Latest scheme news

5/20/2022 2:24:38 PM

This page includes a summary of the latest news and scheme wide developments impacting Buckinghamshire LGPS members.

June 2022 - Stronger nudge to pension advice

To help defined contribution (DC) savers make better decisions at retirement, the government has introduced regulations that require members with Additional Voluntary Contributions (AVCs) attached to their LGPS pension to take advice from Pension Wise, or opt out of receiving the advice, before they can access the AVC fund. The new regulations come into force on 1 June 2022.

May 2022 - P60s issues

Each year we issue P60s to you by 31 May. Your P60 is available for you to access now on 'my pension online'. If you opted out of electronic communications, you will receive a printed P60 over the next couple of weeks.

 

April 2022 – 3.1% pension increase

LGPS pensions will increase by 3.1% in line with the Consumer Price Index (CPI) rate for September 2021. Pensions in payment can expect to receive this increase applied from 12 April 2021. If you started receiving your pension between 26 April 2021 and 26 March 2022, a proportion of this increase will apply to your pension.

For information about how the GMP (Guaranteed Minimum Pension) increases, visit our GMP webpage.

 

March 2022-The Local Government Pension Scheme (LGPS) has had a makeover!

As well as a brand new logo, the national LGPS member website has been redesigned to make it easier for you to find out more about paying into the LGPS. Visit the LGPS website and take a look!

The new Local Government Pension Scheme logo

January 2022 – Regulations introduced to encourage savers to get pension guidance before transferring

From 1 June 2022, regulations will come into force requiring funds who administer defined contribution pension benefits to do more to encourage those wishing to transfer out to take up guidance from Pension Wise. The measures are being introduced to help savers understand their pension options and make better decisions about transfers. While these regulations will not apply to main LGPS pension benefits, we are awaiting clarification from the government as to whether or not the new measures will apply to AVCs.

December 2021 – Annual Report published

The Buckinghamshire Pension Fund Annual Report for 2020/2021 has been published on our website. All LGPS pension funds must publish their annual report by 1 December in line with regulations. The annual report summarises the pension fund’s activities for the previous scheme year.

 

November 2021 – New regulations introduced to combat pension scams

On 30 November, the Occupational and Personal Pension Schemes (Conditions for Transfer) 2021 regulations came into force.

The new regulations introduce tighter controls on transferring out LGPS pensions and give pension funds the right to refuse transfers where there are concerns about pension scams. Pension scams have increased since the pandemic began, and scammers don’t just target the vulnerable. Would you recognise the signs of a pension scam? Read MoneyHelper’s guide to spotting pension scams to make sure you know what to look for.

 

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 mypensiononline@buckinghamshire.gov.uk. Please note: This has replaced the mssregistration@buckinghamshire.gov.uk 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.

 

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:

Active member newsletter

Deferred member newsletter

Print entire guide

Last updated: 20 May 2022

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