Summer Newsletter 2022

Welcome to our new online newsletter. It's now easier than ever to find relevant articles, share content and bookmark your favourite pages. Happy reading!

A message from Jo Darbyshire

Managing Director at LPPA

In this newsletter, we’ve included the usual updates on your pension, along with some inspiration and one or two insights from other members. There’s also a fun quiz to test your pension knowledge.

If you’re ready to get online, there’s a link to a resource page for PensionPoint – our new online portal. Some of you may already have access to the site. Others will be getting an email from us later in the year. And don’t worry, when it’s time to register, we’ll make sure you have everything you need to get started.

I hope you enjoy the newsletter and have a lovely summer.

Jump to article...

1. Your latest pension increases
2. PensionPoint
3. Member case studies
4. Understanding your Annual Benefit Statement
5. Moving abroad
6. Pension health check
7. Latest Remedy information
8. Take our pension quiz
9. Ask the expert
10. Everything you need to know about nominating a beneficiary
11. Member training
12. In case you missed it
13. News from your pension scheme

• 
• 
• 

Your latest pension increases

The government has approved the rate of increase for all public service pensions.

Click here to view the latest increases Link opens in a new window

• 
• 
• 

PensionPoint

PensionPoint is our new online portal for members (replacing My Pension Online). You may already have access. If not, you’ll receive an email from us later this year explaining when and how you can register – along with tips on how to log in and navigate the site.

Visit our PensionPoint resource page Link opens in a new window

• 
• 
• 

Member case studies

Your pension comes with a number of flexible options. We’ve created some new case studies to show how different members have adjusted their pension to suit their individual circumstances.

View the case studies here Link opens in a new window

• 
• 
• 

Understanding your annual benefit statement

Get a better understanding of your Annual Benefit Statement by taking a look at our new web page.

Visit our new web page here Link opens in a new window

If you are a member of a Firefighters’ Pension Scheme, you might also find this LGA Remedy fact sheet useful when reviewing your annual benefit statement.

LGA fact sheet for firefighters

• 
• 
• 

Moving abroad

Retirement is a time when you can focus on your own wants and needs. You might not be there yet, but it’s always nice to think about the future and where you want to be when the day arrives.

Read the article Link opens in a new window

• 
• 
• 

Pension health check

It’s important to keep a check on your pension in the same way you look after your health. Take a look at our tips on how to keep your pension in good shape.

Take our pension health check Link opens in a new window

• 
• 

Latest Remedy information

If you are a member of a Police or Firefighters’ Pension Scheme, we appreciate that you may have questions on the age discrimination rulings relating to your pension. While we don’t have all the answers, we are working closely with the relevant authorities to get you the most accurate information.

For the latest updates, visit the Remedy pages on our website.

Visit the Remedy page for police Link opens in a new window

Visit the Remedy page for firefighters’ Link opens in a new window

/10

442

How well do you know your Pension Scheme?

Take our LGPS quiz

1 / 10

What type of pension do you have access to with the LGPS? 

A defined benefit scheme

A defined contribution scheme

A defined accent scheme

2 / 10

How do you pay into a Local Government Pension Scheme? 

You need to set up a monthly direct debit with your bank

Your employer takes contributions directly from your pre-tax salary

You pay your contributions in cash on the third Friday of each month

3 / 10

Can you take part of your Local Government Pension as a lump sum? 

Yes, you can take up to 25% of the value of your pension as a lump sum when you retire

Yes, you can take all of the pension as a lump sum when you retire

No, your pension is only available as monthly income when you retire

4 / 10

What is a ‘deferred’ member of a Local Government Pension Scheme? 

It’s the name given to someone who has inherited their pension from someone else

It’s the name given to someone who is no longer part of a Local Government Pension Scheme

It’s a member of a local government pension scheme who is no longer actively paying into the scheme

5 / 10

Can you choose to increase your Local Government Pension Scheme contributions? 

Yes, but only for the first year of your membership

Yes, you can pay additional voluntary contributions (AVCs) or additional pension contributions (APCs) for as long as you are an active member in the scheme

No, additional contributions are generally frowned upon

6 / 10

Can you reduce your LGPS contributions without opting out of the scheme? 

