Latest news & announcements
If you are paying into the local government pension scheme (LGPS) you will receive an Annual Pension Benefit Statement from the Avon Pension Fund during August.
It shows the pension you have built up to 31 March 2017 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.
The Brunel Pension Partnesrship company is now recruiting for executive roles. Details can be found at: https://www.brunelpensionpartnership.org/en/news/2017/05/brunel-company-executive-role-recruitment
The LGPS Scheme Advisory Board (SAB) has asked that Local Government Pension Scheme members are encouraged to complete an online survey regarding the 50/50 section of the scheme.
The survey is available at: www.lgpsmember.org
It will only take around 30 seconds to complete as there are a maximum of three questions to be answered and submissions will remain anonymous.
As a member of the Local Government Pension Scheme (LGPS) you were previously ‘contracted out’ of the additional State Pension and therefore received a rebate on your National Insurance (NI) contributions. From 6 April 2016 this rebate ceased and the LGPS is longer ‘contracted out’.
The South West Pension Funds have appointed Denise Le Gal as its Independent Chair of the £25 billion Brunel Pension Partnership Limited.
The Partnership is one of eight national pooled funds, and will oversee the investment of the majority of pension assets for Avon, Buckinghamshire, Cornwall, Devon, Dorset, Environment Agency, Gloucestershire, Oxfordshire, Somerset, and Wiltshire Funds.
The Avon Pension Fund has recently published three key financial reports.
These are the:
- Investment Strategy Statement
- Funding Strategy Statement
- Actuarial Valuation Report
They can be viewed at: Finance and Investments
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:
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