YOURPENSION CONTACT POINTS FOR FURTHER INFORMATION. Pensions Administration Pensions Office Mercury House Mercury Gardens 4th Floor Romford RM1 3DS
|
|
- Rosalind Hoover
- 5 years ago
- Views:
Transcription
1 CONTACT POINTS FOR FURTHER INFORMATION Pensions Administration Pensions Office Mercury House Mercury Gardens 4th Floor Romford RM1 3DS YOURPENSION Report to Pensioners, Deferred Pensioners and Contributors Telephone: / 2981 / pensions@havering.gov.uk Pension Fund Investment Debbie Ford Pension Fund Accountant Town Hall Main Road Romford RM1 3BB Telephone: debbie.ford@havering.gov.uk Other useful contact details: Local Government Pension Scheme website: The Pension Service website: The Prudential Telephone: Published by London Borough of Havering Design and Print. Job No 7511
2 INTRODUCTION CONTRIBUTIONS TO THE FUND The Council operates a Pension Fund on behalf of its employees and pensioners under the provisions of the Local Government Pension Acts and Regulations, for the purpose of providing pension benefits to, largely, the employees of the Council. The Fund provides retirement pensions and lump sum retirement grants, death grants and spouse s or civil partners, nominated cohabiting partners and children s pensions. The Fund is financed by contributions from the Council, Council employees, other employers and members of the Fund, and by interest, dividends and other gains from investments. MEMBERSHIP OF THE FUND The membership of the Fund reported on the balance sheet as at 31 March 2009 was as follows: 31st March Contributing employees 5,723 5,803 Pensioners 4,746 4,587 Deferred pensioners 3,463 3,094 All Council employees who have a permanent or temporary contract of 3 months or more (except teachers, who are members of the Teachers Pension Scheme), automatically join the Fund from the first day of employment. Any member of the scheme can opt out by notifying the pension s office in writing. With effect from 1st April 2008 instead of paying a standard contribution rate there are different contribution rates for different pay bands. These new rates have been designed to give more equality between the cost and benefits of scheme membership. The new rates are between 5.5 and 7.5% of your pensionable pay. The rate you pay depends on which pay band you fall into. If you work part-time, your rate will be based on the whole time pay rate for your job, although you will only pay contributions on the pay you actually earn. If the job that you are employed in requires you to work term time only, your contribution rate is based on your whole time salary, but is only grossed up by the number of weeks per year that you are paid. Here are the pay bands from 1st April 2009: If your Whole Time Equivalent pay rate is: Your contribution Up to 12, % 12,601 and up to 14, % 14,701 and up to 18, % 18,901 and up to 31, % 31,501 and up to 42, % 42,001 and up to 78, % More than 78, % The pay bands will be adjusted annually each April in line with the retail price index as at the preceding September. If you pay tax and National Insurance, you will get tax relief on your contributions and pay a lower rate of National Insurance, so the actual cost to you is less. If you were paying a protected rate of 5% before 1st
3 April 2008, the rate you pay has been increased on a phased basis from 1st April 2008, bringing it into line with all other Scheme members by 1st April 2011 as shown in the following table: If you are were paying a protected rate of 5% From: Your contribution rate will be: 1 st April % 1st April % 1st April % or (if lower) the relevant rate from the pay band table 1st April 2011 The relevant rate from the pay band table The Council is required to make balancing contributions determined by the Fund s actuary (Hewitt Associates) to maintain the solvency of the Fund. The employers contribution for the London Borough of Havering employees was 21.7% of salary in 2008/2009. The Council s annual contribution is reviewed every three years. The latest review was based on data as at 31st March 2007 and will effect employer contribution for 2008/09, 2009/10 and 2010/11. MANAGEMENT OF THE FUND The overall direction of the Fund s Investment Strategy is delegated to the Council s Pensions Committee as detailed in the Governance Compliance Statement. The Pensions Committee also oversees the Fund s investment arrangements in line with regulations as detailed in the Statement of Investment Principles (SIP) and the Funding Strategy Statement (FSS). The Group Director Finance and Commerce supports the Pensions Committee and is responsible for the internal administration arrangements regarding monitoring of the external investment managers transactions and is also responsible for pensions administration. The Fund appointed five active managers in February 2005 with specific investment mandates. A review of the Fund s investment strategy took place during the spring/summer of 2008 following an asset liability study undertaken by the Fund s investment advisors (Hymans Robertson). The main changes resulted in the Fund aiming to reduce its asset allocation to Bonds and increase its allocation to Equities. Therefore the mandate with the Global Bonds manager (Westerns) was terminated in August The four managers remaining are Standard Life Investments (UK Equities Manager), Alliance Bernstein (Global Equities Manager), UBS Global Asset Management Property Manager) and Royal London Asset Management (Investment Grade Bond Manager). During 2009/10 the Fund is looking to appoint a passive Equities Manager and an Alternative Asset Manager.
