Exit Cap Employer information notes updated

The Local Government Association (LGA) have updated the employer information notes now that the 2020 Regulations have been disapplied and to incorporate the SAB recommended approach. You can find version 3.2 of the information notes on the Employer guides and documents page of www.lgpsregs.org.

New: Transferring out video for Members

The LGA have produced a new video in the ‘Pensions made simple’ series called Transferring your pension. The video provides information about what members should consider if they are thinking about transferring their pension to a defined contribution scheme.  The video is available in English and Welsh can be viewed on the video page of the member website.

Annual Allowance Calculator

Peninsula Pensions is legally required to provide any scheme members, who have potentially exceeded the Annual Allowance threshold for the previous tax year, with a pensions savings statement by 6th October.

In the event that a scheme member requires a statement before the 6th October, we would recommend that they use the HMRC online calculator or consult an Independent Financial Advisor. We have experienced a considerable increase in the number of requests for early statements over recent years and unfortunately cannot guarantee to provide them with a statement prior to the statutory deadline of 6th October.

Our website also provides links to factsheets on both Annual Allowance and Lifetime Allowance.

Annual Update Bulletin

The LGA have published their annual update bulletin which sets out the rates and bands that apply from April 2021 for various purposes including information employee contribution bandings, Additional Pension Contributions (APC’s) limits and Annual and Lifetime Allowances limits. Bulletin 207 – the March 2021 can be found on the website. Our website will be updated shortly.

Employer PLOG 2021

If you haven’t already done so, please remember to book your place on our Employer PLOG. For more details, please see our website.

Keep us updated

Please remember to keep us updated with any changes in staff responsible for completing our forms (authorised signatories). This can be done by completing our via our online form.

You can also use this form to notify us of any authorised delegated contacts, your IDRP Stage 1 Appeals Officer, your Payroll Provider, your contact for Interfaces and to sign up to our employer newsletter Pensions Line

Change of Payroll Provider & Provision of Data

It is important that you contact the Employer & Communications Team if you are changing your payroll provider. We can then work with you to ensure you put processes in place to retain access to historical payroll information and continue to fulfil your responsibilities as a Scheme employer.

Payment of Pension Fund Contributions

Please remember to inform us and the relevant Finance team each time you have paid your pension scheme contributions, by filling in the Monthly Contributions Form. If we receive the returns right away with the payments and they are correct, it makes the process so much easier, so please ensure that you build this form into your procedures.

If you are a Somerset Pension Fund employer, please contact the Corporate Finance Team for a copy of the Monthly Contribution Return: Corporatefinancepens@somerset.gov.uk

If you are a Devon Pension Fund Employer, you will need to use the online EAS5 form. 

TUPEs & New Academies

If you are outsourcing services and have a number of staff who will be subject to TUPE and moving to a new employer or your school is converting to an Academy or moving MAT, please do not submit any leaver forms as this will complicate the process – instead there is a staff data capture spreadsheet you can complete on our website.

Contacts

Employer & Communications Team

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Peninsula Pensions Employers' Guide

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