4. Latest news
This page includes a summary of the latest news and scheme wide developments impacting Buckinghamshire LGPS members.
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.
August 2020 - annual benefit statements published to my pension online
Your annual benefit statement provides you with the latest estimated value of your Buckinghamshire LGPS pension. Login to your ‘my pension online’ account now to access your statement and take control of your pension.
July 2020 - regulation change on exit payments
The government has responded to comments received on a consultation to introduce regulation changes that will mean public sector exit payments will be capped at £95,000. An exit payment is the total of all payments made by a public sector organisation to an employee when they stop working. This includes any redundancy payment as well as any pension strain payable by an employer to the pension fund when a person is retired early.
July 2020 - scheme changes proposed to address age discrimination in the LGPS
The government has released a consultation detailing proposed scheme changes to remove age discrimination from the LGPS following the Court of Appeal ruling known as ‘the McCloud Judgement’. We’ve launched a dedicated web page to provide you with the latest developments on this monumental change where you’ll find more information on the implications of the changes and who is affected.
May 2020 - new 'my pension online' document upload feature
‘My pension online’ has a new feature that allows users to upload their documents. This will allow you to send us information or documents safely and securely when logged into your ‘my pension online’ account. ‘My pension online’ is the online platform that provides you with direct access to your pension record. If you haven’t registered yet, visit ms.buckinghamshire.gov.uk to do so today.
April 2020 - new COVID-19 guidance
The government has responded to the coronavirus pandemic by issuing new measures regarding employment arrangements and work place pensions. We’ve launched a dedicated page with FAQs to answer your questions in relation to Covid-19 and your LGPS pension benefits.
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: 19 April 2021