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.
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.
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’,