Pensions Increase Index linking from 2011

In his Budget of 22nd June and Chancellor described a range of possible cost savings linked to public service pensions from April 2011. This included the possibility of indexing pensions in payment with the Consumer price Index (CPI) rather than the current index used, the Retail Price Index (RPI). The link to RPI has always been outside of LGPS legislation. Increases are contained within the Pensions Increase Act 1971 and 1974 and the LGPS is subject to annual increase orders.

It is currently unclear whether this will definitely apply to the LGPS but Fund Members will be kept informed via out website and newsletters.

Fund Member Forum 2010

LPFA is pleased to announce that this year's event will be held on Tuesday 7th September 2010 at the Southbank Centre, London SE1 from 10am until 2pm.

If you would like to attend the Forum, please contact Erica Wright on 020 7369 2679 or email communications@lpfa.org.uk.

We look forward to seeing you there.

Pensions Increase 2010

Please note that for the first time for many years there will be no pension increase in 2010 for the Local Government Pension Scheme.

The annual pension increase is linked to the RPI at the end of September each year. As this was minus 1.4% in 2009 there will be no increase in your occupational pension. Your pension will therefore remain the same.

The LPFA have no say in setting this award and does not have the power to award any differing increase. However the basic state pension will rise 2.5% from April.

Pensions Increase 2010 FAQ's for Pensioners (PDF 36KB - opens new window)

LPFA assets not affected in £10b Madoff scandal

The London Pension Fund unlike some other local authority pension funds you may have heard mentioned in news reports or read about in the press did not have any assets involved in the emerging £10b fraud by New York financier Bernard Madoff.

Local Government pensioners not included in £100m overpayment 'blunder'

The breaking story of £100m overpayments of public sector pensions is limited to previous central not local government employees. The affected pensions were paid by Xafinity Paymaster and although overpayments will not be 'clawed' back many will see a reduction in their pension from next April.

Credit Crunch - is my pension safe?

Read our "Is my pension safe" bulletin (PDF 145KB - opens new window) on how the credit crunch affects your pension.

New-look Local Government Pension Scheme from April 2008

The primary legislation governing the new look lgps, effective from 1 April 2008 is now in place, though a number of final amendments are yet to go before Parliament, in particular the planned provisions for the third tier of ill-health award. Watch this space for the latest developments.

Nomination of Cohabiting Partners

The new Scheme introduces the provision for a dependant’s pension to be paid to a nominated, co-habiting partner. This option applies only to those who are or were active members of the LGPS on or after 1 April 2008 and is not available to deferred or pensioner members who left before that date. Such a pension would be based on your membership after 05/04/1988 and would be payable following your death to someone that you have nominated. To create a nomination, a written declaration signed by both the nominator and the nominee must be sent to the Administering Authority which states that for a period of at least two years, the following criteria have been met:

• There is financial dependence by the nominee on the nominator, or interdependence between both parties
• Both parties have been free to marry or enter into a civil partnership with each other
• They have been co-habiting as husband and wife, or as civil partners

You can download a nomination form for cohabiting partners (PDF 49KB - opens new window)