LGPS Guides - April 2013
The LGPC has updated the following guides and leaflets to the LGPS for employees in England and Wales for April 2013:
You can access them here.
15 April 2013
Pension Pay Dates (April 2013 - March 2014)
2013: 30 April, 31 May, 28 June, 31 July, 30 August, 30 September, 31 October, 29 November, 27 December
2014: 31 January, 28 February, 31 March
5 April 2013
The government has introduced a new law to make it easier for people to save for their retirement. This requires all employers to enrol their workers into a qualifying workplace scheme if they are not already in one. For more information please click on the Auto enrolment button below.
15 March 2013
Understanding your P60
Do you need help understanding the information shown on your P60? Please see the online P60 form for further guidance.
1 March 2013
Beware of the 'pension predators'...
Have you recently been approached by a company claiming they can help you access your Local Government Pension Scheme (LGPS) pension early? If the answer is yes then you are not alone.
Some of our members have contacted us as they have been tempted by the prospect of transferring their years of LGPS membership to another arrangement so it can be converted into cash and drawn before retirement.
This is known as ‘pension liberation’, the latest financial 'scam' to hit the UK.It threatens your pension scheme benefits, not only those payable on retirement, but also those to your dependants on death in service.
There will be an article on this in our latest newsletter due out in April. In the meantime, you may want to read the following information leaflet, issued by the Pensions Regulator, so you know exactly how the scam works and don't do something you may later regret.
28 February 2013
New LGPS 2014 Website
A new website has been launched to provide general information about the proposed changes to the LGPS in England & Wales from 1 April 2014. The site includes member scenarios, so you can find whichever example member matches your own circumstances to see how their benefits will be calculated in the 2014 scheme. You can follow the proposals by subscribing to email updates.
14 February 2013
2013 Pension Surgery Appointments and Events
We are pleased to announce full details of upcoming pension surgeries. Lasting 45 minutes, they give you an opportunity to speak to one of our experienced Pension Liaison Officers about any aspect of your pension. Follow the link relevant to your employer for full details:
East Riding of Yorkshire Council
Hull City Council
North East Lincolnshire Council
North Lincolnshire Council
We are also running a number of Pension Day events at a variety of locations. These are open to all employees and will include presentations on the following subjects:
Pension surgeries will also be available on these days. Follow the links below for full details:
Guildhall, Hull: 19 February
Bridlington Town Hall: 28 February
County Hall, Beverley: 22 March
Civic Centre, Scunthorpe: 22 April
For more information, or to book your appointment, please contact the ERPF Communications Team on 01482 394198 or email firstname.lastname@example.org
16 January 2013
LGPS (Miscellaneous) Regulations 2012 (with effect from 1 October 2012)
LGPS Regulations have been changed so that employees with contracts of employment of less than 3 months duration will be able to opt into membership of the LGPS. Casuals with an open ended agreement will also be eligible to join and this would remain in force for so long as the worker remains as casual. These changes will ensure that the LGPS is a fully qualifying scheme for the purposes of the Pensions Act 2008.
Further information can be found on the Local Government Employers website.
11 October 2012
Changes to the Tax Controls on Pension Savings
The Local Government Pension Scheme (LGPS) is fully approved by HM Revenue and Customs (HMRC), which means that you receive tax relief on your contributions as they are deducted from your pay. However, there are two HMRC controls on the amount of pension savings you can have before you become subject to a tax charge. This is over and above any tax due under the PAYE system on your pension once it is in payment.
The two controls on pension savings are known as the annual allowance and the lifetime allowance and this leaflet takes a brief look at the recent changes made to those allowances.
19 December 2011
Higher Earners – Changes to the HMRC Lifetime Allowance
Schedule 18 of the Finance Act 2011 amends section 218 of the Finance Act 2004 so that, with effect from tax year 2012/13, the Lifetime Allowance (LTA) will be reduced to £1.5 million. The LTA will remain at that level unless subsequently amended by a HM Treasury Order.
Subject to some conditions, individuals will be able to apply for fixed protection (to retain a LTA of £1.8 million) until 5 April 2012. HMRC will not accept applications received after that date. Individuals will not be able to apply online, instead individuals will have to complete a printed form accessed from HMRC’s website.
It is an individual’s responsibility to apply for their own fixed protection. For further guidance see LifetimeAllowanceguidance on the HMRC website.
3 August 2011
Public Sector Pension Contribution Increases
Local government pension schemes will be free to reform the fund and deliver savings to government without imposing a 3.2 percentage point increase on employee's contributions. For more information please see the following links. BBC News and Professional Pensions magazine.
Reminder - Moving House
Have you recently moved house?. You can now notify the ERPF of your new address by downloading and completing the new Change of Address form
25 June 2010