A proposal to move the revaluation date in the Local Government Pension Scheme in Northern Ireland (LGPS (NI)) - screening

The draft Regulations contain amendments to the Local Government Pension Scheme Regulations (NI) 2014 which will change the LGPS (NI) annual revaluation date from 1 April to 6 April. This proposal will mitigate against the impact of high inflation on the LGPS (NI) revaluation this year and consequent tax liabilities arising as a result. These tax liabilities would arise because the timing of the LGPS revaluation on 1 April is not aligned with His Majesty’s Revenue and Customs’ (HMRC) process for assessing the annual allowance tax charge. The proposed change would bring this into alignment.