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Pensions Line Special, June 2023 - The McCloud Judgement and the LGPS |
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The 1 October 2023 is fast approaching when the McCloud remedy for the LGPS will come into force.
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For qualifying members this will involve the comparison of pension benefits due from the CARE scheme and those which would have been payable had the member continued in the Final Salary Pension Scheme, during the remedy period 1 April 2014 to 31 March 2022.
This protection is called the Underpin and that’s why we have been collecting the full-time equivalent (FTE) pensionable pay to the eve of a member’s 65th birthday so that we can do the comparison of benefits.
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Members past and present if:
- they were also paying into the LGPS between 1 April 2014 and 31 March 2022
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- they were paying into the LGPS or another public sector service pension scheme on or before 1 April 2012
and
- they have been a member of a public service pension scheme without a break of more than 5 years
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Although Fund employers have been responsible for submitting hour changes and service breaks and have continued to do this throughout the remedy period, over the last three years we have endeavoured to engage with all employers to complete a Data Quality exercise.
This was done to validate the pension records for your members and provide confidence in the resulting pension benefit calculations. Thank you to all the employers who completed this process and formally signed off their member data.
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As detailed in the Data Quality exercise, where no formal sign off was received we will use the member data that is currently held on our records. We will assume that you are happy with the data we hold, you have continued to provide member updates to us and that you are confident your data is ready for the McCloud project.
This is based on our understanding of the Regulations due to come into force on 1 October 2023.
If you have any questions regarding the McCloud project or the quality of your member data, please contact Jane Aplin (jane.j.aplin@devon.gov.uk) as soon as possible and no later than 31 July 2023.
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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 383200
Peninsula Pensions is provided by Devon County Council and is a shared service with Somerset Council |
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