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News on the Local Government Pension Scheme and LGPS developments can now be found on their own dedicated pages.

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Pension Increase 2017

 

 

We are pleased to tell you that your London Borough of Hackney pension will be going up by 1.0%.

The Government has approved the rate of increase for all public service pensions and state scheme benefits.  The increase is effective from 10th April 2017 and is 1.0%.

The increase is set by reference to the Consumer Price Index in September 2016.  It does not reflect the performance of the Hackney Pension Fund and we do not have the power to pay any additional increase.

Your pension will be increased with effect from 10th April 2017 if you:

  • are aged 55 or over, or
  • are receiving a spouse’s, widower’s, beneficiary’s or child’s pension,
  • or  retired on ill health grounds.

    If you do not fall into one of these groups, your pension will still attract the increase, but it will not be paid until your 55th birthday.

    If your pension began on or before 10th April 2016 your pension increase is 1.0%.  If your pension began after this date a smaller, pro-rata, increase will apply as shown in the table below:

 

Length of Period

       

Percentage Increase

 

16 days

   to

1 month

15 days

0.08

1 month

16 days

   to

2 months

15 days

0.17

2 months

16 days

   to

3 months

15 days

0.25

3 months

16 days

   to

4 months

15 days

0.33

4 months

16 days

   to

5 months

15 days

0.42

5 months

16 days

   to

6 months

15 days

0.50

6 months

16 days

   to

7 months

15 days

0.58

7 months

16 days

   to

8 months

15 days

0.67

8 months

16 days

   to

9 months

15 days

0.75

9 months

16 days

   to

10 months

15 days

0.83

10 months

16 days

   to

11 months

15 days

0.92

11 months

16 days

   to

12 months

15 days

      1.00

 

 

 

Staff Newsflash - Possible Fraud Alert

 

POSSIBLE FRAUD ALERT FOR STAFF
ARE YOU BEING OFFERED CASH FOR YOUR PENSION?

I need to make you aware of potential incidents of pension fraud that are currently being reported. Pension scheme members are being approached with the promise that they can release cash from their pension savings early. Promises of early cash from your pension are likely to be bogus and could result in you losing valuable savings and make you liable for a large tax bill. If you are approached about being able to get cash from your pension savings, please speak to the Pensions Team at Equiniti (01293 603085) or Teachers' Pensions (0845 6066166) before taking any action, or seek independent financial advice.

What to watch out for

  • Being approached out of the blue over the phone or via text message
  • Pushy advisers or ‘introducers’ who offer upfront cash incentives
  • Companies that offer a ‘loan’, ‘saving advance’ or 'cash back’ from your pension
  • Not being informed about the potential tax consequences.

Five steps to avoid becoming a victim

  1. Never give out financial or personal information to a cold caller
  2. Find out about the company’s background through information online. Any financial advisers should be registered with the Financial Services Authority (FSA)
  3. Ask for a statement showing how your pension will be paid at retirement and question who will look after your money until then
  4. Speak to an adviser that is not associated with the proposal you’ve received, for unbiased advice
  5. Never be rushed into agreeing to a pension transfer.

Ian Williams

Corporate Director, Finance and Resources

For more information, please click here to view the 'Predators Stalk Your Pension' guide on The Pensions Regulator website.

 

 

 

Topping up your State Pension

Whilst your LGPS pension forms a very important part of your retirement planning it is important not to forget about your State Pension. If you are not on track to get the full amount of State Pension (or you are not receiving the full amount if you have already drawn your State Pension), then it’s worth considering topping up.

Download this pdf document for more information.

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