Pension News 2005
December 2005
The Local Government Pension Scheme (Amendment)(No3) Regulations 2005: Addendum
Following the announcement of the draft regulations and consultation exercise, the Office of the Deputy Prime Minister (ODPM) has published an addendum to the draft regulations. This can be found on the ODPM's website at http://dspace.dial.pipex.com/town/road/xoq83/addendum.htm
--------------------------------------------------------------------------
The Local Government Pension Scheme (Amendment)(No3) Regulations 2005 - Consultation Draft
Following a statement made to Parliament on 2 December 2005 by the Minister for Local Government, Phil Woolas, the Office of the Deputy Prime Minister (ODPM) has commenced a consultation exercise and issued the draft regulations which propose further changes to the LGPS.
November 2005
Annual Benefit Statements (ABS) 2005
Please note the ABS exercise (for active members) is now in progress. Statements are mailing during November and December. If you have not received your statement by 31st January 2006 then please contact the Pensions Helpline on 0191 4244141.
Shown below are PDF's of the versions of text used in the statements, and the Annual Report which accompany the statements:
Text of Standard ABS including Combined Pension Forecast details.
Text of NILABS including Combined Pension Forecast details.
Members Annual Report 2004-2005.
October 2005
Proposed changes to the Local Government Pension Scheme (LGPS)
The Local Government Pensions Committee (LGPC) provides advice on the LGPS and related matters. They have recently issued the following circular regarding proposals for changes in LGPS, which may be of interest to you.
No.177 - October 2005
Proposals for changes to the LGPS in England and Wales
This circular has been issued to notify authorities for proposals to the LGPS that have been submitted to the Deputy Prime Minister by the Local Government Association.
The proposals are the result of consultations with employers, not just local authorities, since the Stoctake of the LGPS began in August 2001. They are a representation of elements of earlier submissions to the ODPM including responses to the ODPM’s consultation document- “Facing the Future”.
Circular 177 - Proposals for changes to the LGPS in England and Wales
--------------------------------------------------------------------------
Annual Benefit Statements (ABS) For Deferred Members
We have commenced mailing the 2005 Annual Benefit Statements for deferred members. As a result of this, we are experiencing a very high volume of calls during this busy period. If you have not received your statement by 30 November 2005 please contact the Pensions Helpline.
If you are attempting to contact the Pensions Helpline with any query, please remain patient and we will deal with your call as quickly as possible.
Click below to see a sample PDF of this years statement.
Deferred Blank Statement 2005.
July 2005
Revocation of the Local Government Pension Scheme (Amendment) (No. 2) Regulations 2004
On 13 July 2005, the Government laid Regulations before Parliament, which revoked most of the recent changes in the Scheme rules, which took effect on 1 April 2005. Apart from some minor amendments, which will stay in place, this effectively puts the Scheme rules back in the same position as they were on 31 March 2005.
In brief this means:
- The earliest age members may retire, on redundancy, efficiency, or early with their employer’s consent, returns to age 50.
- When a member’s age plus membership (whole calendar years) totals 85, they may retire with unreduced benefits from age 60, or from age 50 with their employers consent.
Looking Ahead
The Government is also in the process of undertaking a review of all the unfunded public service pension schemes to tackle the issues of increasing longevity, changing demographics and the consequential increases in pension costs. A series of meetings between the Government, the TUC affiliated trade unions and Employers (The Tri-Partite Committee) has begun.
The 1 April 2005 changes to the LGPS (which have now been revoked) were aimed at safeguarding the future of the LGPS by constraining costs. The intention was that the 1 April 2005 changes would pave the way for the next stage of the review to modernise the scheme, which would have seen a new-look LGPS introduced from 2008 to meet the needs of employers and the local government workforce, whilst representing good value for local and national tax payers. However, there will need to be a reassessment now that the 1 April 2005 changes have been revoked. The Tripartite Committee will consider what measures need to be put in place to ensure the LGPS remains affordable and sustainable in the long-term.
April 2005
Pensions Increase 2005
From April 2005, pensions increase will be 3.1%. Click below for further information:
--------------------------------------------------------------------------
Revocation of the 2005 LGPS Amendment Regulations
The government has issued Draft regulations that will, subject to statutory consultation, revoke the 2005 LGPS Amendment Regulations.
Click below to see:
2005 Amendment Regulations - Covering Letter
Please note that comments on the Draft must be submitted by May 31 2005.
--------------------------------------------------------------------------
The LGPS (Amendment) (No. 2) Regulations 2004
The Office of the Deputy Prime Minister (ODPM) has introduced changes to the LGPS under the Local Government Pension Scheme (Amendment) Regulations 2004. These changes will come into force on 1 April 2005.
The document below provides a step by step guide as to how these changes may affect you.
How will the changes to the LGPS on 1 April 2005 affect me? (PDF doc 61.4KB)
March 2005
Proposed Strike cancelled.
For details of the news release made by John Prescott on 18 March 2005, please click here.
The Local Government Pension Scheme and Strike Action
The Fund has produced the leaflet 'Strike Action and Your Pension Rights' which is a brief, general guide explaining the effects of strike action on your pension rights.
Strike Action and Your Pension Rights (PDF doc 106.8KB)
--------------------------------------------------------------------------
Annual Benefit Statements (ABS) For Deferred Members
We have commenced mailing the 2004 Annual Benefit Statements for deferred members. As a result of this, we are experiencing a very high volume of calls during this busy period. If you have not received your statement by 15 April 2005 please contact the Pensions Helpline.
If you are attempting to contact the Pensions Helpline with any query, please remain patient and we will deal with your call as quickly as possible.
Click below to see a sample PDF of this years statement.
Deferred Blank Statement 2004.
--------------------------------------------------------------------------
"Affordability and Sustainability" key to the future of Local Government Pensions. [PDF doc.- 262.7KB)
This document provides details of the proposed Changes to the LGPS from 1 April 2008.