Yes, it’s entirely up to you how much you contribute to your scheme

Yes, you can choose to join the 50/50 scheme and pay half the contributions in exchange for half your pension

No, you’re either in or you’re out!

7 / 10

How old do you have to be to start taking your Local Government Pension? 

As long as you’ve paid in to your local government pension for more than two years, you can start taking it whenever you like

You can start taking your local government pension from the age of 55 (or delay it up to the age of 75)

You can start taking your local government pension at the state retirement age (currently 66)

8 / 10

Can you transfer your Local Government Pension if you leave your job? 

No, if you leave your job, you lose your money

No, you have to defer your pension until you reach retirement age

Yes, you can transfer your pension to another eligible scheme or defer it until you reach retirement age

9 / 10

Do you pay tax on a Local Government Pension? 

Yes, although lump sum payments are often tax free, your annual pension income is subject to the usual income tax rules

No, all pension benefits are tax-free

It depends on how much tax you paid while you were employed

10 / 10

What is a death grant (in relation to your Local Government Pension Scheme)? 

It’s the permission slip you complete to say that your pension benefits will stop when you die

It’s your instructions on how you would like your pension to be distributed in the event of your death

It’s a tax-free lump sum that your pension scheme pays to a specific person or organisation in the event of your death

Your score is

The average score is 81%

0%

Neil Lewins

Technical Officer

We recently caught up with one of our LPPA technical experts, Neil Lewins, to find out what it’s like to work here at LPPA and what pension insights he can share with us.

What do you get asked about the most when it comes to pensions?

The biggest topic in terms of queries are AVC’s at retirement as well as changes affecting defined contributions pension schemes.

How long have you been working for LPPA? 

I have worked for LPPA since inception, I think of myself as ‘Trigger’s broom’, I have been working for the same organisation as it has changed from GLG to ILEA to LRB to LPFA to LPP to LPPA.

What would you say is the biggest mistake people make about pensions?

For some people, it's not having access to all the information they need to understand their pension scheme. All details about the scheme can be found through the LPPA website and employers. Often, we will receive relatively short notice from an employer, that a member is retiring. The more notice given to us, the better as it allows for any corrections to be made, if needed.

What does your role as a Technical Officer involve?

The role involves understanding new and amendments made to the LG, Fire or Police regulations as well as wider pension industry like HMRC, DWP, tPR. I need to make sure changes are passed onto relevant teams and clients. I work closely with Julie who is the Technical Manager and together we also provide technical responses to team members for queries that haven't been raised previously. We keep a query log and we also produce FAQ documents, action forms and technical bulletin updates. We are also heavily involved with the Annual Allowance process each year too.

What are the key developments happening in pensions at the moment?

McCloud/age discrimination, increase to the Normal Minimum Pension age from 55 to 57 in 2028, but also we need to be aware of the Pension Regulator consolidated code of practice, which is due out later this year.

How have pensions and the pension industry changed during your time at LPPA?

If I am thinking my whole career, when I started it was full time employees only, no right to opt out and a much smaller number of employers (no academies).

Some people find pensions can be complicated - why do you think this is?

Any one of the individual schemes are relatively straight forward, however the complexity is due to the history of scheme changes and the need to be aware of the regulations that relate to service/pay at different points in recent history. 

• 
• 
• 

Everything you need to know about nominating a beneficiary

If you haven’t nominated your lump sum beneficiary, this article explains how it all works.

Read the article Link opens in a new window

• 
• 
• 

Member training

We want to help you get a better understanding of how your pension works, so why not sign up for one of our free training sessions.

Take a look at what training is available Link opens in a new window

150

Do you like our new online newsletter?

Choose yes or no below

Thanks for your feedback

Yes141

No9

In case you missed it…

Get yourself a cuppa and read the latest industry updates and LPPA news. Find out more Link opens in a new window

Take a look at our helpful pension videos on our YouTube channel. Find out more Link opens in a new window

Did you know we're on LinkedIn? Check out our latest social posts. Find out more Link opens in a new window

Make sure you're using the right address when sending documents by post. Find out more Link opens in a new window