Following the recent measures put in place by the Government to contain the Coronavirus, Peninsula Pensions are currently only able to provide a restricted form of postal correspondence due to our staff being unable to access the printing and postage facilities located in our office on a daily basis.
We therefore intend to communicate with members electronically during this period via our online MSS (Member Self Service) Portal.
If you have already registered for MSS, we strongly advise you to check your ‘sign-in’ details to ensure that you are still able to access the service accordingly.
If you have not yet registered for MSS, it is essential that you register as soon as possible in order to continue to receive communication from Peninsula Pensions throughout the duration of any Government measures put into place which may affect our ability to provide postal correspondence.
If you have previously elected not to sign up for MSS and have instructed us to continue to provide you with postal correspondence, then no further action is required. However, please be aware that there may be delays in receiving communications due to the reasons outlined above. It may be advisable to re-consider signing up for MSS.
We will shortly be writing to any members who have not signed up for MSS or who have previously opted out of MSS, with instructions on how to register.
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Draft PAS document and wording to be updated for PLPosted in Uncategorized | Comments Off on Draft PAS
Pension contribution pay bands from 2019/2020:
|Actual Pay Rate||Contribution Rate|
|Up to £14,400||5.5%|
|£14,401 to £22,500||5.8%|
|£22,501 to £36,500||6.5%|
|£36,501 to £46,200||6.8%|
|£46,201 to £64,600||8.5%|
|£64,601 to £91,500||9.9%|
|£91,501 to £107,700||10.5%|
|£107,701 to £161,500||11.4%|
|More than £161,501||12.5%|
Pension contribution pay bands 2018/19:
|Actual Pay Rate||Contribution Rate|
|Up to £14,100||5.5%|
|£14,101 to £22,000||5.8%|
|£22,001 to £35,700||6.5%|
|£35,701 to £45,200||6.8%|
|£45,201 to £63,100||8.5%|
|£63,101 to £89,400||9.9%|
|£89,401 to £105,200||10.5%|
|£105,201 to £157,800||11.4%|
|More than £157,801||12.5%|
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Vacancy – Fund Member Representative
We currently have two vacancies on the Devon Pension Board for the position of Fund Member Representative.
In order to undertake the role, the successful candidates will need to demonstrate the capacity to represent fund members by attending four meetings a year, plus training events.
Knowledge and experience of pensions would be an advantage, but training will be provided.
If you are interested in applying for the role, please complete the application form and return to:
Devon Pension Board
Devon County Council
Room G99, County Hall
Exeter EX2 4QD
or email your completed application form to firstname.lastname@example.org
Please note that the closing date for applications is Friday 29th March 2019
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Local Government Pension Scheme Advisory Board (SAB) pauses its cost management process
On 7th February, the SAB received confirmation that the cost cap pause and the uncertainty caused by the McCloud case announced in last week’s Written Ministerial Statement, applies equally to the LGPS as to the unfunded public service pension schemes. This is disappointing, however given that confirmation the SAB considers it has no option but to pause its own cost management process pending the outcome of McCloud.
The SAB remains committed to honouring the result of its cost management process once the outcome of McCloud is known. In pausing the process, it has reserved its position regarding the resubmission of the same or a revised package of benefit improvements and contribution reductions when clarity in this matter has been achieved.
As a result, there are currently no changes to benefits planned in respect of the cost cap. This situation will be reviewed once McCloud is resolved which is not expected for some months.
Administering authorities and employers should therefore proceed on the assumption that the scheme will not change in April. In particular employee contributions should be collected in April on the basis of current regulations. The table of employee contribution bands and rates to be implemented with effect from 1st April 2019 under current regulations is shown below.
Further information including a copy of the McCloud Appeal Court Judgement, the Written Ministerial Statement (WMS) and the letter confirming LGPS inclusion in the WMS is available on the SAB website by following this link http://www.lgpsboard.org/index.php/structure-reform/cost-management.Posted in Uncategorized | Comments Off on Update for Cost Management Process
The Pensions Regulator has advised pension holders that if you are cold-called about your pension, or believe you could be the victim of pension fraud, please contact Action Fraud on 0300 1232040. Find out about the four simple steps to protect you from pension scams.
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An amendment to the Annual Allowance email address. Pensions Line May 2018 amendment.Posted in Employer news, Uncategorized | Comments Off on Pensions Line May 2018 amendment
Due to severe weather in the South West there may be reduced service this afternoon (1 March) and tomorrow (2 March). We apologise for any inconvenience.Posted in Uncategorized | Comments Off on Reduced Service
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The latest issue of the Pensions Line e-bulletin is out now – full of useful information and updates for our employers. Read it here.Posted in Uncategorized | Comments Off on Latest Pensions Line – out now