Latest updates

Target Professional Services (UK) (23 March 2022)

We are currently working with a company called Target Professional Services (UK) who help pension schemes find members who they may have lost touch with.

If you are a deferred member of the Fund, you may be contacted by them and asked to complete a verification exercise.

Please confirm your details and verify your address with Target.

This will allow us to update our records with any changes and keep in contact with you in the future to send you updates about your pension and make payment of your benefits when they are due.

You can read more about Target at www.targetprofessional.co.uk  

Investing in Russia (7 March 2022)

Our first hope is for a resolution to the current situation in Ukraine.

As far as investments are concerned, the situation is having an impact on broad asset markets and is complex and fast moving. 

As we factor in responsible investment issues into our investment decisions, we are discussing our stewardship of our Russian assets with our Committee, Investment Managers, Investment Partners and Stakeholders, including LGPS Central Limited.

We have identified that we have 0.15% of the overall Fund invested in Russia. 

We have suspended any further investments in Russia and our approach will be to exit from all investments in Russia as soon as markets permit.

Government Consultations Update (28 October 2021)

Fair Deal: The proposed amendments (GOV.UK) to the LGPS Regulations would, in most cases, give transferred staff the right to stay as members of the LGPS.

Male survivor benefits: The Chief Secretary to the Treasury has made a written statement on remedying survivor benefits for opposite-sex widowers and surviving male civil partners where male survivors remain entitled to a lower survivor benefit than a comparable same-sex survivor.

McCloud: On 11 May the Queen’s speech announced there will be a Public Service Pensions and Judicial Offices Bill to ensure equal treatment for all members within each of the main public service pension schemes, following the reforms to change schemes to career average. This was followed up by a Ministerial Statement on 13 May confirming that: ‘The overarching aim is that the changes will address the findings of the Courts and provide protection to all qualifying members when their benefits are drawn from the scheme...regulations giving effect to these changes will be made after new primary legislation in relation to public service pensions has completed its passage through Parliament and the Government’s intention is that regulations will come into force on 1 April 2023'. 

Following HM Budget on 27 October HMRC announced a series of measures to ensure public sector scheme members will not have to pay extra tax if they receive an uplift in their benefits due to the McCloud remedy.

Restriction of public sector exit payments in England: £95K cap disapplied: The government has announced that parts of the restrictions on public sector exit payments that came into force in November are disapplied. The Treasury’s updated guidance states: “After extensive review of the application of the Cap, the Government has concluded that the Cap may have had unintended consequences and the Regulations should be revoked. HMT Directions have been published that disapply the Cap until the Regulations have been revoked.”

Tax relief for low earners: Following a consultation the government has announced that it will introduce a system allowing low-earning individuals saving in a pension scheme using a net pay arrangement to claim top-up payments from HMRC in respect of tax relief on contributions made from 2024 / 2025 onwards.

2021 employee benefit statements and newsletters (4 August 2021)

You should receive yours by early September along with our 2021 employee newsletter.

If, once you have yours, you are thinking about contacting us about your statement, we recommend that you first read our 2021 employee benefit statements FAQs (PDF).

If you contact us, we would appreciate you bearing with us if our phones are busy and whilst we work through our inbox.

Deferred benefit statements 2021 (21 June 2021)

We have issued these and our 2021 newsletter for deferred members.

If you have not received yours, it is possible that we do not hold an up to date address for you, in which case please provide us with your current address using our Notify Change of Personal Circumstances Form 

You can scan and email the form to us.

For security reasons, we are not able to accept address changes over the phone.

We always recommend that members who move advise us of their new address.

If you have contacted us about your deferred benefit statement, we would appreciate you be
a ring with us if our phones are busy and whilst we work through our inbox.

We expect our 2021 employee benefit statements and newsletters to be on doormats by early September.

An view over Worcestershire