Pensions Update. Inside Hertfordshire. Jan - Mar Monthly Contribution LG221 & Payment of Pension Contributions. Local Pensions Board Vacancy

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1 Pensions Update Jan - Mar 2018 Inside Hertfordshire Monthly Contribution LG221 & Payment of Pension Contributions Page 2 Local Pensions Board Vacancy Save the Date Page 3 Budget 2017 Review of Ill Health Retirement Page 4 Published by

2 This document has been prepared in order to provide the intended recipient with data and information regarding Local Pensions Partnership Ltd and its respective affiliates, subsidiaries and partners (together the LPP Group ), subject to the following disclaimer. The document and its content is intended for its recipients and no other individual or entity may access, rely, or make decisions based on it or its contents and this disclaimer is repeated fully in respect of any such third party. This document includes information that may contain forward-looking statements with respect to certain plans and current goals and expectations relating to LPP Group s future financial condition, performance results, strategic initiatives and objectives. It may also include information on projections or opinions, which will be current as at the date expressed. By their nature, all forward-looking statements, projections and opinions are inherently predictive and speculative and involve known and unknown risk and uncertainty as they relate to future events and circumstances, which you hereby acknowledge and agree are beyond LPP Group s control. The LPP Group members do not provide advice on legal, taxation or investment matters and this document, its contents and any statements (whether oral or written or in any electronic form) made by any member of the LPP Group pursuant or in relation thereto shall not be relied upon for any such or other purpose, including (but not limited to) any investment decisions. Without limitation to the aforesaid, you hereby acknowledge and agree that this document and its content are provided as is without any representation or warranty (expressed or implied), and accordingly no member of the LPP Group or any of their respective employees, officers and directors shall be held liable howsoever as to the appropriateness, accuracy or completeness of the document or any of its contents.

3 Monthly Contribution LG221 and payment of pension contributions LG221 Returns should be submitted via the following yourfund website. The contributions should be paid by BACS to the HCC Pensions- LGPS Account number: Sort Code: The deadline for monthly upload of the LG221(contribution breakdown) and payment of contributions is the 19th of each month. Employers paying by cheque need to ensure the cheque is received allowing 5 days for the funds to clear by the 19th. Please note if the 19th falls on a weekend you need to ensure that the payment of contributions are paid into the account prior to the 19th. The current charges for late submission are set out in the Administration Strategy. If you should have any queries about this, please contact the Herts LPP Finance Team. Herts LPP Finance Team hertsyearend@localpensionspartnership.org.uk 2

4 Hertfordshire Pension Fund Board Vacancies Member Representatives x3 The Hertfordshire Pension Fund now has 3 new vacancies for Local Government Pension Scheme (LGPS) Member Representatives on its Pension Board. Member Representatives must either be active, deferred or pensioner members of the Fund s LGPS. The Pension Board is a key part of the governance arrangements for the Hertfordshire Pension Fund acting as an oversight body and, as such, you will have the opportunity to support the efficient and effective management of the Fund and represent its membership. Applications welcomed from 8th January - 11th February To apply - please complete the Board Application Pack and submit to pensions.team@hertfordshire.gov.uk. Employer Forum Save The Date! Hertfordshire Employer Forum Date: 18th January Address: The Oak Room Robertson House Stevenage Further details will be sent nearer the time 3

5 Budget 2017 I can confirm that in the budget in November the chancellor left the annual allowance, and the rules relating to tapered annual allowance unchanged with the only change for pensions being the increase of the Lifetime Allowance from 1m to 1,030,000 from 6 April Review of Ill Health Retirement The pension ombudsman has asked us to highlight the importance of employers obtaining a narrative report from independent registered practitioners (IRMP) in dealing with ill health retirement cases. Narrative reports are reports that help employers to understand the reasoning behind the medical opinion the IRMP has given. As the decision to award an ill-health retirement is that of the employer, a full understanding of the IRMP s reasoning will be important to minimise the risk of the employer making a poor or flawed decision, potentially resulting in a mal-administration claim from the member. Neil Lewins Local Pensions Partnership 4