One of the Fund AVC providers the Prudential have confirmed that they are closing their UK Property S3 fund (the “property fund”) with an effective date of 22 June 2021. They propose to move investments in the property fund to a multi-asset fund, the Prudential Dynamic Growth I S3 fund (“PDGI”). If you are invested in the property fund they will write to you to let you know about the change.
AVC provider Prudential closing Prudential UK Property S3 Fund
Pensions Increase 2021
Read about the Pensions Increase award for 2021 - 0.5% payable with effect from 12th April
Lifetime Allowance 2021/22
Read more about the Lifetime Allowance
Falkirk Pension Fund is calling for the UK Government to set an ambitious Nationally Determined Contribution (NDC)
Falkirk Pension Fund is one of 78 business groups calling for the UK Government to set an ambitious Nationally Determined Contribution (NDC) by the end of the year in line with the Paris Agreement and the UK’s own net zero by 2050 target.
McCloud Legal Judgement
Some information on the McCloud legal judgement and a copy of the Scottish Public Pensions Agency consultation.
Approval and Publication of Audited Pension Fund Accounts 2019/20 - update
Approval and Publication of Audited Pension Fund Accounts 2019/20 - update following the news item dated 29th September 2020
Approval and Publication of Audited Pension Fund Accounts 2019/20
Approval and Publication of Audited Pension Fund Accounts 2019/20
2020 Benefits statements and newsletter
2020 Benefits Statements for active and deferred members
Pension payments - April 2020
Pension payroll processing and payments
Coronavirus (COVID-19) FAQs for LGPS members
Please read more for FAQs
Barclays Climate Ambition to be a Net Zero bank by 2050
Barclays has today publicised its ambition to become a net zero bank by 2050 and to align all of its financing activities with the goals and timelines of the Paris Agreement.
Coronavirus and scammers
In these unusual times the Pensions Regulator has asked Funds to remind members to be aware of scammers.
Coronavirus update 24th March 2020
Pension queries and mail
Recent stock market movements
A short update on recent stock market movements and your pension rights or pension in payment
Pensions Increase 2020
Falkirk Council Pension Fund
Coronavirus Update - Pensions Section Operations
Falkirk Council Pension Fund promotes and supports investor vote on climate change at Barclays
Falkirk Council Pension Fund joins other institutional investors to put pressure on Barclays to stop financing fossil fuel companies.
Fund Signs Up to Climate Change Lobbying Group
Falkirk Council Pension Fund has joined the Climate Action 100+ initiative.
Fund Joins International Climate Change Group
Falkirk Council Pension Fund has joined the Institutional Investors Group on Climate Change (IIGCC).
McCloud/Sargeant challenge Written Ministerial Statement
The Chief Secretary to the Treasury issued a Witten Ministerial Statement providing an update on the McCloud/Sargeant challenge of the transitional protections.
Inspection of Abstract of Accounts Notice
FALKIRK COUNCIL INSPECTION OF ABSTRACT OF ACCOUNTS, FALKIRK TEMPERANCE TRUST AND PENSION FUND ACCOUNTS 2018/19
June 2019 - Important Scheme Changes
Some important changes to the Scheme come into force on 28th June 2019. Most of the changes are backdated to 1st June 2018, the date on which the most recent version of the Scheme – the Local Government Pension Scheme (Scotland) 2018 – first came into effect.
Delay in Posting Pension Advice Slips - 15th May 2019
Vacancy on Pensions Committee - Pensioner Representative
Falkirk Council wishes to appoint a capable and committed person from its pool of retired pensioners to sit as the Pensioner Representative on its Pensions Committee. The Committee is the decision making body of the Pension Fund and is a key part of the Fund’s stewardship and governance framework. The Committee sets the Fund’s high level strategies, including Fund investment, contribution and administration strategies. The Committee is also responsible for approving the Annual Report and Accounts and for monitoring the overall performance of the Fund.
Pensions Increase 2019
The Annual Pensions Increase for 2019 is 2.4%, payable from 8th April, 2019. Your annual pension will therefore be increased by 2.4% from 8th April, 2019 (but please read the Factsheet in our Forms and Publications Section for exceptions to the general rule). Falkirk Council’s pensions are payable in arrears on the 15th of each month. This means that: • your payment on 15th April will only include 8 days at your new rate of pension • your payment on 15th May will be based entirely on your new rate of pension.
Draft Response to Structural Review Consultation
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.
The Pensions Regulator's updated publication on scammers
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.
Beware cold-calls from fraudsters claiming to be from The Pensions Regulator
The Pensions Regulator publish a press release
Pension Fund and Fracking
The following note has been prepared in response to enquiries about the Pension Fund and fracking:
2018 Annual Benefit Statements for active scheme members
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.
Investment in Israeli Bank
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:
Structural Review of Scheme
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.
What is the GDPR?
Consultation on Draft Funding Strategy Statement
Late Retirement June 2017
Late Retirement Update
Topping up your State Pension
Find out more on how to top up your state pension benefits
LGPS (Scotland) continues to meet auto enrolment standards.
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.
Newsletter March 2014
This newsletter covers a range of items of interest to members.
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’,
Annual Benefits Statements
he Pensions Section is in the process of issuing annual statements as at 31st March 2012.