4 GOVERNANCE COMPLIANCE STATEMENT On the 30th June 2007, a new regulation was added to The Local Government Pension Scheme Regulations 1997 to require LGPS administering authorities to prepare, publish and maintain statements of compliance against a set of practice principles on scheme governance and stewardship. The Governance Compliance statement is available on the Council s website at (Within Council and Democracy, Finance, Havering Pension Fund ) INVESTMENT STRATEGY The Council has in place an Investment Strategy, which consists of two documents The Statement of Investment Principles and the Funding Strategy Statement. 1. Statement of Investment Principles The Local Government Pension Scheme regulations require the administrating authority to prepare and publish a Statement of Investment Principles (SIP). This Statement sets out the Council s policy on a range of matters relating to the investments and management of the Pension Fund and is regularly reviewed and updated. 2. Funding Strategy Statement The Council also produces a Funding Strategy Statement which encompasses the aims and purposes of the fund, and the overall investment strategy. Both of these statements have been published on the Council s website at (Within Council and Democracy, Finance, Havering Pension Fund ) The Council undertakes regular reviews of the above policy statements and will consider any comments you may have for future reviews. Please forward comments to the contact point designated at the back of the booklet. INVESTMENTS The market value of the investments as at 31st March 2009 fell by 24.7% to million compared to 2007/08. The pie chart below shows the breakdown of the Pension Fund in terms of asset class. 2% Overseas Bonds 11% UK Index Linked Bonds 7% Property 1% Derivative Contracts 28% UK Equities A report commissioned by the Government, The Myner s Report, recommended ten principles of best practice in managing Pension Fund investments. The Council s SIP outlines the Pension Fund s compliance with these principles. 22% Cash/Other 9% Cash/Other 20% Overseas Equities
5 INVESTMENT PERFORMANCE The Council uses The WM Company to monitor the investment performance of the Fund and the Fund Managers. Each fund manager is given a performance target to achieve, compared to a benchmark. The table that follows shows the fund s performance against the tactical Benchmark, which is the combination of each manager s individual benchmark and is shown over one, three and five years. The total fund return for the year to 31st March 2009 at -25.4% under performed the Tactical Benchmark by -8.0% Year 3 Year 5 Year The performance of the Pension Fund Investments will not affect pension benefits to scheme members as benefits are guaranteed by Statutory Regulations irrespective of performance. Fund Benchmark The fund has been exposed to unprecedented market volatility during 2008/09 in the wake of the credit crunch, sub prime mortgages and plummeting stock markets. Main detractors from performance were attributable to stock selection in UK and overseas equities. EXTRACT OF ACCOUNTS Financial statements were prepared in accordance with guidelines as set out in the new Statement of Recommended Practice (SORP) as revised in May An extract from the Pension Fund Accounts is shown below: Net Asset Statement 31/03/09 31/03/ Market value of investments Current assets less liabilities Net Assets 262, ,908 Income and Expenditure Statement 2008/ / ,136 5,472 20,411 19,491 1,889 4,178 10,953 11,686 38,689 40,827 Income Employee contributions Employer contributions Transfer values received Income from investments Total Expenditure Pensions and benefits Transfer values paid Administration expenses Investment management expenses Total Surplus available for investment Change in market value of investments Net increase/ (decrease) in Fund 262, , (146) (23,720) (22,719) (1,347) (1,660) (542) (580) (1,185) (1,153) (26,794) (26,112) 11,895 14,715 (98,151) (31,955) (86,256) (17,240) Note: Transfer values are received or paid when a contributor joins the Fund from another pension scheme or leaves it, and opts to transfer their pension in or out. The Audit Commission s appointed auditors PricewaterhouseCoopers LLP carried out an audit of the Pension Fund Accounts and the audited accounts are available on the Council s web site at (Within Council and Democracy, Finance, Havering Pension Fund Annual Report).
6 COMMUNICATION POLICY STATEMENT The Local Government Pension Scheme regulations require the administration authority to prepare and publish a written statement covering communications with scheme members, representatives, prospective members and employing authorities. This Statement has been published on the Council s website at (Within Council and Democracy, Finance, Havering Pension Fund ) WHISTLE BLOWING The Pensions Committee continue with the arrangements of complying with the Whistle Blowing Requirements of the Pensions Act as agreed on 7th June It urges anyone to inform the correct authorities of any known wrong doings. The process for reporting breaches of the law to the pension s regulator is available on the Council s website at: (Within Council and Democracy, Finance, Havering Pension Fund ) PENSION ADMINISTRATION The Council s pension administration section is responsible for all aspects of scheme membership including payment of benefits, processing joiners and leavers, administering scheme member and employer contribution records and administration of the Council s Additional Voluntary Contributions (AVC) scheme. FURTHER SCHEME DETAILS The current Local Government Pension Scheme (LGPS) is a final salary scheme with pension s payable being based on the best of the last three year s pensionable pay and the number of years of reckonable service. Pensions are increased annually in line with the Pensions Increase Review Orders (which is usually in line with the Retail Price Index). However if you retired on grounds of Redundancy of Efficiency before age 55, any increase is only payable from age 55. The scheme also pays a death benefit in the form of a lump sum and a pension to the spouse, civil partner, or nominated cohabitee of a member who dies in service. Generally a pension is also paid to the spouse, civil partner or nominated cohabitee of a member who dies after retirement, or with a deferred pension. Please note: you can only nominate a cohabitee if you were an active member of the LGPS on or after 1 April 2008, and you will need to complete the relevant form, obtainable from the pension s office.
