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We have decided to trial a new approach to the annual Pension Liaison Officer Group (PLOG) meetings and make use of Microsoft Teams to provide topic focussed events through the year. The first one will take place on Tuesday 17 May and will focus on the admission agreement process.
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 Please register your interest by submitting this form. If you are not involved in the set up of an admission agreement please feel free to forward the invitation on to a colleague who deals with this area.
We look forward to seeing you there.
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The annual allowance calculations will shortly be due for the year 2021/22 for all scheme members currently contributing.
To help reduce the number of individual requests for pensionable pay relating to these calculations, we have identified two categories of members that we consider may potentially breach the current HMRC limit of £40000:
- Employees who receive an annual salary of £90,000 or more per year, or
- Employees that have had an increase in salary over the last year of £5,000 or more.
It may still be necessary to request further pay information for other employees that have differing circumstances, but we hope that by providing these details annually from now on, these requests will reduce in number.
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For employees that fall into either of the two categories, please arrange for the Annual Allowance Spreadsheet to be completed fully and returned to us by 5th July 2022. If you believe you have no employees that fall into the above categories, please confirm by returning the spreadsheet with the confirmation page completed.
Please send the data titled ‘Annual Allowance 2021/2022′ to our secure mailbox at: finance.pensionstechnicaltraining-mailbox@devon.gov.uk . You may also use this mailbox for queries relating to the spreadsheet and Annual Allowance.
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As we enter the new financial year, please take time to review your employer discretion policy. Some things to consider:
- Is it still fit for purpose?
- Is it affordable?
- Have you included all employer discretions - mandatory and non-mandatory as recommended?
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Our website includes full guidance and an example template to help you formulate and review your discretions in line with the regulations. Following the review please send a copy of your current or updated policy to the Employer & Communications team.
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We have recently been asked whether the climate emergency is taken into account in fund investments. Devon and Somerset funds are completely separate funds and both have policies in place as to how they manage the risks of climate change and how they are responding to the climate emergency.
Some of you also asked when you will know the outcome of the triennial review. Both the Devon and Somerset Pension Funds are expecting to receive the preliminary whole fund results late 2022. They will then begin the distribution of individual employer results. Please contact your fund if not received by the 31 January 2023.
You can find details of the policies in place at the following links:
Devon Penson Fund: Climate change - Devon Pension Fund
Somerset Pension Fund: Somerset Fund Investment Strategy Statement.
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Peninsula Pensions
Great Moor House
Bittern Road
Sowton Industrial Estate
Exeter EX2 7NL
Tel: 01392 383000
Peninsula Pensions is provided by Devon County Council and is a shared service with Somerset County Council |
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