News

The news area of the website will be regularly updated to inform you of any developments within the Local Government Pension Scheme (LGPS), see below for further information.

2019

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January 2019 - Fair Deal consultation

The Ministry of Housing, Communities and Local Government (MHCLG) are seeking views on proposals to amend the rules of the Local Government Pension Scheme (LGPS) in England and Wales. Employers affected are primarily local authorities and their group companies, academies, town and parish councils. It covers the following areas:

  • Amendments that would require specific employers to ensure individuals who have been compulsorily transferred remain in the LGPS (and remove the option of a broadly comparable scheme)
  • Proposals that would automatically transfer LGPS assets and liabilities when employers in the scheme are involved in a merger or takeover.

Please see the MHCLG policy consultation document for more information on the proposals and details of how you can provide your comments. All comments on the proposals must be submitted by 4th April 2019.

January 2019 - Pensions cold-calling banned

From 9th January 2019, companies that make unwanted, unsolicited phone calls to people about their pensions may face enforcement action, including fines of up to half a million pounds. One of the most common methods used by scammers to commit pensions fraud is through cold calls, which is why the government has taken action.

The ban prohibits cold-calling in relation to pensions, except where:

  • the caller is authorised by the Financial Conduct Authority (FCA), or is the trustee or manager of an occupational or personal pension scheme, and
  • the recipient of the call consents to calls, or has an existing relationship with the caller

If you receive a cold call about your pension, get any information you can, such as the company name or phone number, and report it to the Information Commissioner’s Office via their website or on 0303 123 1113

January 2019 - Single Financial Guidance Body (SFBG)

The Pensions Advisory Service, Pension Wise and the Money Advice Service have been merged to form the Single Financial Guidance Body (SFBG). While the SFBG brings the three services together, they each continue to exist under their existing identities. The SFGB will be named over the course of the year.

Links to The Pensions Advisory Service, Pension Wise and the Money Advice Service are available on our useful links webpage.

October 2018 - Annual Report 2017-18

The Annual Report for 2017-18 is now available to be viewed.

August 2018 - Your Annual Benefit Statement is on its way

If you are paying into the Local Government Pension Scheme (LGPS), you will receive an Annual Benefit Statement (ABS) from the Cornwall Pension Fund during August 2018.

It will show the pension you have built up to 31 March 2018 as well as a future projection of your benefits if you remain paying into the scheme to your Normal Pension Age (NPA). This is the age you would retire and take your benefits without any reduction to your pension.

Along with the ABS, we have enclosed an active member newsletter and a preserved member newsletter as applicable, based on your membership status within the Fund.

The statements will be posted out to you in August 2018.

June 2018 - Amendments to the Local Government Pension Scheme (LGPS)

Changes have been made to the Local Government Pension Scheme (LGPS) and they include changes to when you can take your deferred benefit, pre-2014 AVC contracts and an expansion of the underpin. Further details are available to view within the Amendments to Local Government Pension Scheme (LGPS) newsletter

April 2018 - General Data Protection Regulation (GDPR)

Data protection law is changing on 25 May 2018 with the introduction of the General Data Protection Regulation (GDPR). View our "General Data Protection Regulation (GDPR)" page for more information including a Q&A for Local Government Pension Scheme (LGPS) members.

April 2018 - Employee contribution rate bands

The pay bands which determine the contribution rate a member of the LGPS should pay from 1 April 2018 are now available. View our 'how much will I pay?' page to check yours.

March 2018 - Pension Increase

Pensioner members will see their pension increase by 3% in line with the Consumer Prices Index (CPI) from April 2018. View our "Will my pension increase?" page for more details.

July 2017 - Options for Academies in the LGPS

The Scheme Advisory Board (SAB) requested a review of the current issues faced by the LGPS and associated stakeholders in relation to academies participating in the English LGPS Funds. This report by PWC, is now available to be viewed: Options for Academies in the LGPS

Our Jargon Buster may help with pensions terminology.