7 INFORMATION FOR CONTRIBUTING MEMBERS Annual Benefit Statements Annual benefit statements are produced by the Pensions Office for members of the scheme with more than 3 months membership, which provide details of the member s own pension benefit entitlements. Death Grant As a contributing member of the LGPS, should you die in service, a death grant is payable. This is currently equal to three years pensionable pay. You are able to indicate who you would like to receive any death grant that may become payable in the event of your death by completing an Expression of Wish form. By completing and returning this form, the Pensions Office can usually pay the Death Grant on production of the death certificate. If the form is not in place it is likely that the Authority will require your personal representatives to obtain Grant of Probate or Letters of Administration before any payment is made, which will cause a delay in payment. Purchasing Additional Pension Members of the scheme can now pay additional regular contributions (ARCs) to increase their pension in order to improve their retirement benefits. This has replaced the previous option of purchasing added membership. For those members who were buying additional membership, contracts will continue to be honoured until the contract is either completed or you decide to cease making payments. Additional Life Cover In addition to the Death Grant provided by the scheme you can purchase additional life cover from Prudential. If you are interested in this option you should contact the Prudential direct. Contact details can be found at the back of this booklet. For further information on any of the above information for contributing members please contact the Pensions Office (contact details can be found at the back of this booklet). If you have not completed an Expression of Wish form you can obtain one from the Pensions Office. Ways to increase your retirement benefit Additional Voluntary Contributions (AVCs) Your pension benefits can be improved by paying AVCs into a Group AVC plan in order to build up an AVC Fund. Your AVC will be used to buy you a pension at the time of your retirement, or can in most cases be taken as additional tax free cash. The Council has arrangements with both the Prudential and Standard Life who provide a range of AVC fund options. AVC contributions attract tax relief.
8 INFORMATION FOR DEFERRED PENSIONERS Deferred Annual Benefit Statements For your security, please remember to inform the Pensions Office in writing if you change your address. Death Grant If you die before your pension is in payment a death grant is payable. You are able to indicate who you would like to receive any death grant that may become payable in the event of your death by completing an Expression of Wish form. By completing and returning this form, the Pensions Office can usually pay the Death Grant on production of the death certificate. If the form is not in place it is likely that the Authority will require your personal representatives to obtain Grant of Probate or Letters of Administration before any payment is made, which will cause a delay in payment. If you have not completed an Expression of Wish form you can obtain one from the Pensions Office. INFORMATION FOR PENSIONERS Re- employed Pensioners If you are receiving a pension from Havering, then take up further employment in an organisation that operates the LGPS, you must notify the Pensions Office immediately (contact details can be found at the back of this booklet). National Fraud Initiative The Council actively participates in the Audit Commission National Fraud Initiative which identifies potential fraud via data matching information on the systems of various organisations including all local authorities. Death Grant If you die under the age of 75 and have been receiving your pension for less than 5 years (10 years if you left employment or retired after 1 April 2008) a death grant is payable. You are able to indicate who you would like to receive any death grant that may become payable in the event of your death by completing an Expression of Wish form. By completing and returning this form, the Pensions Office can usually pay the Death Grant on production of the death certificate. If the form is not in place it is likely that the Authority will require your personal representatives to obtain Grant of Probate or Letters of Administration before any payment is made, which will cause a delay in payment. If you have not been receiving your pension for 5 years and have not completed an Expression of Wish form you can obtain one from the Pensions Office. INFORMATION FOR ALL MEMBERS AND PENSIONERS Pensions Sharing on Divorce Changes to the Welfare Reform Act now include Pension Benefits as an asset to be taken into account for Divorce purposes. Therefore, any cases lodged into Court will require certain information regarding your benefits. You will need to put your request for information in writing to the Pensions Office (contact details can be found at the back of this booklet).
HAVERING PENSION FUND ANNUAL REPORT MARCH Pensions Regulator Registration Number
HAVERING PENSION FUND ANNUAL REPORT MARCH 2008 Pensions Regulator Registration Number 10027841 Financial Services Town hall Main Road Romford, Essex, RM1 3BB Tel: 01708 432217 Fax: 01708 432162 1 CONTENTS
More informationFinance Service. Your Pension Report to Pensioners and Contributors
Finance Service Your Pension 2008 Report to Pensioners and Contributors Index Page Introduction Pension Fund Investment Panel Investments Pension Fund Accounts Summary Pension Fund Framework Membership
More informationChanges to The Local Government Pension Scheme April 2006
Changes to The Local Government Pension Scheme April 2006 Changes to the Local Government Pension Scheme in England and Wales You may have seen information in the media recently or received information
More informationA Guide to the Local Government Pension Scheme for Employees in England and Wales
A Guide to the Local Government Pension Scheme for Employees in England and Wales Employees in England and Wales April 2017 V3.0 1 Index 1. About this Booklet pg 5 2. About the Local Government Pension
More informationA Guide to the Local Government Pension Scheme for Employees in Scotland (from 1 April 2015)
A Guide to the Local Government Pension Scheme for Employees in Scotland (from 1 April 2015) Employees in Scotland issued April 2018 V1.6 Index 1. About this Booklet pg 5 2. About the Local Government
More informationA New Look Local Government Pension Scheme from 1 st April 2008
A New Look Local Government Pension Scheme from 1 st April 2008 As part of a general review of public sector pension schemes, the Government has introduced changes to the Local Government Pension Scheme
