Latest scheme news
This page includes a summary of the latest news and scheme wide developments impacting Buckinghamshire LGPS members.
October 2021 – Pension Saving Statements issued
If your pension increases by more than £40,000 in a tax year, we will issue you with a Pension Savings Statement (PSS) by 6 October providing details of your pension for tax purposes. If you have not opted out of electronic communications, the PSS will be available for you to access on ‘my pension online’. Register or login now. To find out more about the annual allowance, visit our ‘tax controls on pensions’ webpage.
August 2021 – Our pledge to combat pension scams
Pension scams can truly devastate a person’s life, in some cases leading to the loss of their entire life savings. Scams are on the rise and becoming more difficult to spot. If you are considering transferring your pension out of the LGPS, it’s really important that you know what to look for to ensure you don’t fall victim to a scam. We want to do everything we can help you avoid a scam, which is why we have taken The Pensions Regulator’s, ‘pledge to combat pension scams’. To find out more about the pledge, and the steps you need to take to avoid a scam, visit our transfers webpage.
July 2021 – Annual benefit statements published to ‘my pension online’
We have begun to issue 2021 annual benefit statements. Annual benefit statements provide you with the current value of your pension and will be published to your ‘my pension online’ account by 31 August. If you have provided us with an email address, we will send you an email notification to let you know when it’s ready to view. To access your annual benefit statement, you need to have registered for ‘my pension online’. You can register or sign in online now.
To find out more about the registration process and the many benefits of managing your pension online, visit our ‘my pension online’ webpage.
If you have opted out of electronic communications, your annual benefit statement will be posted to you.
July 2021 - Introducing Money Helper
The Pensions Advisory Service, Pension Wise and the Money Advice Service have been replaced with a single service called Money Helper. Money Helper is a free to use service, backed by the government providing independent support and guidance to help people understand their pensions options. Visit the Money Helper website to find out more.
March 2021 - lifetime allowance frozen for 5 years
Chancellor Rishi Sunak announced in his spring budget that the lifetime allowance (LTA) has been frozen at £1,073,100 until April 2025. The lifetime allowance is the maximum value of pension savings you can have without having an additional tax charge. You can find out more about tax and pensions on our dedicated webpage.
March 2021 - 0.5% pension increase
LGPS pensions will increase by 0.5% in line with the Consumer Price Index (CPI) rate for September 2020. Pensions in payment can expect to receive this increase applied from 12 April 2021. If you started receiving your pension between 28 April 2020 and 27 March 2021, a proportion of this increase will apply to your pension.
February 2021 - £95k cap disapplied
The government has formally issued regulations to revoke the Restriction of Public Sector Exit payment regulations 2020 which placed a limit of £95,000 on exit payments made to public sector workers. From 12 February 2021, we will pay unreduced pension benefits to those who are made redundant over age 55. We will shortly be updating our dedicated webpage with more information and writing to all those who were subject to the cap between 4 November and 11 February to pay unreduced pension benefits.
January 2021 - 'My pension online' login page updated
The login page for accessing ‘my pension online’ has changed from https://ms.buckscc.gov.uk/ to https://ms.buckinghamshire.gov.uk/. Please ensure you save the new login address to your browser. If you need any help logging into ‘my pension online’, you should contact firstname.lastname@example.org. Please note: This has replaced the email@example.com email address. If you send us an email at the old address, we will not be able to access it.
December 2020 - Prudential introduces new online service
Prudential have introduced a new online service allowing members to amend their AVC payments online. If you’re paying AVCs with Prudential, you will now be able to increase, decrease, stop or restart contributions using the new online service. Your AVC annual benefit statement will also be available to access online when it is published in Spring 2021. Register now on the Prudential website. If you are interested in applying for AVCs, visit their dedicated local government webpage.
November 2020 - Information on £95k cap updated
We have updated our webpage Exit payment reforms and your pension to include information about how we intend to process retirements between 4 November 2020 and the date the LGPS regulations are amended. If you are aged 55 or over and due to retire on the grounds of redundancy or business efficiency, the exit payment cap may impact the pension options available to you. We will continue to update this webpage as the situation develops.
October 2020 - £95k cap in force from 4 November 2020
The government has confirmed that regulations limiting public sector worker exit payments to £95,000 will be in force from 4 November 2020. The further proposals to amend LGPS regulations in order to accommodate this new rule will not be in place in time for the date the cap comes into force. We are now awaiting further guidance on retirement options available to members over the age of 55 and retiring due to redundancy or efficiency in the interim period between 4 November 2020 and the date the LGPS regulations are amended.
For more information, visit our Exit payment reforms and your pension webpage.
October 2020 - government seeking views on GMP indexation
The government has released a consultation seeking views on a long-term solution to the issue of Guaranteed Minimum Pension (GMP) increases. The outcome will impact members who will reach state pension age after 5 April 2021 who paid into the scheme between 6 April 1978 and 5 April 1997.
The consultation closes on 30 December 2020.
September 2020 - further reforms to exit payments proposed
The government has published a consultation entitled ‘Reforming local government exit pay’ which includes further proposals to change compensation payments and LGPS regulations concerning redundancy and efficiency retirements following the introduction of the £95k cap. You can find out more about these possible changes and who will be impacted on our dedicated exit payment reforms page. The consultation closes on 9 November 2020.
LGPS member newsletters
Our member newsletters contain important information about your LGPS pension, as well as a roundup of the latest news and developments of interest to LGPS scheme members.
All our newsletters are published to your ‘my pension online’ account. Register now to keep up to date with the latest pension information.
Download a copy of the most recent newsletters below:
Last updated: 14 October 2021