Bedfordshire Pension Fund Website

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Bedfordshire Pension Fund - News

This is the website for the Bedfordshire Pension Fund which provides information for past and present members of the Local Government Pension Scheme (LGPS) as well as LGPS employers in Bedfordshire.  This area will be regularly updated with the latest LGPS news.

 

If you are an employer in the Bedfordshire Pension Fund please also see our Latest News for Employers page for updates.

 

End of Contracting-Out

The Government is introducing a new 'single-tier' state pension which will replace the basic and additional state pensions.  As a result of this, from 6 April 2016 the LGPS will no longer be  'contracted-out'.  Please click here for more information.

 

Paris Pledge for Action

Bedfordshire Pension Fund is one of 800 global organisations to sign the Paris Pledge for Action. 

These organisations who join the Paris Pledge for Action are demonstrating that they are ready to play their part to support the objectives of the Paris agreement.

They show that they are willing to work to support efforts in meeting and exceeding the ambition of governments to keep the world on a trajectory that limits the global warming temperature rise to less than 2 degrees Celsius.

More information is available on the Paris Pledge for Action website

 

Consultation on Public Sector Exit Payment Cap

Earlier this year, Bedfordshire Pension Fund responded to a consultation on a Public Sector Exit Payment Cap.  In essence, Central Government is considering introducing a cap on the value of payments that can be made as a result of an employment ending on redundancy grounds. You can view the response from Bedfordshire Pension Fund here.  Included in the cap may be the redundancy payment, pay in lieu of notice and the cost to the employer of releasing the pension benefits (called actuarial strain or capital cost).

We are still awaiting more details, and are unsure exactly how this will impact on any exit payments and what the effective date will be.  

You can follow progress on this bill at http://services.parliament.uk/bills/2015-16/enterprise.html

The Fund Administrator and Chief Executive for Bedford Borough Council are aware of the potential issue regarding employees who may leave on early retirement/redundancy grounds and are considering the matter, and discussing the matter with colleagues at other national groups.

We appreciate the difficulty trying to manage budgets and redundancies over this period of uncertainty. More information will be provided here when available.

 

FREEDOM AND CHOICE

The Government has announced reforms to workplace pensions which are effective from 6th April 2015.  Our leaflet on Freedom and Choice answers some of the questions that LGPS members may have about the reforms.  Many of the changes will affect Defined Contribution (DC) schemes and will not directly affect the LGPS, which is a Defined Benefit (DB) scheme.

 

For more information on the background to public sector pension scheme changes, please view our Bedfordshire Pension Fund News Archive