More informationJoining the Local Government Pension Scheme (LGPS) 2014 Starter Information
Joining the Local Government Pension Scheme (LGPS) 2014 Starter Information Please read this leaflet, including the information about how to complete the forms Please complete and return the LGPS / New
More informationA Guide to the Local Government Pension Scheme for Employees in England and Wales
A Guide to the Local Government Pension Scheme for Employees in England and Wales Employees in England and Wales April 2017 V1 Produced by Orbis Pension Services April 2017 1 INDEX 1 About this booklet
More informationA guide to the Local Government Pension Scheme (LGPS) England and Wales June 2018 v5
A guide to the Local Government Pension Scheme (LGPS) England and Wales June 2018 v5 Contents Section 1 - About this Booklet Page 5 Section 2 - About the Local Government Pension Scheme (LGPS) Page 6 Who
More informationA guide to the Local Government Pension Scheme (LGPS) for employees in England and Wales
Kent Pension Fund A guide to the Local Government Pension Scheme (LGPS) for employees in England and Wales www.kentpensionfund.co.uk Index 1. About this Booklet 2. About the Local Government Pension Scheme
More informationPENSION FUND ANNUAL REPORT 2011/12
PENSION FUND ANNUAL REPORT 2011/12 1 Contents Section Subject Page 1. Introduction 3 2. Fund Governance and Administration 4-7 3. 4. 5. 6. 7. 8. 9. Fund Management Details 8-9 Investment Policy, Performance
More informationA Guide to the Local Government Pension Scheme for Employees in England and Wales
West Midlands Pension Fund A Guide to the Local Government Pension Scheme for Employees in England and Wales Employees in England and Wales: April 2016 Version 1.9 Contents About This Book About the Local
More informationMyners Principles - Application Principle Best Practice Guidance (CIPFA) Havering Position/Compliance
1. Effective decision-making Administrating authorities should ensure that : (a) Decisions are taken by persons or organisations with the skills, knowledge, advice and resources necessary to make them
More informationA Guide to the Local Government Pension Scheme for Employees in Scotland (from 1 April 2015)
A Guide to the Local Government Pension Scheme for Employees in Scotland (from 1 April 2015) Employees in Scotland issued March 2015 V1.0 1 Index 1. About this Booklet pg 5 2. About the Local Government
More informationA Guide to the Local Government Pension Scheme for Employees in England and Wales
A Guide to the Local Government Pension Scheme for Employees in England and Wales Employees in England and Wales October 2010 About this Booklet Index About the Local Government Pension Scheme (LGPS) Who
More informationPension Jargon. Example 2: using a 1/80 th accrual rate. Pensionable Service, 20 years Final Pensionable Salary, 30,000. Pension: 20 years x 30,000 60
Pension Jargon We have tried to make our publications and communications as simple as possible, but in certain areas it is difficult to avoid using technical terms. We have therefore provided a list of
More informationLGPS Opting out of the LGPS in England and Wales
LGPS 2014 The Local Government Pension Scheme Opting out of the LGPS in England and Wales The Local Government Pension Scheme (LGPS) allows you to save while you are working in order to enjoy a pension
More informationA Guide to the Local Government Pension Scheme for Employees in Scotland (from 1 April 2015)
A Guide to the Local Government Pension Scheme for Employees in Scotland (from 1 April 2015) Employees in Scotland issued April 2016 V1.4 Page 1 Index 1. About this Booklet pg 5 2. About the Local Government
More informationA Guide to the Local Government Pension Scheme for Employees in England and Wales
A Guide to the Local Government Pension Scheme for Employees in England and Wales Employees in England and Wales April 2014 V1.3 1 Index 1. About this Booklet 2. About the Local Government Pension Scheme
More informationA Guide to the Local Government Pension Scheme for Councillors in Scotland
A Guide to the Local Government Pension Scheme for Councillors in Scotland April 2017 Index 1. About this Booklet pg 4 2. About the Local Government Pension Scheme (LGPS) pg 5 Who runs the LGPS? LGPS rules
More informationStatement of Investment Principles. London Borough of Harrow Pension Fund
Statement of Investment Principles London Borough of Harrow Pension Fund CONTENTS Introduction... 3 Investment Objectives... 3 Investment Style... 3 Performance... 5 Types of Investments... 5 Investment
More informationSHROPSHIRE COUNTY PENSION FUND. A brief guide to the Local Government Pension Scheme (LGPS) April 2018 v7
SHROPSHIRE COUNTY PENSION FUND A brief guide to the Local Government Pension Scheme (LGPS) April 2018 v7 Contents Section 1 - Highlights of the LGPS Page 3 Section 2 - The scheme Page 4 Who can join? What
More informationA Guide to the Local Government Pension Scheme for Employees in England and Wales
A Guide to the Local Government Pension Scheme for Employees in England and Wales Employees in England and Wales July 2016 1 Index 1. About this Booklet pg 5 2. About the Local Government Pension Scheme
More informationPENSION FUND STATEMENT OF ACCOUNTS
PENSION FUND STATEMENT OF ACCOUNTS /18 STATEMENT OF RESPONSIBILITIES London Borough of Barnet Pension Fund Statement of Accounts PENSION FUND S RESPONSIBILITIES London Borough of Barnet Pension Fund is
More informationExplanation of the North Yorkshire Pension Fund (NYPF)
Explanation of the North Yorkshire Pension Fund (NYPF) Annual Benefit Statement at 31 March 2017 for active members This document is for illustration purposes only. Please refer to your own Annual Benefit
More informationA Guide to the Local Government Pension Scheme (LGPS) in Scotland
A Guide to the Local Government Pension Scheme (LGPS) in Scotland 24 June 2017 1 Index 1. About this Booklet pg 5 2. About the Local Government Pension Scheme (LGPS) pg 6 How the LGPS changed on 1 April
More informationTeesside Pension Fund
Teesside Pension Fund The Local Government Pension Scheme - Member s Guide 04/11 Contents Page 3 - Pages 4 5 Pages 6 13 Pages 14 16 Pages 17 19 Pages 20 27 Pages 28 37 Pages 38 41 Pages 42 54 About this
More informationLONDON BOROUGH OF REDBRIDGE PENSION FUND INVESTMENT PANEL
LONDON BOROUGH OF REDBRIDGE PENSION FUND INVESTMENT PANEL ANNUAL REVIEW 2007 2008 Contents Page Executive Summary 1 Introduction 2 Pension Fund Membership 2 Fund Performance 3 Draft Pension Fund Accounts
More informationAll about your Scheme
West Midlands Pension Fund All about your Scheme A Guide to the Local Government Pension Scheme for Eligible Councillors in England and Wales July 2009 Introduction The information in this booklet is
More informationA Guide to the Local Government Pension Scheme for Councillors in Scotland (from 1 April 2015) Councillors in Scotland issued April 2018 V1.
