Housing association exiting the LGPS

hyubh

Made me think of a recent thread, only where the situation is slightly further down the line - exit of a housing association from an LGPS fund:

http://democracy.bathnes.gov.uk/mgAi.aspx?ID=13477 (see also the PDFs linked at the bottom)

Situation summarised here:

http://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=1&cad=rja&uact=8&ved=0CCAQqQIoADAA&url=http%3A%2F%2Fwww.lgcplus.com%2Finvestment%2Fhousing-organisation-to-pay-off-75m-deficit-to-exit-avon-lgps%2F5078166.article&ei=cz24VOLvC7OV7Abt_4GoDw&usg=AFQjCNHNh4ti7n71dMcA5XQ26nPPKY7DAw&sig2=6SrK3bkyFpTxjjwuQvstcA

Entered the Avon LGPS in 2000 when local authority housing stock (and the accompanying staff) was transferred to it; closed the scheme to new members in 2007; now to exit completely at the end of March, paying off its share of the deficit (£7.5m at the last valuation) accordingly. The staff affected to be moved to an existing DC scheme, but with improved terms; in particular, a general slight improvement to the employer rate + an extra 4% for two years for the LGPS staff specifically. (By the by, I do notice the DC scheme's employee rate, even under the proposed revised terms, is less that the lowest LGPS band, which I wouldn't expect long-serving housing association staff to fall under anyhow.) Apparently the unions involved, while not advising members to leave the LGPS, are happy with the proposals as made.