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 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/
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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/
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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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Deferred pensions up by 6.7% in 2024
The 6.7% increase on deferred benefits was applied from 8 April 2024. This increase is based on the value of the Consumer Prices Index on 30 September in the previous year.
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Other topics
You might be interested in these other topics we cover on https://www.wypf.org.uk/lgps-members/i-have-deferred-benefits/
- Annual pension increase to deferred pensions
- Your deferred pension statement
- Transferring and linking your deferred pension
- Claiming your deferred pension
- Death benefits
Remember to keep your details up to date, and if you move house make sure you tell us so we can update your record.
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
WYPF Shared Administration
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