A Guide to the Local Government Pension Scheme for Councillors in Scotland (from 1 April 2015) Councillors in Scotland issued April 2018 V1.3 Index 1. About this Booklet pg 4 2. About the Local Government
More informationLocal Government Pension Scheme (LGPS)
A Brief Guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales April 2017 www.norfolkpensionfund.org If you need this information in large print, audio, Braille, alternative
More informationSHROPSHIRE COUNTY PENSION FUND. A brief guide to the Local Government Pension Scheme (LGPS) July 2018 v8
SHROPSHIRE COUNTY PENSION FUND A brief guide to the Local Government Pension Scheme (LGPS) July 2018 v8 Contents Section 1 - Highlights of the LGPS Page 3 Section 2 - The scheme Page 4 Who can join? What
More informationA brief guide to the Local Government Pension Scheme (LGPS)
A brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales - April 2018 A brief guide to the Local Government Pension Scheme 1 Highlights of the Local Government Pension
More informationTHE LOCAL GOVERNMENT PENSION SCHEME. Full Guide for New Members
THE LOCAL GOVERNMENT PENSION SCHEME Full Guide for New Members THE LOCAL GOVERNMENT PENSION SCHEME (LGPS) SCOTLAND [Scottish version, April 2018] 1 Contents Welcome to the Scheme 3 What is the Local Government
More informationA Guide to the LGPS The Local Government Pension Scheme (LGPS)
AVON PENSION FUND A Guide to the LGPS The Local Government Pension Scheme (LGPS) Contents The scheme joining and what do I pay?... 1 Flexibility to pay more or less...4 Your Pension how it s worked out...5
More informationA Councillor's Guide to the LGPS
Tyne and Wear Pension Fund Administered by South Tyneside Council A Councillor's Guide to the LGPS The Local Government Pension Scheme A Guide to the Local Government Pension Scheme for Eligible Councillors
More informationCouncillors Pension Scheme
The Local Government Pension Scheme Councillors Pension Scheme A guide to your pension scheme Introduction The information in this booklet is based on the Local Government Pension Scheme Regulations 1997
More informationThe Local Government Pension Scheme. A Guide to the Local Government Pension Scheme for Eligible Councillors in England and Wales
LGPEN 68 The Local Government Pension Scheme A Guide to the Local Government Pension Scheme for Eligible Councillors in England and Wales [English and Welsh version June 2014] 1 The Index Page Introduction
More informationSecure benefits the scheme provides you with a future income, independent of share prices and stock market fluctuations.
A brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales Highlights of the LGPS The LGPS gives you: Secure benefits the scheme provides you with a future income, independent
More informationLocal Government Pension Scheme August 2015
Local Government Pension Scheme August 2015 Inside this issue: Welcome to the latest edition of our annual pensions newsletter for active members of the Local Government Pension Scheme. By now you will
More informationThe Local Government Pension Scheme (Councillors) A Guide to the Local Government Pension Scheme for Eligible Councillors in England and Wales
The Local Government Pension Scheme (Councillors) A Guide to the Local Government Pension Scheme for Eligible Councillors in England and Wales April 2011 1 Introduction The information in this booklet
More informationIf you choose to buy extra pension by making a lump sum payment, you will be credited with the full amount of extra pension bought.
