The Summer issue of Avon Pension News is now available to download from the website. Copies are posted to members who pay into the Fund during August accompanying the Annual Pension Statement.
Latest news & announcements
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.
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.
The Brunel Pension Partnership, which pool's investment assets across ten Local Government Pension scheme funds, including the Avon Pension Fund has issued its latest newsletter.
This can be downloaded at: www.brunelpensionpartnership.org
There have been recent changes to the Local Government Pension Scheme (LGPS) following the introduction of the LGPS (Miscellaneous Amendment) Regulations 2018 which came into force on 10 January 2019.
Changes to survivor benefits for same sex spouses and civil partners
A change to the scheme rules has been made to provide that survivor benefits payable to a same sex spouse or a civil partner are equal those paid to the widow of a male member.
The Avon Pension Fund’s investment strategy must work hard to generate good returns without taking too much risk in order to fund the pensions accruing well into the future, and keep members and employers contributions as affordable as possible.
On 15 February 2019, the Department for Work and Pensions updated two sets of guidance explaining the rights of UK nationals in the EU, and EU citizens in the UK, to benefits and pensions if the UK leaves the EU without an agreement (a 'no deal' scenario).
The guidance confirms in respect of both parties that “There is nothing in UK private occupational pensions legislation that prevents occupational pension schemes from making pension payments overseas. We do not expect that this will change as a result of the UK withdrawing from the EU.”