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.
New Age 55 Retirement Option
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.
State Pension Scheme Changes from April 2016
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.
April 2015 – the Countdown Begins
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.
Pension Liberation and Tax
HM Revenue & Customs have published a factsheet about the tax consequences of pension liberation
Regulation Changes from 1st February 2013
At present, the scheme is only open to employees with contracts of at least 3 months duration.
Pensions Regulator’s Fraud Warning
The Pensions Regulator has recently advised that “Pension liberation, also known as ‘pension loans’ and ‘pension scams’,