Additional Pension Contributions Buying Extra Pension Terms and Conditions version 1.0 General Whilst you are an active member in the main section of the LGPS you can choose to buy extra pension by spreading
More informationA brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales
A brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales Highlights of the LGPS The LGPS gives you: Secure benefits the scheme provides you with a future income, independent
More informationIf you Joined the LGPS Before 1 April 2014
The Local Government Pension Scheme (LGPS) changed from a final salary scheme to a career average scheme on the 1 April 2014. All benefits built up in the LGPS for membership after 31 March 2014 are worked
More informationADMISSION GUIDE FOR NEW EMPLOYERS: COMMUNITY ADMISSION BODY. London Pensions Fund Authority (LPFA) Local Government Pension Scheme
ADMISSION GUIDE FOR NEW EMPLOYERS: COMMUNITY ADMISSION BODY London Pensions Fund Authority (LPFA) Local Government Pension Scheme 1 Contents Introduction Background to the Local Government Pension Scheme
More informationIf you require this information in any other format please contact your HR team on
Discretionary Compensation Regulations Updated 20 th September 2017 If you require this information in any other format please contact your HR team on 01267 246100. The Authority is required to publish
More informationA brief guide to the Local Government Pension Scheme (LGPS)
A brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales - April 2015 Dorset County Pension Fund A brief guide to the Local Government Pension Scheme 1 Highlights of the
More informationLOCAL GOVERNMENT PENSION SCHEME
LOCAL GOVERNMENT PENSION SCHEME Post 31 March 2014 Leaver Guidance Notes What are deferred benefits? Because you left the Local Government Pension Scheme before becoming entitled to receive immediate payment
More informationLOCAL GOVERNMENT PENSION SCHEME
LOCAL GOVERNMENT PENSION SCHEME Pre 31 March 2014 Leaver Guidance Notes What are deferred benefits? Because you left the Local Government Pension Scheme before becoming entitled to receive immediate payment
More informationThe Local Government Pension Scheme
The Local Government Pension Scheme HR SHARED SERVICES PENSIONS TEAM EMPLOYEE GUIDE 2015 THE LOCAL GOVERNMENT PENSION SCHEME (LGPS) employee guide 1 A BRIEF GUIDE TO THE LOCAL GOVERNMENT PENSION SCHEME
More informationRejoining the Local Government Pension Scheme (LGPS)
Rejoining the Local Government Pension Scheme (LGPS) This information applies only to Scheme members who left an employment after 31 March 2014 with an entitlement to a deferred benefit in the LGPS which
More informationA Brief Guide to Your Pension. A guide to the benefits available to you as a member of the Local Government Pension Scheme (LGPS)
A Brief Guide to Your Pension A guide to the benefits available to you as a member of the Local Government Pension Scheme (LGPS) APRIL 2015 Introduction Your Local Government Pension Scheme (LGPS) pension
More informationAvon Pension Fund Local Government Pension Scheme
Avon Pension Fund Local Government Pension Scheme Post: Avon Pension Fund, Bath & North East Somerset Council, Lewis House, Manvers Street, Bath, BA1 1JG Web: www.avonpensionfund.org.uk Tel: 01225 395100
More informationSample. Your Personal Annual Benefit Statement John Sample. your pension. This booklet contains important information about
Delivering the Local Government Pension Scheme Your Personal Annual Benefit Statement John 2017 This booklet contains important information about your pension Please read it carefully and keep it in a
More informationSecure benefits the scheme provides you with a future income, independent of share prices and stock market fluctuations.
A brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales April 2014 Highlights of the LGPS The LGPS gives you: Secure benefits the scheme provides you with a future income,
More informationLAMBETH PENSION FUND FULL PRIVACY NOTICE. For the members and beneficiaries of the Lambeth Pension Fund
LAMBETH PENSION FUND FULL PRIVACY NOTICE For the members and beneficiaries of the Pension Fund This notice is for members of the London Borough of Pension Fund (the Fund ). It has been prepared by the
More informationWest Midlands Pension Fund. Pensions Administration Strategy 2013
West Midlands Pension Fund Pensions Administration Strategy 2013 April 2013 Pensions Administration Strategy 2013 This document sets out the framework of the Pensions Administration Strategy of West Midlands
More informationLocal Government Pension Scheme Retirement Benefits Notes
Local Government Pension Scheme Retirement Benefits Notes RETIRE3 Please complete the enclosed forms in conjunction with the notes: RETIRE1 (Application to Receive Retirement Benefits) - compulsory RETIRE2
More informationTHE LOCAL GOVERNMENT PENSION SCHEME. Guide to Leaving the Scheme Before Retirement
THE LOCAL GOVERNMENT PENSION SCHEME Guide to Leaving the Scheme Before Retirement THE LOCAL GOVERNMENT PENSION SCHEME (LGPS) SCOTLAND [Scottish version, June 2018] 1 Contents Click on the headings below
