Welcome to the winter edition of your LGPS newsletter. For 2025 we’ve changed our newsletter format so you can see what the main stories are right here at a glance. We hope it will be faster and easier for you to access the subjects you’re really interested in. If you like this new format or have any suggestions for how we could improve it, please let us know.
Our new website
Have you tried our all-new website? A huge redesign in 2024 has made everything brighter, fresher and easier to use. Whatever your area of interest, we think you’ll be able to get the information you need with no messing around. Feedback has been very positive so far and we’re always interested to hear what you think of it. www.wypf.org.uk/
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2024 Fund report
Our latest figures up to 31 March 2024 show the fund in a healthy state. In 2023/24 our investments made a positive return of 8.6% and our net assets stood at nearly £19.3 billion, an increase of almost £1.3 billion over the previous year.
See all the important metrics at-a-glance in our user-friendly fund report https://www.wypf.org.uk/wypf/wypf-documents-and-boards/fund-report-2024/
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Events and webinars
We have a range of courses and webinars you book on ranging from our 'Engage with your LGPS' series where you can find out more about your scheme, to financial planning and pre-retirement courses, hosted by our partner Affinity Connect.
Check out all our member events on our website at https://www.wypf.org.uk/lgps-members/lgps-knowledge-hub/events/
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Pension dashboards coming for all
The government wants the pension industry to provide clear and simple information about an your pension savings, including your State Pension and any other pensions you have. So the Department for Work and Pensions is creating a Pension Dashboard that will be free for all UK citizens to use to view their pension information securely, online and in one place. We’ll be connecting to this service from the start, this is likely to be in 2026. Find out more at https://www.wypf.org.uk/pension-dashboards/
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McCloud ruling on age discrimination
When public service pension schemes, including ours, changed from final salary schemes to career average schemes in 2014 and 2015, only older members were protected from the changes. In 2018, the courts found that some younger members had been discriminated against. Not everyone’s affected by this by any means and increases to pensions are usually small, but you can read more about who’s affected and more at https://www.wypf.org.uk/lgps-members/lgps-knowledge-hub/mccloud-remedy/
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WYPF - annual meeting
At the end of last year we held our usual online annual meeting. If you couldn’t join us live and want to know more about how the year went for the fund and its investments you can watch a recording of the meeting at https://www.wypf.org.uk/wypf/fund-events/
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CARE pensions up by 6.7% in 2024
The adjustment to your CARE pension for 2024 was an increase of 6.7%. The increase will appear on your 2025 pension statement, so be sure to log in your pension account when you get our email about that so you can see how it affects the pension you’re building up.
We adjust the pension you’ve built up so far every April in line with the Treasury Department’s Revaluation Order, currently set by the Consumer Price Index (CPI) for the September before the increase date. The adjustment only applies to the CARE part of your pension. If you also have final‑salary pension benefits from membership before April 2014 they’re worked out differently and the increase doesn’t apply to them until you retire.
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Other topics
You might be interested in these other topics we cover on https://www.wypf.org.uk/lgps-members/im-paying-in/
Remember to keep your details up to date, and if you move house make sure you tell your employer so they can update your record with us.
For information about how we protect and use your data you can read our Privacy Policy online here https://www.wypf.org.uk/privacy-policy/.
Regards,
Stuart Duncombe
West Yorkshire Pension Fund
Chief Executive's Department
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