Following the announcement in the recent budget on changes to pensions, many of you have been asking if this has any impact on the LGPS.
We are still receiving information about this but, as we know it at the moment, we can confirm that:
Changes to allow people to take 100% of their pensions as a cash lump sum does not apply to the LGPS. The changes are to defined contribution schemes not defined benefit schemes.
The government intend to remove the option to allow transfers from public service pension scheme to defined contribution schemes, except in certain limited circumstances. We do not have any further details on this at the moment. HM Treasury have launched a consultation on these proposals.
The limits for trivial commutation and small pot payments have been increased. Trivial commutation has been increased from £18,000 to £30,000. Small pot payments have increased from £2,000 to £10,000.
Active annual benefit statements (ABS) are being distributed during September 2013.
Your annual benefit statement is based on your pay and scheme membership as of 31st March 2013. Therefore, if you were not an active member of the scheme on this date, you will not be sent an active benefit statement.
To help you with any questions you have following receipt of your statement, we have put together a full list of Questions and Answers. Please note these are only relevant for members of the Local Government Pension Scheme (LGPS) who have active membership in the scheme.
Further to recent announcements of changes that will be made to the State pension.
We are unable to comment or give further detail on the impact this has to the LGPS which is currently a contracted out scheme. We await for any relevant legislative and statutory changes before we are able to provide this.
In the meantime we have attached a couple of external leaflets which you may find useful:
We are currently reviewing the navigation, layout and content of our Hampshire Pension Fund website, with a view to making it easier for you to use.
We would really appreciate it if you could spare us some time to complete our feedback form, telling us what you think of our website. If we haven't met your needs, we want to know about it. If you've got ideas on how to improve this site, we'd like you to share them. And if you found everything you were looking for and are leaving happy, we'd like to hear that, too.
All completed forms will be received by the Service Development Team inbox and all ideas will be taken on board.
Thank you in advance for your time