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Latest News

2016 Annual Pension Increase

Sunday, 24 April 2016 13:27

There will be no inflationary increase to be applied from 1 April 2016 for pensions in payment. This is based on instructions from the UK Treasury because, in the 12 months to September 2015, the Consumer Price Index (CPI) was negative (-0.1%). Any further annual increases will be dependent on future rates of CPI.

 

Contracted Out letters

Friday, 08 April 2016 15:01

We have recently issued letters notifying changes to state pension arrangements.

It has come to our attention that some members may have received more than one copy of the letter. If this affects you, please disregard any additional copies received.

 

Changes to Discount Rate

Thursday, 24 March 2016 12:24

In the budget on 16 March 2016, the UK Government announced changes to the Discount Rate which is used for financing purposes in public service pension schemes. The discount rate has been reduced from 3% above CPI per annum to 2.8% above CPI per annum, with a resulting impact on certain actuarial factors used in the schemes.. As the discount rate determines the way in which cash equivalent transfer values (CETV's) for public sector schemes are calculated, we have had to suspend some calculations with immediate effect for the NHS, Teachers', Police and Fire Schemes in Scotland. Transfers in and out of the Local Government Pension Schemes (LGPS) are also on hold. We expect to receive revised factors from the Governments Actuaries Department (GAD) within the next 2-4 weeks.

Read more: Changes to Discount Rate

 

Scottish Teachers' Pension Scheme - Current Contribution Rates

Tuesday, 22 March 2016 15:06

Current contribution rates for both employer and employee will apply to 31 March 2019.  The only changes that will be made are to the Paybands to reflect annual increases to the Consumer Price Index (CPI).  There has been no annual increase in CPI so the Paybands remain unchanged for 2016/2017.

 

The end of contracting out – A change to your State Pension

The current State Pension is changing to a single tier system from 6 April 2016, for those reaching State Pension age on or after that date.

As a result of this, ‘contracting out’ will end and anyone who is in a public service pension scheme will no longer pay a lower rate of National Insurance.


Further information on this can be found at:  https://www.gov.uk/contracted-out  


Although this change will affect take home pay, it will have no impact upon the pension scheme benefits that are due to you from the SPPA.

For more information about this change to the State Pension please visit: https://www.gov.uk/yourstatepension

 

Employer Data Management

Friday, 05 February 2016 09:40

EDM Logo 

A new way for NHS and Teachers Employers to submit weekly, monthly and annual data returns.

EDM, Employer Data Management online portal will be launched in Spring 2016 and is a welcome addition to existing SPPA facilities, offering great benefits to employers including:

  • Fast, efficient, secure data submission
  • Inbuilt data validation features
  • Secure messaging service

Read more: Employer Data Management

 

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