Pensions Line July 2014

Peninsula Pensions

 A quarterly e-zine for Devon and Somerset LGPS employers


Absence due to Trade Dispute

At the moment it has been announced that there is to be a strike on 10 July 2014, with the possibility of more to follow.  The LGA has produced Circular 283 which gives comprehensive information for employers on the effect of strike on a scheme member’s benefits and what action an employer needs to do.  Please ensure you read this circular.  Also, we have produced an employee’s factsheet on Strike.  Don’t forget that Peninsula Pensions needs to be informed of the scheme members who go on strike. This can be done by completing the spreadsheet and emailing it to us.
Links to the circular, employee’s factsheet and spreadsheet can be found on the Employers' page on our website

Changes to ill-health certificates , clarifications  etc.
Circular 282

Purpose of this circular
Circular 277 of March 2014 set out the ill-health retirement procedures that would apply in England and Wales following the introduction of a Career Average Revalued Earnings (CARE) pension scheme from 1 April 2014 (the 2014 Scheme).
Since issuing that Circular, the LGPC Secretariat has provided further advice to individual employers and pension fund administering authorities who have sought clarification on various matters.
The certificates are being revised and the latest versions will be available on our website soon

LGPS consultation on Governance Regulations 2014

Consultation  on the regulations relating to the introduction of governance arrangements to the new Local Government Pension Scheme in England and Wales commenced on 23 June 2014 and is due to close on 15 August 2014. Information and a link to the draft regulations can be found on the website

Have you formulated your Discretions Policy yet?
(If you are a Trust School this does not apply to you) 

Just to remind you that each employer in the LGPS has to formulate and publish a discretions policy, and this should have been done by 1 July 2014.
Further to the Special Pensions Line sent out recently, employers have the discretion to pay for or contribute towards a member’s AVC arrangement under a shared cost AVC. More

Leavers with two or more years’ service (Deferred Benefits)

There is an updated Information sheet available on the forms page in the Employers’ section of our website for members leaving the pension scheme with a benefit entitlement which is deferred until they reach retirement age. The form can also be found here

July 2014

Devon Fund / investment updates

The Devon Pension Fund Consultation on a draft Funding Strategy Statement
Please read this message

Latest investment update can be found here

Somerset Fund / investment updates

All the Somerset CC Pension Fund committee papers are here, including an update on investment performance. You can also see copies of the last five years of Pension Fund Accounts. Please contact Anton Sweet 01823 356854 with any questions regarding the investment of the Somerset pension fund


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