Pension News 2006
September 2006
Consultation on a new look Local Government Pension Scheme
On 30 June 2006, the Department for Communities and Local Government (DCLG), which now has responsibility for the LGPS, issued a consultation document entitled "Where Next? - Options for a new-look Local Government Pension Scheme in England and Wales".
Included in this document were a number of costed options for the new LGPS, which is to be introduced in April 2008.
Please click on the document below to view the response of the TWPF within their role as Administering Authority.
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"85 year rule" protections extended
New LGPS regulations have been issued and will come into force on 1st October 2006. As expected these regulations give added protection to existing members following the removal of the '85 year rule'. The level of protection depends on your age and is as follows:
All existing members at 30 September 2006 have protection on their
membership up to 31st March 2008. Additionally, the following protections will apply:
Members who will be age sixty before 31st March 2016 and would have
satisfied the '85 year rule' by that date, will receive protection up to 31st March 2016.
Members who will be age sixty between 1st April 2016 and 31st March 2020
and would have satisfied the '85 year rule' between these dates, will have any reductions tapered on a sliding scale, based on when they reach age sixty. Details of the sliding scale have yet to be released.
From 1st October 2006 the '85 year rule' will no longer apply to new members.
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Regulation and Consultation Update
Please click on the documents below for further information regarding a regulatory update and three consultation exercises, that have been launched by the Department for Communities and Local Government (DCLG).
LGPS - Governance Arrangements (108KB)
Consultative discussion paper on Admitted Body Status (45KB)
LGE Update - Draft Compensation Regulations (15KB)
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August 2006
Pensions Fund Newsletter
This is the latest mailing to Pension Fund members. It deals with the recent changes to the LGPS, as well as changes from Her Majesty's Revenue and Customs (HMRC) concerning tax limits on pension contributions and benefits. This newsletter will be despatched to active members at the start of August.
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Consultation on a new look Local Government Pension Scheme
The Local Government Pension Scheme (LGPS) has been under review for a number of years. This review, known as the Stocktake, first led to a number of amendments to the LGPS regulations from April 2004.
On 30 June 2006, the Department for Communities and Local Government (DCLG), which now has responsibility for the LGPS, issued a consultation document entitled "Where Next? - Options for a new-look Local Government Pension Scheme in England and Wales".
Included in this document are a number of costed options for the new LGPS, which is to be introduced in April 2008.
Copies of this document, together with a covering letter and Jargon Free Questions and Answers document, can be found by clicking here.
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TWPF response to The Local Government Pension Scheme (LGPS) (Amendment) (No. 2 ) Regulations 2006.
Please click on the document below to view the response of the TWPF in relation to the above mentioned LGPS regulations.
TWPF response to The LGPS (Amendment) (No. 2 ) Regulations 2006.
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April 2006
The Local Government Pension Scheme (LGPS) (Amendment) (No. 2 ) Regulations 2006.
On 30 March the Government made regulations amending the Local Government Pension Scheme (LGPS). Further information can be found on the Department for Communities and Local Government (DCLG) website. If you wish to view the draft regulations, please click here. Alternatively if you wish to view the accompanying consultation document, please click here.
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Pensions Increase 2006
The draft pensions increase for 2006 is 2.7 % effective from 10 April 2006.
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LGPS: Compliance with HMRC Tax Regime from April 2006
With the implementation of the new HMRC tax regime from 6 April 2006, the Employers Organisation for local government have issued information which compliments the ODPM's letters of 1 and 3 February 2006.
Employers Organisation for local government letter of 8 February 2006
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Compliance with HMRC Tax Regime from April 2006
Please note it is our normal practice to refer employers to the ODPM's website to obtain copies of their documents. To date their website has not been updated with the latest information. Therefore, on this occasion for ease of administration, we have published the following documents on the Fund's website.
ODPM Letter of 1 February 2006
ODPM Letter of 3 February 2006
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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
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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.
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February 2006
LGPS: Compliance with HMRC Tax Regime from April 2006
With the implementation of the new HMRC tax regime from 6 April 2006, the Employers Organisation for local government have issued information which compliments the ODPM's letters of 1 and 3 February 2006.
Employers Organisation for local government letter of 8 February 2006
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Compliance with HMRC Tax Regime from April 2006
Please note it is our normal practice to refer employers to the ODPM's website to obtain copies of their documents. To date their website has not been updated with the latest information. Therefore, on this occasion for ease of administration, we have published the following documents on the Fund's website.
ODPM Letter of 1 February 2006
ODPM Letter of 3 February 2006