For funded public sector schemes, including LGPS, two new powers are being introduced:
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1 Pensions Update February 2015 Keeping employers updated on scheme changes Issue Highlights Budget Changes Common Data March 2015 Monthly / Annual Return Technical Update Contact us If you would like more information regarding the services we offer or would like to discuss your requirements with us in more detail then please contact us on: Budget changes taking effect 5 April 2015 You may become aware of significant changes to the pensions industry that take effect from April this year. For members of a defined contribution scheme, from April if a member is aged over 55 they will be able to access their pension benefits and use them as they wish subject to certain HMRC limits. However to stop a mass exodus of pension from public sector Defined Benefit (DB) schemes, the Government have brought in new rules: For unfunded schemes (e.g. NHS, Civil Service, Fire, Police, Teachers) no transfer can be paid to a Money Purchase/DC scheme in respect of elections made after 5th April For funded public sector schemes, including LGPS, two new powers are being introduced: 1. The need for anyone wishing to transfer out to have received independent financial advice and supply evidence of receiving such advice 2. Where the paying scheme has reason to suspect the motives we can delay the payment for up to a year i.e. the paying scheme has ability to delay payment if the fund suspects an inappropriate payment of pension has been made We are currently amending our working processes to ensure we meet these new powers. If you have any members of staff asking questions related to these changes please encourage them to contact Neil Lewins on or neil.lewins@lpfa.org.uk
2 Common Data The Pensions Regulator (TPR) is the UK regulator of work-based pension scheme. They work with work with trustees, employers, pension specialists and business advisers, giving guidance on what is expected of them. The TPR also have powers to maximise compliance with pensions legislation and have statutory objectives which include the promotion and improvement of pensions administration of work-based pensions to protect member benefits. As part of its work, the TPR has set targets for the quality of data held by Pension funds. These targets require that 100% of membership records must hold common data. Details of the required common data information are provided below. What is the Pension Fund doing to meet these targets? All member records are currently being reviewed to ensure that they meet the necessary standards. Where missing data is identified, the member or employer is being contacted to request up to date information. What can you do to help? There are a number of things that you can do to ensure that records for your members meet the required common data standards. These include: Respond promptly to OUR queries ABOUT missing addresses or temporary NI numbers; Promptly complete online forms when you are made aware of a member s change of address; Ensure online forms are completed in full and accurately. What is Common Data? Common data is the basic information which every scheme should hold for each member. It is the information that identifies the member and their benefits and allows the scheme to keep in contact with them. The following list gives details of all common data fields specified by The Pensions Regulator. NI Number There must be a valid National Insurance number on each member s record. Those beginning TN, temporary NU numbers, are to be regarded as a fail, except where the member is under 16 and in receipt of a child s pension. Surname There must be a surname present on each member s record. Forename/Initial(s) There must be a forename or initials present on each member s record. Sex There must be a sex selected on each member s record.
