4. Covid-19 - LGPS information for pensioners
The Covid-19 coronavirus pandemic has led to unprecedented changes in the way that we live and work. You may be wondering what impact the outbreak will have on your Buckinghamshire Local Government Pension and the services that we’re able to provide.
We’ve put this short guide together to answer some of those questions. Please take the time to read it through before contacting us.
Will you keep paying me my pension?
Yes. We consider this a priority. Your payments will continue as usual.
I heard that the coronavirus is impacting on pensions, will the value of my Buckinghamshire local government pension decrease?
No. The Local Government Pension Scheme (LGPS) is a defined benefit scheme. This means your pension is based on your salary and how long you’ve paid in, rather than any investment or stock market performance, so it will not be impacted by the current crisis.
What impact will the coronavirus have on the pensions increase?
Your local government pension is revalued each year according to the pensions increase percentage figure. This figure changes each year in line with government guidance. It can go up, and it can also go down.
This year’s increase of 1.7% will not be impacted by the crisis, and you will continue to receive the same rate of pension. It is too early to tell whether next year’s pension increase figure will be impacted.
However, if the figure falls to 0% or below, though your pension may not increase, it will also not decrease.
Can I still get in touch with you if I have a question, or need help with my pension?
Yes. Although, as we are prioritising certain areas of work, such as; retirements and deaths, it may take a little longer than usual to respond to your query. But we will do our best to assist you as soon as we can.
Can I still send you letters?
You can still send us letters if you don’t have internet access, but it may take longer than usual to process your request.
To provide you with the best service, and to minimize our time in the office, we request that you please send us information electronically.
You can now send us information via your ‘my pensions online’ account? If you don’t have an account set up, or you need some help registering, we’re more than happy to assist. You can email us at firstname.lastname@example.org or call us on 01296 383 755.
I heard that there are more scams about due to coronavirus, what can I do to protect myself and my pension?
We have many procedures in place to ensure that your details are kept safe. So, you can relax knowing that we are looking after the security of your pension account.
However, there are sadly many scams currently operating in relation to Covid-19 which you should be aware of. The scammers have very clever ways of getting access to your personal information.
It is essential that you take every precaution to avoid falling victim to a scam, and don’t share personal information with others. Everyone can be scammed; not just the vulnerable. Age concern have created an excellent guide regarding common scams. If you do suspect a scam, you should call Action Fraud immediately on 0300 123 2040.
I’m struggling to manage; how can I find out what help is available to me while I’m social distancing?
You should contact your local council in the first instance. If you are a Buckinghamshire resident, there are many local services offering help and support to vulnerable residents.
The Money Advice Service has more information on the financial support that may be available to you.
If you require any further information, you can contact us using the details below.
Take care and stay safe, from all the staff at Buckinghamshire LGPS
You can also access the national LGPS website at www.lgpsmember.org for more information.
LGPS Covid 19 pensioner FAQs PDF, 206KB
Last updated: 13 January 2021