Pensions Increases 2017
This year’s ‘cost of living’ increase to pensions is 1% which is payable from 10 April 2017.
The full increase is only payable if your pension began on or before 25 April 2016. If your pension began after this date, a smaller pro-rata increase will apply as shown in the attached table. Pension Increases 2017 (PDF, 88.09 KB)
Annual Allowance and Lifetime Allowance
HM Revenue and Customs impose two controls on the amount of pension savings you can make without having to pay extra tax. These controls are known as the Annual Allowance and Lifetime Allowance. More information about this is now available below. Annual Allowance LGPS – Fact Sheet (PDF, 365.67 KB) and Lifetime Allowance LGPS – Fact Sheet (PDF, 244.83 KB)
Protect yourself from scammers
Topping up your State Pension
Whilst your LGPS pension forms a very important part of your retirement planning it is important not to forget about your State Pension. If you are not on track to get the full amount of State Pension (or you are not receiving the full amount if you have already drawn your State Pension), then it’s worth considering topping up. More information is available in this leaflet Topping Up your State Pension (DOC, 105 KB)
Border to Coast Pension Partnership
Please find information on the proposed ‘Border to Coast Pension Partnership’.CPP Proposal for Asset Pooling July 2016 (PDF, 1.64 MB)
LGPS Pension Board
In accordance with the Public Service Pensions Act 2013, a Pensions Board was established from 1 April 2015. The Pensions Board has responsibility for assisting Warwickshire Pension Fund as the Funds Scheme Manager. Please visit our webpage for more information about the Pension Board
Check your Pension Annual Allowance
HMRC have provided a calculator for members of occupational pension schemes to check their annual allowance usage, tax charge (if applicable) and carry forward from the last 3 years.
The pensions team can provide you with your annual allowance the financial year, but please note WCC are unable to advise on pension decisions. Should you have any doubts about your annual allowance, or how to proceed if you breach the limit, you may wish to consult an independent financial adviser.
News about a Standard Life Fund
If you are invested in Standard Life Ethical Pension Fund please see the attached letter regarding this fund:Standard Life ethical fund (PDF, 63.07 KB)
HMRC Telephone Scam
There is currently a telephone scam where a recorded message is left, allegedly from HMRC, stating that HMRC are bringing a lawsuit against the individual and is going to sue them.
The recipient is asked to phone 0161 850 8563 and press “1” to speak to the officer dealing with the case. This scam is becoming widely reported and seems to be targeting older people. Please do not reply to the message.
HMRC takes security very seriously but you need to be alert. If you cannot verify the identity of the person making the call you should not disclose your personal details. You should report these incidents on the Action Fraud website, or you can call them on 0300 123 2040 (Please note this number will be charged at your normal network rate). They are open Monday to Friday 09:00 – 18:00.
To learn more about dealing with phishing and scams visit Gov.UK.
Changes to the State Pension Scheme
A fact sheet and further information is now available for Public Service Employees about contracting out of the Additional State Pension for Defined Benefit Pension Schemes.
- Introducing the COPE (PDF, 135.97 KB)
- Changes to State Pension – Factsheet (PDF, 235.2 KB)
- Q&A New State Pension (PDF, 267.79 KB)
Life Time Allowance
The latest newsletter about Lifetime Allowance reduction and transitional protections is now available.
Lifetime Allowance. Warwickshire Pension Fund together with Hyman Robertson have provided more information on the standard life allowance which may affect employees earning over £40k or have the potential to be earning this amount in the future. A copy of the presentation slides and newsletter are now available.
Please find attached factsheets on Pension Taxation’s relating to Annual Allowance and Lifetime Allowance:
The New State Pension and National Insurance Changes
A new single tier, flat rate State Pension is being introduced for people who reach State Pension age on or after 6 April 2016. This will affect your National Insurance contributions.
Are you a new member who has been brought into the Scheme by your employer and want to remain in the Scheme? If the answer is YES complete the membership and expression of wish forms found below. If the answer is NO and you want to opt out please use the pension opt out link under Useful Links ONLY if you work for WCC. For NON WCC employees, please use the Opt Out form under ‘Forms’ below.
A written ministerial statement from the Secretary of State for Communities and Local Government, Eric Pickles MP, on the Local Government Pension Scheme (LGPS). See also The Local Government Pension Scheme 2014 website for the latest news.
Warwickshire County Council administers the scheme on behalf of the Local Government Pension Scheme. We currently administer the scheme for 77 employers, including District and Borough Councils, charitable organisations, schools and colleges.
More information on and Additional Pension Contributions (APC’s) or Additional Voluntary Contributions (AVC’s) can be made.
If you are in any doubt about your benefit entitlements, or have a problem or question about your Local Government Pension Scheme membership or benefits.
Financial information available to download, details of fund managers and pension fund investment board members.
Publications available to download, scheme changes and up to date newsletters for active, deferred and pensioner members.
The latest LGPS information, guidance and forms for employers.
WCC administers the Firefighters pension scheme for Warwickshire Fire and Rescue.
- Membership Form 2016 (PDF, 347.95 KB)
- 50-50 Section Election Form (DOCX, 105.25 KB)
- Main Section Re-Joining Form (DOCX, 103.91 KB) If you are in the 50/50 scheme and wish to join the main scheme, complete this form.
- Nomination of Cohabiting partner form (PDF, 448.89 KB)
- OptingOutForm – Feb 2016 (PDF, 239.63 KB) – ONLY APPLICABLE FOR NON WCC EMPLOYEES. If you work for WCC and would like to opt out of the Pension scheme, please use the form
- Leaver Form and Information sheet 2015 (editable version) (DOCX, 200.73 KB)
- Expression of Wish Death Grant Form (pdf, 76 Kb) Return completed to: Treasury and Pensions, Resources, PO Box 3, Shire Hall, Warwick, CV34 4RL, by fax to 01926 412962 or send by email to email@example.com
- Estimate Request From Employee (DOC, 727 KB)
- APC Medical Certificate