The news area of the website will be regularly updated. This is to inform you of any developments within the Local Government Pension Scheme (LGPS). Please see below for further information.
December 2020 - Fund of the Year
We are pleased to announce that the Cornwall Pension Fund has won the "LGPS Fund of the Year (assets under £2.5billion)" category at the 2020 LPAF Investment Awards. The Fund was also shortlisted for the "Best Approach to Sustainable Investing" category.
December 2020 - Annual Report 2019-2020
The Annual Report for 2019-2020 is now available to be viewed.
October 2020 - 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). This will come from the Cornwall Pension Fund during October 2020.
It will show the pension you have built up to 31st March 2020. It will also show 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.
April 2020 - Employee contribution rate bands
The pay bands which determine the contribution rate a member of the LGPS should pay from 1 April 2020 are now available. View our 'how much will I pay?' page to check yours.
April 2020 - Pension Increase
Pensioner members will see their pension increase by 1.7% in line with the Consumer Prices Index (CPI) from April 2020. View our "Will my pension increase?" page for more details.
March 2020 - Covid-19 update
Due to Covid-19 and the latest Government advice, some of our staff are self-isolating and/or working remotely from home. Therefore, we are currently operating a reduced service. We will endeavour to answer your queries as soon as practicably possible.
In the meantime, you may wish to view the Covd-19 FAQs web page.
March 2020 - The LGPS and stock markets
The LGPS defined benefit pensions are not linked to the stock market performance and are set out in statute. Although short term investment values may vary, the LGPS as a long term investor is securely managed to address any longer term impacts.
LGPS scheme members can therefore be assured that both their contributions and their pension, whether in payment or built up to date, will be unaffected.
March 2020 - Update on McCloud case
The Scheme Advisory Board (SAB) have provided an update regarding the McCloud Case. This states that the Government and the SAB are having high level discussions. In these, the SAB is confident that the eventual outcome will provide younger members in scope with protection. This will be equal to the protection provided to older members. The protection compares the benefits payable under the current rules with the benefits that would have been paid if the Scheme had not changed in 2014 and pays the higher. This protection will apply automatically. LGPS members who meet the qualifying criteria do not need to take any action.
October 2019 - Retirement Living Standards
The Pensions and Lifetime Savings Association (PLSA) has launched the "Retirement Living Standards". This provides you with some guidance as to what income you should be aiming for at retirement.
July 2019 - Government's request for an appeal denied (McCloud case)
The McCloud case concerns the transitional protections given to members of the Firefighters' Pension Scheme. In 2012 these members were within 10 years of their normal pension age. In December 2018 the Court of Appeal found that these protections were unlawful on the grounds of age discrimination. As such they could not be justified.
On the 27th June 2019 the Supreme Court denied the Government's request for an appeal in the McCloud case in respect of age discrimination and pension protection.
The Chief Secretary to the Treasury on 15th July 2019 confirmed that the principles of the outcome would be accepted as applying to all public service schemes. This includes the Local Government Pension Scheme (LGPS).
The matter will now be referred back to the Employment Tribunal for a remedy hearing. This could mean significant changes to the public service schemes.
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. This includes 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. This 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. You should report this to the Information Commissioner’s Office via their website or on 0303 123 1113.
June 2018 - Amendments to the Local Government Pension Scheme (LGPS)
Changes have been made to the Local Government Pension Scheme (LGPS). These include changes to:
- when you can take your deferred benefit
- pre-2014 AVC contracts
- an expansion of the underpin
For further details please view the following document: