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.”
The new contribution rates and pay bands for employees in the Local Government Pension Scheme from 1 April 2019 have been published.
To view the rates and bandings view the How much do I pay page.
The Avon Pension Fund has published its Annual Report 2017/18. It provides information on the management and administration of the Avon Pension Fund during the year.The report includes a review of the year, audited accounts, the Actuarial Statement, investment performance, membership details and any changes to the Local Government Pension Scheme during the 2017/18 financial year.
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.
The Pensions Regulator (TPR) has warned of fraudsters who may be trying to steal the savings of workers by falsely claiming to be calling from The Pensions Regulator.
The TPR has received reports of pension holders being cold-called by individuals who have posed as TPR staff offering the workers a 'free pension review'. TPR have confirmed that this is a common warning sign of a scam as TPR never cold-calls individuals about their pensions. TPR has reported the cases to the Information Commissioners Office (ICO) for investigation and will also report any future cases.
Changes have been made to the Local Government Pension Scheme (LGPS). These changes, unless indicated otherwise, come into effect from 14 May 2018 and are summarised below.
The General Data Protection Regulation (GDPR) is a new set of European Union regulations due to come into force on 25 May 2018. It will change how organisations process and handle data, with the key aim of giving greater protection and rights to individuals.
The Avon Pension Fund already has procedures in place which comply with similar data protection principles under the Data Protection Act 1998. The new regulations will reinforce these existing requirements, and members are unlikely to notice a change in the service they receive from the Avon Pension Fund.
A recent High Court judgement has removed the requirement for members of the Local Government Pension Scheme (LGPS) to nominate their cohabiting partner to receive a survivor’s pension in the event of their death.
The outcome of this case effectively removes the requirement for a co-habiting nomination form from regulations and enables a LGPS administering authority to pay a partner’s pension, to the partner (who meets the definition of co-habiting partner set out in schedule 1 of the LGPS Regulations 2013) of a deceased member who died without completing a nomination form, and who left active membership on or after 1 April 2008 and prior to 1 April 2014.
The Fund's latest Annual Report for 2016/2017 is now available.
