Local Government Pension scheme (LGPS)

Local Government Pension Scheme

Border to Coast Pension Partnership

Please find attached more 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. For more information about the Pension Board please visit the webpage here http://www.warwickshire.gov.uk/lgpspensionboard 

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 calculator can be found by following this link: https://www.tax.service.gov.uk/paac/start
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 WWW.GOV.UK 

Pensions Increases and Negative Inflation (deflation)

The level by which a local government pension is increased is determined by central government and is based on the rate of increase in the Consumer Prices Index (CPI) in September of the year prior to the April the increase is awarded.

This means the rate of increase awarded for April 2016 would be the rate of CPI determined in September 2015 and the rate of CPI for September was (minus) – 0.10%.

This does not mean however, that the pensions in payment will be reduced, because although the Pensions (Increase) Act 1971 provides powers to increase the annual rate of a pension it does not provide the power to decrease a pension where CPI is negative. Therefore, in a period of deflation, pensions in payment will not be increased.

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) and 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 reduction 2016 (PDF, 145.03 KB) 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.Pension Tax Newsletter (PDF, 1.74 MB) Final Presentation (PDF, 1.13 MB)

Please find attached fact sheets on Pension Taxations relating to Annual Allowance factsheet Annual Allowance Factsheet (PDF, 269.01 KB) and Lifetime Allowance Lifetime Allowance Factsheet (PDF, 247.46 KB)

 

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. New State Pension and National Insurance Changes (PDF, 277.22 KB)

Forms


Local Government Pension scheme (LGPS) was last updated on December 21, 2016.


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