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.
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
Bedfordshire Pension Fund is one of
800 global organisations to sign the Paris Pledge for
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
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
More information is available on
the Paris Pledge for
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.
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
Pension Fund News Archive