Member

In talking about prudence, the noble Baroness, Lady Altmann, mentioned super-prudence—I do not know if that is an official term but, if it is a new coinage, I congratulate her. The LGPS is a locally managed scheme and we have heard about its successes. We have to stress that it is for individual funds to work with actuaries to set appropriate contribution rates. We should note that employers are already able to come to a decision on contribution rates through consultations.