Latest news & announcements

There will be a delay in the sending of the annual pension benefit statement for deferred members who left the Local Government Pension Scheme (LGPS) between 1 April 2015 and 31 March 2016.

If you previously paid into the LGPS but haven’t yet retired you are known as a deferred member and your pension benefits are frozen or preserved.

As a deferred member every year we send you your Annual Deferred Pension Statement, which shows the current value of your deferred benefits you have with the Avon Pension Fund as at 6 April.

The following statement has been issued by DCLG with regard to “Brexit” and the LGPS:

“The Local Government Pension Scheme (LGPS) - Implications of the EU referendum

"The question of how, if at all, the result in favour of 'Brexit' will impact on the LGPS has been raised by scheme members and employers as well as the press and other 'commentators' on all things LGPS.

A key feature of the change in the Local Government Pension Scheme from Final Salary to Career Average from April 2014 was that each year the cost of living is factored into members’ pension accounts so that over the years a current value is reflected.

The annual cost of living revaluation from 1 April 2014 is based on the Consumer Prices Index (CPI) set by the Government in September of the previous year.

The Government is proposing a cap of £95,000 on the total value of exit payments, such as those made on voluntary and compulsory redundancy. The proposal is that the cap is set to apply to all forms of exit payments but in particular to voluntary and compulsory redundancy payments and including any potential strain on the fund costs due to early payment of pension after age 55. The government is proposing to limit the potential benefits to employees who are offered early access to pension in place of, or in combination with, a lump sum compensation payment to within £95,000. Any costs in excess would need to be either given up or funded by the member.