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The government confirms that it will lay regulations to enable the merger of the pension funds of Wandsworth and Richmond upon Thames councils.
In order to achieve efficiency savings the London Boroughs of Wandsworth and Richmond are entering into shared staffing arrangements in which most staff will be jointly employed by both boroughs. Approximately 3,500 staff will be involved, and the intention is to save approximately £10 million per year for each council.
The Local Government Pension Scheme Regulations 2013 require each borough to maintain a pension fund. Current scheme members that are employed in each borough are members of that borough’s fund.
The proposed regulations would enable the merging of Wandsworth and Richmond pension funds. The members’ pension benefits are set out in the existing regulations and will not be changed. Wandsworth already provides Richmond’s fund administration, and member’s benefits and contributions are set nationally and will not change.