Your professional retirement is one of the most important benefits of your employees. Member engagement and member training are essential for your employees to fully understand and exploit their professional retirements. With our award-winning member engagement initiatives, we have an excellent track record of member engagement and steward training, which is both informative and attractive. GAD or Passport Certificate – Certificate presented by the GAD certifying that a plan meets the conditions of a broadly comparable pension plan. A GAD-certified system can also be called a GAD passport system. Cost-sharing mechanism – the mechanisms put in place by public sector pension systems to ensure that the costs of the system are sustainable for employers, members and taxpayers. Public sector pension plan – A corporate pension plan that primarily provides benefits to public sector workers. The rules are set by law. Examples: LGPS, NHSPS, PCSPS and GST.
These are now increasingly referred to as „public service pension plans“ in accordance with the Public Service Pensions Act 2013. Public sector Transferclub – The club is a group of occupational pension plans active in the public sector (not all are public sector pension plans). The club facilitates the transport of staff in the public sector by operating an agreed mutual base for transfers. Fair Deal – Non-legal guidelines issued by the Treasury in 1999 and updated in 2013, which defines the pension protection policy that governments should follow when transferring staff to a private sector employer or voluntary sector agency. Fair Deal is aimed directly at central government, the NHS, schools, academies and all other parts of the public sector, under the direct control of government ministers, where staff may be members of a public sector pension plan. However, it is often followed in all sectors of the public sector, including outsourcing contracts such as PPP and PFI contracts and the renewal of these contracts. The fair agreement is aimed at the benefit of the public sector pension rights and future pension rights. Future pension entitlements can be protected by the new employer, which leaves staff in the same public sector pension plan (which is now generally possible for all plans) or by giving workers access to a broadly comparable pension plan. You`ll also find other requirements for authorities with optimal value in Best Value Direction.