Latest news & announcements
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.”
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.