Latest news & announcements

Transferring pension to an overseas scheme – new charge

At the Spring Budget 2017 the government announced that from 9 March 2017 a new 25% overseas transfer charge applies to some overseas pension transfers that were previously tax free. This will affect members of pension schemes requesting to transfer their pension to an overseas pension scheme.

You will still be able to make a transfer tax free if you are transferring to a qualifying recognised overseas pension scheme (known as QROPS) and formally requested your transfer before 9 March 2017 or one of the following apply:

New LGPS employee pay bands and contribution rates from April 2017

The government has confirmed the employee pay bands and contribution rates which will operate in the Local Government Pension Scheme (LGPS) in 2017/2018.

The nine pay bands and contribution rates will be uprated by 1% from 1 April 2017 - in line with September 2016’s Consumer Prices Index measure of inflation.

You can view the 2017/2018 LGPS employee contribution table at http://www.avonpensionfund.org.uk/how-much-do-i-pay

Statement of Compliance with FRC Stewardship code awarded Tier 1 assessment

The FRC categorise signatories of the stewardship code based on the quality of their statement of compliance, the Avon Pension Fund has been awarded the highest Tier 1 assessment:

Tier 1 - Signatories provide a good quality and transparent description of their approach to stewardship and explanations of an alternative approach where necessary.

PDF iconStatement of Compliance with FRC Stewardship Code - 2016

Update on £95,000 cap on exit payments and recovery regulations

The Government is likely to introduce the cap of £95,000 on the total value of exit payments, such as those made on voluntary and compulsory redundancy, early next year.

The Government has provided the following update on the exit payments cap and the recovery regulations:

There will be a further consultation this autumn on regulations for the £95,000 exit payments cap, so they will not be in force in October as originally anticipated. Following this consultation it is hoped that regulations will be published and in force early next year.

HMRC Lifetime Allowance Protection – online member service

Members usually pay tax if their pension pots are worth more than the Lifetime Allowance. The allowance is currently £1 million. While the majority of members of the Local Government Pension Scheme will be unaffected, those members that are may be able to apply for protections and an online facility to register for Fixed Protection 2016 and Individual Protection 2016 is now open for individuals to access.

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