News

A consultation into the structure of the Local Government Pension Scheme in Scotland is underway with a closing date of 7 December 2018. Read more to see the draft response of Falkirk Council Pension Fund which proposes a three fund solution for Scotland. This offers the opportunity for Funds to make savings from scale investing, improve service delivery resilience and maintain stakeholder representation and local accountability. You can find out more about the consultation by scrolling down to the News item “Structural Review of the Scheme” uploaded on 2 July 2018.

Don't let a scammer enjoy your retirement. Pension scammers will do whatever it takes to get their hands on your savings and enjoy your retirement. Learn how to spot the signs and check who you're dealing with on the ScamSmart website to give yourself the biggest protection against fraudsters.

The Pensions Regulator publish a press release

The following note has been prepared in response to enquiries about the Pension Fund and fracking:

The purpose of this news item is to update employers and scheme members on the production of the 2018 Annual Benefit Statements for active scheme members.

The following Press Release has been issued i) in response to public interest around the Falkirk Pension Fund’s investment in the Israeli Bank Hapoalim and ii) in order to correct certain erroneous information that has appeared recently in the media:

A major consultation has just been launched looking at how the Local Government Pension Scheme is to be structured in the future. This could result in Funds being required to combine their assets into large investment pools or even see the merger of some or all of the existing 11 Scottish Funds.

Pension Scheme rules have been changed from 1 June 2018 to let members retire from age 55 without having to get employer consent. Sounds good, but there are significant penalties for taking your benefits before the Scheme's Normal Retirement Date.

Late Retirement Update

Find out more on how to top up your state pension benefits

LGPS (Scotland) continues to meet auto enrolment standards.

A new State Pension is being introduced from 6 April 2016 for people reaching State Pension age on or after that date. A factsheet has been prepared by the Dept. of Work and Pensions to help inform about the changes.

There are changes planned for the Governance of the Fund. Find out about the consultation it here.

The Pensions Regulator has produced another guide about pension scams, which are on the increase.

This newsletter covers a range of items of interest to members.

With a little over a year till the new version of the Local Government Pension Scheme becomes effective, there’s a lot to do to ensure a successful implementation.

HM Revenue & Customs have published a factsheet about the tax consequences of pension liberation

At present, the scheme is only open to employees with contracts of at least 3 months duration.

The Pensions Regulator has recently advised that “Pension liberation, also known as ‘pension loans’ and ‘pension scams’,

he Pensions Section is in the process of issuing annual statements as at 31st March 2012.