Transfers from the LGPS to Defined Contribution Schemes
Over recent months there has been a great deal of information in the media and elsewhere about the Government's announcement in the 2014 Budget that reforms to workplace pensions would be made to offer greater flexibility (‘Freedom and Choice’ ) in the way individuals aged 55 and over can access any Defined Contribution (DC) pension savings they may have.
These changes are effective from 6 April 2015. To help you understand how these changes may affect the LGPS a Question & Answer leaflet has been produced and can be viewed here.
25 March 2015
Cost Control Briefing Notes
The Shadow Scheme Advisory Board (SSAB) has published a briefing note in respect of the cost control processes which will be used to assess the costs of the reformed LGPS in England & Wales.
A briefing note for members and employers
has been published.
12 February 2015
East Riding Pension Fund Annual Report & Accounts 2013-14
At 31 March 2014 the Fund had a total membership of 98,501 and was valued at £3,316.5m, having paid out £135.4m during the year for the benefit of Scheme members. This is an increase in the Fund value of £238.4m from 31 March 2013. To find out more about the management and financial performance of the fund please see the Summarised Annual Report & Accounts or the Full Annual Report & Accounts.
14 November 2014
This authority is required by law to protect the public funds it administers. It may share information provided to it with other bodies responsible for auditing or administering public funds, in order to prevent and detect fraud. Data matching involves comparing computer records held by one body against other computer records held by the same or another body to see how far they match.
Computerised data matching allows potentially fraudulent claims and payments to be identified. Where a match is found it indicates that there is an inconsistency that requires further investigation. No assumption can be made as to whether there is fraud, error or other explanation until an investigation is carried out. Data is handled in accordance with the council's:
Fair Processing Notice for Data Matching
26 August 2014
LGPS 2014 Regulations & Guidance
Please be aware that further revisions for the HR, Payroll and further administration guides have now been issued and can be found on www.lgpsregs.org within the Guides and Publication section of the web site.
11 June 2014
Pensions Increase 2015
This years increase (1.2%) comes into effect from 11 April 2015 and will be paid if any of the following circumstances apply:
To see the full Pensions Increase table click here or to see the proportional increase if you retitred on or after April 23 click here.
7 April 2014
Change of your personal details (Active & Deferred Members only)
Have you recently moved house, changed your name or would like to update any personal contact details?. You can now notify the ERPF of your new details by completing the new on line form.
29 April 2014
LGPS 2014 Contribution Calculator
A ‘Contribution Calculator’ for the new scheme has been launched allowing you to see at a glance both the gross and net contribution amount for the new scheme.
For more information and to see how it works please go to the LGPS 2014 home page.
14 March 2014
LGPS Guides - April 2014
The LGPC has updated the following guides and leaflets to the LGPS for employees in England and Wales for April 2014:
29 May 2014
Pension Pay Dates (April 2015 - March 2016)
2015: 30 April, 29 May, 30 June, 31 July, 31 August, 30 September, 30 October, 30 November, 31 December
2016 29 January, 29 February, 31 March
25 March 2015
The government has introduced a new law to make it easier for people to save for their retirement. This requires all employers to enroll 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
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