More informationTHE EDF ENERGY PENSION SCHEME. A guide for new joiners
THE EDF ENERGY PENSION SCHEME A guide for new joiners January 2016 CONTENTS Welcome 3 CARE Section 4 At a glance How it works Membership and contributions Building retirement benefits today Building retirement
More informationLocal Government Pension Scheme (LGPS) Pension Pay Dates. Friday 24 May 2013 Monday 25 November 2013
PENSIONER FOCUS Spring 2013 Local Government Pension Scheme (LGPS) Welcome to the 2013 issue of Pensioner Focus. The pension increase for this year is 2.2% which should help a little towards the cost of
More informationA Guide to the Local Government Pension Scheme for Employees in Scotland
A Guide to the Local Government Pension Scheme for Employees in Scotland www.falkirkpensionfund.org Employees in Scotland April 2013 Page 1 / 76 Index About this Booklet About the Local Government Pension
More informationABERDEEN CITY COUNCIL PENSION FUND Brief Guide to the Local Government Pension Scheme
ABERDEEN CITY COUNCIL PENSION FUND Brief Guide to the Local Government Pension Scheme THE LOCAL GOVERNMENT PENSION SCHEME (LGPS) SCOTLAND [Scottish version, April 2009] INFORMATION AND DISCLAIMER The information
More informationThe Local Government Pension Scheme
The Local Government Pension Scheme A Guide to the Local Government Pension Scheme for Eligible Councillors in England and Wales [English and Welsh version 1.4- September 2016] 1 The Index Page Introduction
More informationLeaving the scheme. A guide to your options Career Revalued Benefits section
Leaving the scheme A guide to your options Career Revalued Benefits section About this booklet This booklet explains the options open to you if you have been a member of the Career Revalued Benefits section
More informationSingle Public Service Pension Scheme
Single Public Service Pension Scheme Your Scheme Information Booklet Standard Grades November 2017 2 Important Please note this booklet is for standard grade members of the Single Public Service Pension
More informationLocal Government Pension Scheme Retirement Benefits Notes
Local Government Pension Scheme Retirement Benefits Notes RETIRE3 Please complete the enclosed forms in conjunction with the notes: RETIRE1 (Application to Receive Retirement Benefits) - compulsory RETIRE2
More informationIncreasing Your Retirement Benefits
Increasing Your Retirement Benefits This guide describes how you can increase your retirement benefits and applies to individuals who were contributing members of the Scheme on 1st April 2009 or who have
More informationThe LGPS is a public service, registered, defined-benefit, contracted-out pension scheme.
9.0 OVERVIEW OF THE LOCAL GOVERNMENT PENSION SCHEME (LGPS) The LGPS is a public service, registered, defined-benefit, contracted-out pension scheme. 9.1 General definitions Public service To be a member
More informationTYNE AND WEAR PENSION FUND IMPORTANT NOTICE
TYNE AND WEAR PENSION FUND IMPORTANT NOTICE This booklet is for employees in England and Wales who were LGPS members and left the Scheme before retirement prior to 1 April 2008. It reflects the provisions
More informationWest Midlands Pension Fund. Pensions and Divorce or Dissolution of a Civil Partnership
West Midlands Pension Fund Pensions and Divorce or Dissolution of a Civil Partnership 2 PENSIONS AND DIVORCE OR DISSOLUTION OF A CIVIL PARTNERSHIP In this booklet, we look at what happens to your LGPS
More informationHARTLEPOOL BOROUGH COUNCIL LOCAL GOVERNMENT PENSION SCHEME DISCRETIONARY POLICY
HARTLEPOOL BOROUGH COUNCIL LOCAL GOVERNMENT PENSION SCHEME DISCRETIONARY POLICY GENERAL POLICY STATEMENT The Council will ensure it implements its statutory responsibilities in relation to its discretions
More informationWhat do you know about your pension scheme?
What do you know about your pension scheme? The information trustees and employers must give you about your occupational pension scheme www.pensionsboard.ie The Pensions Board Verschoyle House 28/30 Lower
More informationStatement of Investment Principles
Statement of Investment Principles Cheshire Pension Fund September 2012 Page 1 of 14 Introduction This is the Statement of Investment Principles (SIP) produced by Cheshire West and Chester Council as administering
More informationLocal Government Pension Scheme
Local Government Pension Scheme 1 1 Local Government Pension Scheme One of the largest public sector pension schemes in the UK with over 4.6 million members. The scheme is administered locally through
More informationIncreasing Your Retirement Benefits
Increasing Your Retirement Benefits This guide describes how you can increase your retirement benefits and applies to individuals who were contributing members of the Scheme on 1 April 2015 or who have
More informationTrustees Newsletter and Summary Funding Statement
Trustees Newsletter and Summary Funding Statement The College of Law Pension and Assurance Scheme 2018 The purpose of this newsletter is to provide Members with a summary of the information contained in
More informationA Guide to the Local Government Pension Scheme for Eligible Councillors in England and Wales [English and Welsh version 1.
