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The costs of employer contributions to the Local Government Pension Scheme could mean that only local authorities are left in the scheme in the future,

Aberdeen Council completes £230m pension buy-in 28th January 2021 10:44 am Aberdeen Council has completed a £230m buy-in transaction, insuring the pension payments of 1,360 retired FirstGroup employees. According to pensions insurance specialist Rothersay, which completed the transaction, the deal is thought to be only the second local government pension scheme to secure its pension obligations through an insurance policy. Commenting on the buy-in Laura Colliss, pensions manager for Aberdeen City Council, said: “We are very proud to be able to offer our members the protection ...

By IPE Staff2021-01-27T16:04:00+00:00 The Aberdeen City Council Transport Fund has completed a £230m (€256.8m) pensioner buy-in transaction with Rothesay, insuring the pension payments of 1,360 retired FirstGroup employees. According to Rothesay, the fund is only the second local government pension scheme (LGPS) to secure its pension obligations through an insurance policy. In 2012 a public sector scheme administered by West Midlands Pension Fund completed a £270m bulk annuity buy-in. The West Midlands Integrated Transport Authority (WMITA) pension fund – part of public transport ...