Pensions Increase 2017
The Government have confirmed that Local Government Pensions, which have been in payment for more than a year, will increase by 1.0% from Monday 10th April 2017. For more detailed information on how the pensions increase will be applied to your pension please click here.
Planning for Retirement Workshops
The East Riding Pension Fund (ERPF) has an arrangement with Affinity Connect, one of the largest providers of retirement and redundancy services to the public sector to offer pre retirement workshops to Local Government Pension Scheme (LGPS) members to help them prepare for the significant changes which take place at retirement. The workshops provide information on a comprehensive range of topics raising awareness of issues to be considered and decisions that need to be made before retirement. The workshops are free of charge but any time taken to attend must be agreed with the delegates own manager in accordance with annual leave guidelines and/or flexible working arrangements. For more information about the workshop content, dates, venues and how to book a place please see here.
Annual Benefit Statements 2016
We are pleased to announce that this years Annual Benefit Statements for our active and deferred members have now been sent to the printers and should be delivered by 31st August 2016. Please allow a week for postal delays before contacting us about missing statements.
If you have any queries about the statement once you have received it you may find the answer in one of our frequently asked questions guides which can be accessed using the links below:
Deferred Annual Benefit Statement Frequently Asked Questions 2016
Active Annual Benefit Statements Frequently Asked Questions 2016
Details of how to contact us if you cannot find the information you need are contained at the end of the documents.
If you have changed your address you can update this using our online form available here.
In response to the reform of the LGPS announced by the Government in November 2015, the East Riding Pension Fund took a leading role in the creation of the Border to Coast Pension Partnership (BCPP), a pool which consists of 13 LGPS administering authorities and has assets of £35.9bn (as at 31 March 2015). BCPP will be a fully FCA-regulated investment company wholly owned with full oversight by the constituent administering authorities and will manage the Pension Fund assets on behalf of each of these authorities. Decisions relating to asset allocation i.e. the amount invested in each of the asset classes will be retained at the administering authority level but the decisions relating to how these funds are invested e.g. manager or investment selection will be made by BCPP.
Further information on what this means for members is available here.
Further information on what this means for employers is available here.
LGPS National Insurance Database
A new LGPS National Insurance Database has been set up to help Local Government Pension Scheme (LGPS) Funds check if their members have other LGPS membership elsewhere.
To enable this to happen, the East Riding Pension Fund is participating in a data sharing project with other Local Government Pension Scheme (LGPS) pension funds in England, Wales and Scotland.
If one of our scheme members dies, we need to know if they had other periods of LGPS membership elsewhere in the country.
This is so we can make sure the right death benefits can be calculated and paid to the member’s dependants, in accordance with the Local Government Pension Scheme (LGPS) Regulations 2013.
The LGPS is locally administered and each pension fund has its own membership records. As a result it can be difficult to tell if a scheme member has other LGPS records and where these records might be held.
You can read more about the new database and how we share your data here.
The end of Contracting out and the LGPS - Newsletter for Active Members
The ERPF has recently written all its active members to inform them of the important changes to the amount of National Insurance Contributions that they will pay from 1 April 2016. If you have not received your copy of this communication then please click here to view.
If your letter did not arrive and you have changed your address or your personal details please update your address using our online form available here.
Further information about the issues covered by the newsletter are listed below.
The State Pension is changing from April 2016
A new single tier, flat rate State Pension is being introduced for people who reach State Pension age on or after 6 April 2016. To find out how these changes will affect members of the LGPS click here.
Contribution Flexibility - The 50/50 Section
Information about the 50/50 section of the LGPS which allows you to pay half your normal contributions in return for building up half your normal pension, whilst retaining full life and ill health cover are available here.
Lifetime Allowance Tax Charge
The Lifetime Allowance is the amount of savings you can take from your pension scheme at retirement without facing a tax charge. Details of the Lifetime Allowance are available here.
Prudential introduce new online facilities for LGPS members
Anyone already paying Additional Voluntary Contributions (AVCs) can now make amendments to their account online at any time that is convenient, no matter what time of the day or night.
New AVC contracts can also be started online for any members of the LGPS who wish to increase their retirement benefits through the payment of AVCs.
Visit Prudential at: www.pru.co.uk/rz/localgov/england-wales/ and go to the Get started page to start your AVC, or the existing members section to increase them.
More information on the alternative options available to members who wish to increase their retirement benefits is available here.
Amendments to the new Local Government Pension Scheme Regulations
A summary of the recent changes made by the amendment has now been issued. Please click here to view.
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
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
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
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
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