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We would like to say a big thank you to you all for embracing the new leaver spreadsheet, the process seems to be working well and the feedback so far is very positive
Just a couple of things to note:
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Please make sure your payroll system holds the correct start date to reference when allocating the correct reason for leaving, especially in the cases where you have a change of payroll provider.
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 Reasons for Leaving:
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It’s important that you only use the choices available within the spreadsheet. Changing any wording causes problems for us when we upload the data to the members record
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Please make sure you check the members service and if less than 2 years, select ‘Leaver under 2 years membership’ irrelevant of their age - if the wrong reason for leaving is selected the relevant fields may not be completed and we may need to request additional information from you which delays the processing of that members benefits.
Our Interfacing Guide has been updated to include the Leavers Spreadsheet and a video to help you with completion will be available soon.
Please could you add a note within your leaver correspondence to members asking them to update their email address with Peninsula Pensions via Member Self Service.
We had planned to host an online meeting with you all in April following one month’s use of the spreadsheet but feel it will suit all parties better to hold the session in May so we will confirm the date in next month’s edition.
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If you haven’t already done so, please download the Employer Key Decisions form and return it to us before the end of March. Please also share the HR Authorisation form with your HR team so they are aware it needs to be completed for each employer led retirement.
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In the March 2023 budget the government announced the abolishment of the life time allowance and changes to the annual allowance – please see the news item on our website for more details.
However, under current legislation the taxation on pensions is something that members need to be made aware of. When the capital value of a pension is more than a member’s lifetime allowance (LTA), they will have to pay tax on the excess. If the excess benefits are paid as a pension, the tax charge will be 25% of the excess. The ongoing pension payments will also be subject to income tax. If they take the excess benefits as a lump sum, they will be taxed once at 55%.
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 If you have requested an estimate from us, our letter will confirm that the % of LTA is shown on page 2 of their estimate. On retirement we will also ask them to confirm if they have any other pension entitlement which we need to consider when assessing the benefits we pay. More guidance and a quick check tool can be found on the national LGPS scheme member website.
Please ensure your employee's are aware of the following when taking their benefits under current legislation.
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Our email systems are automatically configured to encrypt information that we email to organisations such as other local authorities, the police or health colleagues, without the need for us to take any special action. However, there are times when it is necessary for us to apply extra protection to the information we are required to send by email. In these circumstances, Egress Switch should be used to ensure the safe and secure sharing of information by email. If you are having problems with opening any of our emails, please refer to the Egress support website:
How to create an Egress Account
How to open a secure email using Egress Web Access
How to reply to an Egress Secure Email online
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Last week, Heywood Pension Technologies who oversee the Altair System took home the award for the Pension Technology Firm of the Year!!
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They received the award at the 10th Annual Pension Age Awards organised by Pensions Age Magazine. A few of our members of staff were invited along for the evening, and thoroughly enjoyed their time. Huge congratulations to Heywoods for the win!
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We have a dedicated team that will work with you to ensure the best possible service for all your LGPS staff, by providing guidance and support for you. Our Employer Liaison Officer, Mark Griffin, can arrange training to help you understand your responsibilities as an employer within the LGPS and what you need to do.
If you need help with processes or have any questions, please send the Team an email or call Mark directly on 01392 385372. We ask that you do not send emails directly to any members of the team but direct your enquiry to the team mailbox at peninsulaemployers@devon.gov.uk - this mailbox is monitored daily so one of the team will get back to you as soon as they can.
If members have queries on their benefits, please refer to Member queries info below.
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Keep us updated with any changes in staff responsible for completing our forms (authorised signatories). This can be done by completing our online form.
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 you are changing your Payroll Provider, please contact the Employer & Communications Team so that we can help you through the process and make sure you retain access to historical payroll information.
TUPEs & New Academies - Please do not complete the leaver spreadsheet if members are leaving your employment and transferring to another employer under TUPE. Follow the process outlined on our website instead.
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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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