Consultation on proposed changes to Richmond and Wandsworth Councils' pension funds
The Leaders of Wandsworth and Richmond Councils announced on the 23 January 2015 the creation of a shared staffing arrangement (SSA) that will deliver substantial savings to preserve front line services for both Councils.
These arrangements have developed into a 'joint employment' model, whereby the majority of staff are jointly employed by both boroughs.
About the consultation
As part of this we will need to bring together the two Council Pension Funds into a single fund. In doing so we will be ensuring each Borough is responsible for its liabilities before the SSA is operational but that, post SSA being operational, the Councils are jointly accountable for meeting appropriate pension fund costs.
Individual members’ benefits will not be affected as these are determined by statute, and the proposed amending regulations do not alter them. The rates that individual employers pay will not be directly impacted by the merger however the merger coincides with the triennial valuation of the scheme, which may in and of itself affect the contribution rates that employers experience.
The consultation closes on 15 September 2016, at 11:45pm.