A Guide to the Local Government Pension Scheme for Eligible Councillors in England and Wales [English and Welsh version 1.8 June 2018] 1 The Index Page Introduction 5 The Choice Your Pensions Choice 6
More informationStatement of Investment Principles January 2017
1 Statement of Investment Principles January 2017 1 Introduction 1.1 Purpose of Statement This statement (the Statement ) sets out the principles governing decisions about the investment of the assets
More informationActive Teacher: Your guide to your pension
Active Teacher: Your guide to your pension December 2015 Contents Introduction... 3 What is my Normal Pension Age?... 4 How do I know which arrangement ot arrangements I am in?... 5 What happens if I have
More informationLocal Government Pension Scheme (England and Wales)
Local Government Pension Scheme (England and Wales) Use of accumulated AVCs to provide additional pension under the Scheme Consolidated working copy Date: 28 March 2014 Updated for changes to August 2015
More informationSuperannuation & Life Assurance Scheme Trustees Short Report
Superannuation & Life Assurance Trustees Short Report 2016-2017 CHAIRMAN S STATEMENT Dear Member I have pleasure in presenting the Trustees Annual Short Report which informs members of the key issues relating
More informationLONDON BOROUGH OF NEWHAM PENSION FUND
LONDON BOROUGH OF NEWHAM PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES 2013/14 1. Introduction 1.1 This is the Statement of Investment Principles (SIP) adopted by the London Borough of Newham (LBN) in
More informationA brief guide to the Local Government Pension Scheme (LGPS) for Councillors in Scotland
A brief guide to the Local Government Pension Scheme (LGPS) for Councillors in Scotland Highlights of the LGPS The LGPS gives you: Secure benefits the scheme provides you with a future income, independent
More informationPension Update. SHROPSHIRE COUNTY PENSION FUND Administered by Shropshire Council. April Topics covered in this edition: Dear Member
Pension Update SHROPSHIRE COUNTY PENSION FUND Administered by Shropshire Council April 2014 Dear Member Notification of transfer into the New LGPS from 1 April 2014 As a member of The Local Government
More informationScheme Basis Career Average Revalued Earnings Final Salary. 1/49 th 1/60 th. Actual pay including non-contractual overtime and additional hours
Key differences between the 2008 and 2014 Local Government Pension Schemes APPENDIX A New LGPS 2014 LGPS 2008 Scheme Basis Career Average Revalued Earnings Final Salary Proportion of pay each year which
More informationNILGOSC PENSION GUIDE LOCAL GOVERNMENT PENSION SCHEME (NORTHERN IRELAND) HELPING YOU PLAN FOR YOUR INCOME IN RETIREMENT
NILGOSC PENSION GUIDE LOCAL GOVERNMENT PENSION SCHEME (NORTHERN IRELAND) HELPING YOU PLAN FOR YOUR INCOME IN RETIREMENT CONTENTS WHAT IS A PENSION 3 THE ROAD TO RETIREMENT 4 8 How do I join Can I transfer
More informationFrequently Asked Questions (FAQs)
Frequently Asked Questions (FAQs) Incorporating changes to the LGPS from 1 April 2008 Before contacting the Fund regarding your annual benefits statement 2009, please ensure that you read all of the content
More informationStatement of Investment Principles
Statement of Investment Principles Cheshire Pension Fund November 2014 Page 1 of 15 Introduction The Cheshire Pension Fund ( The Fund ) is required to publish a Statement of Investment Principles (SIP)
More informationDecember Perkins Staff Section
December 2007 Perkins Staff Section Any questions? We have tried to keep the explanation of the benefits as simple as possible, so you should consider this booklet as only a guide to the Perkins Staff
More informationLocal Government Pension Scheme (England and Wales)
Local Government Pension Scheme (England and Wales) Use of accumulated AVCs to provide additional pension under the Scheme Non-councillor members who commenced payment of AVCs on or after 1 April 2014
More informationLGPS Freedom and choice in pensions What it means for you
LGPS 2015 Freedom and choice in pensions What it means for you Welcome to the latest issue of FutureView. In this newsletter we cover a number of important changes being introduced to the way that people
More informationThe Local Government Pension Scheme (England and Wales) Purchase of Additional Pension. Applications on or after 1 April 2008
The Local Government Pension Scheme (England and Wales) Purchase of Additional Pension Applications on or after 1 April 2008 Date: 21 February 2008 Author: Ian Boonin Table of Contents 1 Legislative background
More informationThe Local Government Pension Scheme (England and Wales) Use of accumulated AVCs to provide additional pension under the Scheme
Unclassified The Local Government Pension Scheme (England and Wales) Use of accumulated AVCs to provide additional pension under the Scheme Date: 28 March 2014 Authors: Ian Boonin FIA Michael Scanlon FIA
More informationMember Guide to the Local Government Pension Scheme (Northern Ireland) 2015
Member Guide to the Local Government Pension Scheme (Northern Ireland) 2015 This Member Guide will give you an overview of the Local Government Pension Scheme (Northern Ireland) from 1 April 2015. It covers
More informationTyne and Wear Pension Fund. Pensions Administration Strategy. 1. The Tyne and Wear Pension Fund is part of the Local Government Pension Scheme (LGPS).
Tyne and Wear Pension Fund Pensions Administration Strategy Introduction 1. The Tyne and Wear Pension Fund is part of the Local Government Pension Scheme (LGPS). 2. The LGPS regulations, listed in Appendix
More informationA brief guide to your pension scheme. the local government pension scheme
A brief guide to your pension scheme the local government pension scheme Do you have questions about your pension? What are the benefits of contributing to the pension scheme? What benefits do I get now
More informationAvon Pension Fund Local Government Pension Scheme
Avon Pension Fund Local Government Pension Scheme Post: Avon Pension Fund, Bath & North East Somerset Council, Lewis House, Manvers Street, Bath, BA1 1JG Web: www.avonpensionfund.org.uk Tel: 01225 395100
More informationyour pension A guide for new members
MAY 2018 your pension A guide for new members GREATER MANCHESTER PENSION FUND 1 2 Please see page 11 for details of important paperwork you need to fill in 3 4 Introduction We have produced this guide
More informationopting out West Midlands Pension Fund
West Midlands Pension Fund opting out This leaflet provides information about opting out of the Local Government Pension Scheme (LGPS) before ceasing your current employment. It may be that you have taken
More information