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Mercer sets ideas for UK pensions redesign
09 August 2010
Mercer has responded to the Hutton Commission’s inquiry into the reform of UK public sector pensions
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Mercer
Hutton Commission
Mercer has responded to the Hutton Commission’s inquiry into reforming public sector pensions by calling for greater transparency, better use of risk sharing and risk management, more attention to the needs of employers and a review of retirement design. Transparency in funding costs Transparency in public sector pension costs is essential. Without transparency there can be no taxpayer support or buy-in for any arrangements going forward. Of the existing public sector pension arrangements, the Local Government Pension Scheme (LGPS) is a good design model for this as, unlike most other public sector schemes, it already operates under the discipline of a funded arrangement. Chris Hull, a partner at Mercer with responsibility for the company’s work on Local Government Pensions, said: “The LGPS operates in the context of well specified governance management structures. This includes requirements for published accounts, annual reporting, 3-yearly actuarial valuation reviews, governance compliance...
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