Latest news & announcements

Late retirement factor changes

The Government have announced changes to the late retirement factors for the Local Government Pension Scheme (LGPS). These changes came into effect from 1 September 2019 and will affect members who carry on working beyond their normal pension age (NPA).  Members who retire after their NPA will see either no change to the increase they receive on their pension or a slight increase depending on how long after their NPA they are retiring.

  • Members who retire two years after their NPA will see no change to the increase they receive on their pension.
  • Members who retire over two years after their NPA will see a slight improvement to the increase they receive on their pension.

Buying extra or lost pension (APCs)

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If you want to buy extra pension for your retirement you have the option of paying Additional Pension Contributions (APCs). You can pay for APCs regularly over a period of time or by making a one off lump sum payment.

Any extra regular contributions are taken from your pay and if you pay tax, you receive tax relief automatically through the payroll.

You can pay into an APC to ensure that benefits are not lost during a period of authorised absence.

Your Annual Pension Benefit Statement 2019 is on its way

If you are paying into the local government pension scheme (LGPS) you will receive an Annual Pension Benefit Statement from the Avon Pension Fund by the end of August.

It shows the pension you have built up to 31 March 2019 as well as a future projection of your benefits if you remain paying into the scheme to your Normal Pension Age (NPA). This is the age you would retire and take your benefits without any reduction to your pension.

The statements will be posted out to you from mid to late August.

Telling HMRC about pension tax charges on the SA100 tax return

HMRC have received feedback that pension scheme members are not sure how to give them details if more than one pension scheme is paying an amount of their annual allowance charge or overseas transfer charge.

How to tell HMRC about pension tax charge

The ‘additional information’ box previously at box 21, page Ai4 on the 2018 version of the SA101 for 2019 has been removed. Instead for 2019, pension scheme members should provide the additional details in the ‘any other information’ box on page TR7 of the 2019 SA100 Tax Return.

Members can find more information about how to tell HMRC about pension tax charges on their Self Assessment return in the HS345 Self Assessment helpsheet for 2019.

Preparing for retirement

Preparing for retirement

A series of free pre-retirement workshops is available to assist members of the pension scheme when they begin to think about planning for retirement.

The workshops are aimed at anyone considering leaving employment on normal, early or ill health retirement, or taking flexible retirement within the next 18 months or so. Partners are encouraged and welcome to attend.

Unison ShareAction report on responsible investing in the LGPS

All LGPS funds are required to publish an Investment Strategy Statement. This statement explains the Fund's investment strategy, how it manages all relevant investment risks and how it carries out its stewardship responsibilities. Unison commissioned a report to review and analyse the statements which can be accessed below. The report highlights the proactive strategy the Avon Pension Fund has for responsible investing.

PDF iconUNISON / ShareAction - LGPS Responsible Investment Report 2019

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