Deferred Annual Benefit Statements - update
During October 2015, we will be writing to deferred members detailing how you will be able to obtain your annual benefit statement online.
Active Annual Benefit Statements - update
We are now currently producing annual benefit statements for those employers where we received end of year requirements by the required deadline. These will be issued to employers by 30th September 2015, for onward distribution. The employers we will be issuing these to are detailed below:
If you employer is not on this list, please check again in early November, when we will provide a further update – we will be preparing further annual benefit statements where possible for distribution on 16th November 2015.
Annual Benefit Statements – delay in sending statements
We are currently working on our annual end of year process which allows us to prepare information for the Annual Benefit Statements.
Due to a number of factors including:
- The first year of the CARE scheme
- A new pensions system being implemented
- Only 2/3rd of our employers providing information within the required timescales
we will not be able to issue Annual Benefit Statements by the new* regulatory deadline of 31 August 2015.
What we are doing about this
We are working on the information from employers who did meet the required timescales first and aim to get these statements prepared and sent to the employer by the end of September 2015. We will then work on the information from employers who's annual returns were received after the deadline to get these statements out as soon as possible after this. We aim to get all statements out by 31 December 2015.
What the statement will include
It will include:
- Your personal details
- How much pension you have built up to 31 March 2015
- A projection of benefits that you may build up at normal retirement age based on current information.
It will not include:
- Annual Allowance calculation
- Lifetime Allowance calculation
We will write to you separately if you have reached your Annual Allowance limit for 2014/15 or if you are close to your limit. If you require this information urgently, please contact us.
Future Annual Benefit Statements
We are planning to launch our online pensions system to all members over the next six months. This means that in future you will not get a paper copy of your statement unless you ask for one. You will be able to view your pension record online and will be able to tell us of some changes of details via a secure website.
We will write to your with details of how you can log onto the new system when it is available.
*This was previously 6 October.
Coming soon - new governance structure for the Pension Fund and opportunities to be involved
Member contribution rates from April 2015 confirmed
The contribution banding table for the 2015/2016 scheme year has been published.
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.
2013 Active Annual Benefit Statements - Questions and Answers
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.
Changes to the State Pension and the impact on the LGPS
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