Category Archives: LGPS news

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Contribution bands 2015/16

Posted on by Mike Germon

Please find below the contribution bands that take effect from 1st April 2015

Contribution Table 2015/16
Band Actual pensionable pay for an employment Contribution rate for that employment
Main section         50/50 section
1Up to £13,6005.5%         2.75%
2£13,601 to £21,2005.8%         2.9%
3£21,201 to £34,4006.5%         3.25%
4£34,401 to £43,5006.8%         3.4%
5£43,501 to £60,7008.5%         4.25%
6£60,701 to £86,0009.9%         4.95%
7£86,001 to £101,20010.5%         5.25%
8£101,201 to £151,80011.4%         5.7%
9£151,801 or more12.5%         6.25%

 

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Shadow Scheme Advisory Board

Posted on by Mike Germon

 

The Shadow Scheme Advisory Board (SSAB) has today published a briefing note in respect of the cost control processes which will be used to assess the costs of the reformed LGPS in England & Wales.

Please click here to see this briefing note.

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Annual Benefit Statements 2014

Posted on by ppension

Our Annual benefit statements for 2014 will be sent to all active staff early October 2014. Please click here to view our FAQ that may answer any questions you may about your statement.

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Changes to the Local Government Pension Scheme

Posted on by Mike Germon

You may have heard that there will soon be changes to your Local Government Pension Scheme (LGPS) pension.

From 1 April, the LGPS will change from a Final Salary Pension Scheme to a Career Average Pension Scheme. You may have heard it referred to as a CARE (Career Average Revaluation Earnings) scheme. This means that the benefits you build up are worked out using your pay each scheme year, rather than on your final salary.

It’s important to know that everything you have paid into your pension before April will be protected. If you are currently a contributing scheme member, your pre-April 2014 pension will still be based on your final salary when you leave and the current Normal Pension Age.

If you already receive a pension or have left with a deferred pension these changes do not affect you.

The LGPS 2014 website has lots of information about the new scheme.

Look out for more information about the new scheme coming up and if you would like to talk to someone at Peninsula Pensions, please call 3000 and ask for Pensions.

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Peninsula Pensions and Member Self Service

Posted on by ppension

Welcome to the Peninsula Pensions website. We hope you find it easy to use and can find the information that you are looking for.

We recently sent out a letter telling all of our members about Peninsula Pensions and about Member Self Service. You can view the letter here.

Member self service is not compulsory so if you would like to receive correspondence by post or if you have any other queries, please do get in touch.

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LGPS 2014

Posted on by Mike Germon

From 1st April 2014 The Local Government Pension Scheme changed from a Final Salary pension scheme to a CARE (Career Average Revalued Earning Scheme).

For more information on the scheme changes and how this  will effect you please visit www.lgpsmember.org

 

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Annual Benefit Statements

Posted on by Mike Germon

 

Please note that if you are an active member the Annual Benefit statements for 2013 will be issued in the Autumn.  This change in process was stated in our last newsletter which was distributed to all staff by their employer.

You can find a copy of this newsletter here.

 

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New Contribution Bands 2013

Posted on by Mike Germon

The contributions you pay as a member of the Local Government Pension Scheme are based on your whole time equivalent pay.  Please find below the bandings from April 2013.

Whole time equivalent pay range

£0 – £13,700                           5.5%

£13,701 – £16,100                5.8%

£16,101 – £20,800                5.9%

£20,801 – £34,700               6.5%

£34,701 – £46,500                6.8%

£46,501 – £87,100                7.2%

More than £87,100               7.5%

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