Latest news & announcements

A key feature of the change in the Local Government Pension Scheme from Final Salary to Career Average from April 2014 was that each year the cost of living is factored into members’ pension accounts so that over the years a current value is reflected.

The annual cost of living revaluation from 1 April 2014 is based on the Consumer Prices Index (CPI) set by the Government in September of the previous year.

The Government is proposing a cap of £95,000 on the total value of exit payments, such as those made on voluntary and compulsory redundancy. The proposal is that the cap is set to apply to all forms of exit payments but in particular to voluntary and compulsory redundancy payments and including any potential strain on the fund costs due to early payment of pension after age 55. The government is proposing to limit the potential benefits to employees who are offered early access to pension in place of, or in combination with, a lump sum compensation payment to within £95,000. Any costs in excess would need to be either given up or funded by the member.

Each year the Avon Pension Fund Committee reports on its activities to Bath & North East Somerset Council. The report for the year ending 31 March 2015 was presented at the Council meeting on 16 July 2015. The report covers the scope of the work considered by the Committee during the year and the decisions taken as well as the training undertaken by the Committee members. It also highlights the future work programme of the current committee.

Avon Pension Fund Committee - Annual Report to Council 2014-15