News
Category: tell your members
Exit payments cap summary
The government first announced plans to cap exit payments in the public sector in 2015. On 10 April 2019 HM Treasury (HMT) launched a consultation on draft regulations, guidance and Directions to implement the cap. This document summarises the proposals as they relate...
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Changes to buying additional pension contributions
The factors used to work out the cost of buying additional pension are checked and changed from time to time. The Ministry of Housing Communities and Local Government (MHCLG) issued revised factors on 14 March 2019 following a review by The Government Actuary’...
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Changes to when your members can take their deferred benefit
Last year we let you know about a change to the Local Government Pension Scheme rules, if your members left with a deferred benefit before 1 April 1998. We told you that the rules had been changed to allow them to take their benefit at the age of 55 (rather than 60)...
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Changes to survivor benefits for same sex spouses and civil partners
There’s been a change to the scheme rules so that survivor benefits payable to a same sex spouse or a civil partner are equal to those paid to the widow of a male member. The change is backdated to the date the civil partnerships and same sex marriages were introduced...
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Pensions cold calling ban commenced!
Legislation to ban pensions cold-calling came into force on the 9th January 2019, meaning that companies making unsolicited phone calls to people about their pensions face enforcement action, including fines of up to £500,000. The ban, introduced under the Privacy and...
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Changes to actuarial factors
In his latest budget, the Chancellor confirmed a reduction of the SCAPE discount rate from 2.8% above the Consumer Prices Index (CPI) to 2.4% above CPI. The SCAPE discount rate is used to determine the actuarial factors used across all of the public service pension...
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