3 Date of Birth There must be a date of birth present on each member s records. The date must also be consistent with other dates on the record (i.e. it should be a date earlier than date joined scheme or date of retirement). Any obviously false dates such as 01/01/1900 are also regarded as fails. Date Pensionable Service Started There must be a date on each member s record which confirms when the member s pensionable service began. Expected Retirement Date There must be a normal retirement date present on each member s record. Our pension database, Altair, automatically calculates this on each member s record so there will never be any failures on this criterion. Membership Status There must be a current valid status recorded on each member s record. Last Status Event The member s record must contain the relevant screens which relate to their membership status (i.e. if a member is deferred then they must have a deferred benefits screen on their record). Address There must be an address present on each member s record. Whilst it is not expected that the validity of these is checked regularly, if you are made aware that the address is no longer valid, through returned post or other means, you must make reasonable and proportionate efforts to obtain a valid address. Postcode There must be a postcode present on each member s record, unless the address is identifiable as being overseas. Where can you find out more? If you want to find out more about data matching you can visit the Record-keeping area of The Pension Regulators website:
4 March 2015 Monthly/Annual return We are fast approaching the 2014/15 end of year process and you will no doubt be aware of the new systems that have been put in place to cope with the 2014 LGPS regulation changes. There is a new monthly return template which we recommend is uploaded every month and the month 12 return will represent your annual return. If you are not aware of the new template it is recommended you review all of the documentation on the YourFund website as this provides a comprehensive FAQ document, template guidance and the template itself. Every year when processing the annual returns, the LPFA identifies over 500 members who we do not have on our systems. The Employer Services team then asks the employers to submit an online joiner form and this increases the likelihood of incorrect FRS17/IAS19 reports as well as Annual Benefit statements cannot be provided to the members. Obtaining this information can prove to be problematic, with this in mind we have developed a system whereby the monthly/annual return identifies these missing joiner forms and based on the data, from said file, populates a joiner form automatically. This is just one example of why we are amending the annual return templates, further examples are: You only need to submit one file instead of a minimum of 2 (and up to 4) The system also identifies and changes in hours, leaver and movements in schemes Updates payroll numbers to ensure a unique identifier is held which helps identify members with multiple records You should also be aware that the 2015/16 employee contribution percentage rate bandings have been distributed, these are: If your pay is: Main section 50/50 section Up to 13, % 2.75% 13,601 to 21, % 2.90% 21,201 to 34, % 3.25% 34,401 to 43, % 3.40% 43,501 to 60, % 4.25% 60,701 to 86, % 4.95% 86,001 to 101, % 5.25% 101,201 to 151, % 5.70% 151,801 or more 12.50% 6.25% We are encouraging all employers to upload a February 2015 monthly return prior to submission of their annual return as this would resolve many of the 2014/15 end of year queries and will ensure that the March 2015 FRS17/IAS19 data is as accurate as possible. You will be able to start uploading the annual returns (March 2015 monthly return) from 18th March 2015 and the deadline for providing this information is 30th April Please ensure that the file is uploaded prior in case you have any problems submitting this information. Files with an error rate of above 5% will not be accepted so please ensure that the data has been cleansed and checked prior to uploading the file. If you wish to discuss these points with us or have any other queries regarding the Monthly Return, please do not hesitate to contact Darren Thompson on or darren.thompson@lpfa.org.uk
5 LGPC Bulletins Recent LGPC Bulletins, which contain progress ongoing reports in respect pf LGPS 2014 and updates on the work of the Shadow Scheme Advisory Board (SSAB) can all be found here. Employers are reminded that rates of pay applicable 1 January 2015 in England and Wales agreed by the National Joint Council for Local Government Services and the Joint Negotiating Committee for Local Authority Craft and Associated Employees include provisions for non-consolidated payments to be paid in December 2014 and a for certain employees further non-consolidated payment to be made in April Their treatment for pension purposes is covered in LGPC Circular 286, which is available here. A document dealing with pension s measures for the transfer of employees to DWP from local authorities as part of the Single Fraud Investigation Service ( SFIS ) project is available here. LGPS Regulations websites will be updated to reflect the changes made by Shared Parental Leave Legislation. The latest LGPC Bulletin 122 refers to Shadow Scheme Advisory Board (SSAB) guidance on Local Pension Boards which can be found here. Other topics in Bulletin 122 include: LGPS Governance and Employer Cost Cap Regulations LGPS Year-end information The Pension Regulator (TPR) draft Code of Practice number 14 for Governance and Administration of public service pension schemes TPR issue of e-learning programme for public service pension schemes board members HMRC Countdown Bulletin Number 5 issued which includes dealing with the cessation of contracted out status and RTI LGPS legal service framework launched Responsible Investment Reporting Guide published Plus Year End Guidance Circular 288 Annual LGPS "Trustees" Conference and Training for Local Pension Board Members Circular 288 was ed to LGPS Pension Managers on 30 January 2015 and includes information on the LGPC Annual LGPS "Trustees" Conference as well as forthcoming training for Local Pension Board members and can be found here.
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