Our new shared service 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, including a new area for everything Hounslow Pension Fund. Feedback has been very positive so far and we’re always interested to hear what you think of it. https://www.wypf.org.uk/ 

2024 HPF fund report

Last year we mentioned that the fund had seen a decrease in value of 3% due to global and domestic headwinds that affected most funds alike. I am pleased to say that in 2023/24 the fund bounced back with an increase in the value of the assets from £1,212m at 31 March 2023. to £1,332m at 31 March 2024. This is an increase of c10% on the previous year and marks one of the highest points that the fund’s investments have achieved.

Read more about the fund’s performance in this easy to digest summary on https://www.wypf.org.uk/london-borough-of-hounslow-pension-fund/lbh-documents-and-boards/hpf-fund-report-2024/

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/

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/

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/

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.