Refuse 2 Care’ who then lost it to ‘Wasters’, Trevor could still remain in the LGPS.
This was a key part of the agreement in 2014 on changes to the LGPS which GMB and the other Unions made with the
government and although it hasn’t become law, employers should still be sticking to it. A deal’s a deal, right?
If you think your employer is not sticking to this agreement let us know
The LGPS invests your pension money. They use “specialist investors” to do this to try and maximise returns while
keeping the risk as low as possible.
Your pension fund will pay these investors to do this as you would expect.
However, these investors not only get paid to do this but they have loads of different types of hidden fees and charges
on top. In fact, there are so many and it is so complicated that no pension fund in the country truly knows the full
extent of these different fees and charges.
GMB wants the LGPS to lead the way in transparency within the pension fund so we know the true cost of these
specialist investors. Only when we know the true cost will we be able to know if these charges for investing your
money are fair.
Your pension is your wages when you retire. Any money leaking from the pension pot puts more strain on the scheme
and should be stopped!
Posted: 7th June 2016