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Transfer Club Factors

Friday, 03 February 2017 09:22

Public Sector Transfer Club factors have been updated and are effective from 1 March 2017. Any club transfer values or pension credit estimates issued or received with a relevant date prior to 1 March 2017, will be honoured, subject to meeting the three month guarantee period requirements. Where the guarantee period is not met, any request to transfer in or out of the scheme, from 1 March 2017, will require a recalculation using the new factors.

 

Teachers 2015 Scheme - Faster Accruals

Thursday, 05 January 2017 11:18

This is a reminder to Teachers' 2015 Scheme Members who took out a faster accrual contract in 2016/17 that the contract will run out on 31 March 2017

Should you wish to take out a new contract for the tax year 2017/2018, please apply before 31 March 2017. Any applications received after this may not be accepted.

If you are new to the scheme, or are interested in learning more about faster accrual, please see the factsheet.

 

Consultation on GMP indexation and equalisation

Thursday, 01 December 2016 09:46

Contracted out employment ended on 5 April 2016. Between 6 April 1978 and 5 April 1997 members of contracted out occupational schemes built up an element known as a Guaranteed Minimum Pension (GMP). A GMP is intended to be broadly equivalent to the additional earnings related state pension the member would have received had they not been contracted out. A GMP becomes payable when a member reaches State Pension age and public service pension schemes were contracted out.

Prior to 6 April part of the annual indexation for a GMP was paid with the member's State Pension but this process ended with the introduction of the New Single Tier State Pension from 6 April 2016. Those receiving a GMP before 6 April 2016 are unaffected by this change.

It is anticipated that the loss of GMP indexation will be offset by individuals building up entitlement in the more generous Single Tier State Pension. However those close to State Pension age will not have the same opportunity to offset their GMP indexation loss and to address this the UK Government introduced an interim solution for those reaching state pension age between April 2016 and December 2018. For these members full indexation on their public service pension scheme  including any GMP will be provided for the member's lifetime by their public service scheme.

In announcing the interim solution the UK Government set out that it would undertake a  public consultation setting out options and seeking views on a permanent solution that will deliver GMP indexation That solution will also provide equalised indexation payments reflecting the different accrual rate of GMP for men and women. On 28 November 2016 HM Treasury issued the UK Government's consultation  and full details are available via the following link  Consultation on indexation and equalisation of GMP in public service pension schemes - GOV.UK  The consultation closes on 20 February 2017.

This consultation refers to those pension scheme members who have a GMP and reach state pension age after December 2018.

 

Annual Allowance - 2015/16 Pension Savings Statements

2015/16 statements

SPPA have started issuing 2015/2016 pension savings statements to members and these Statements will be issued where growth in final salary or the CARE Scheme exceeds the Annual Allowance.

We will also be issuing statements to transition members where the total growth across both the final salary and the CARE Scheme exceed the Annual Allowance amount. Members will receive a separate statement from each scheme.

The Annual Allowance for 2015/16 is £80,000 and the pension input period is 1 April 2015 to 5 April 2016.  This is split into two subsequent PIP’s, the pre-alignment PIP which is from 1 April to 8 July 2015 and has an Annual Allowance of £80,000.  The post alignment PIP which is from 9 July 2015 to 5 April 2016 and has an Annual Allowance of £0, but any unused allowance from the pre-alignment PIP can be used, up to a maximum of £40,000. 

Read more: Annual Allowance - 2015/16 Pension Savings Statements

 

Lifetime Allowance - Important Information

Interim temporary lifetime allowance protection certificates will no longer be valid after 31 August 2016. Any retirement applications made where a member has used the interim protection process will be returned and HMRC will direct the member to the online service to make an application for permanent lifetime allowance protection.

For more information regarding the process for acquiring permanent Fixed Protection 2016, Individual Protection 2016 or Individual Protection 2014 please see:

http://www.sppa.gov.uk/index.php?option=com_content&view=article&id=1102&Itemid=1751


 

Launch of Continuous Surveying for Members

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In previous years, the Agency took a snapshot of customer satisfaction by conducting the annual SPPA Customer Survey. This involved sampling scheme members and pensioners who had contacted the Agency within the last 12 months.

We are now replacing the annual survey with a continuous survey, which means it will be available 365 days a year. With a maximum of 13 questions, this shorter survey allows all of our members the opportunity to participate and provide us with feedback on our services.

Your feedback is important to us so we hope you will take a few minutes to complete our survey to help us further improve the quality of the services we provide.

You can access the survey here, and on the SPPA website's homepage.

An Employer survey will be issued later in 2016.

 

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