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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

 

Be alert, protect your pension

Last Updated on Tuesday, 22 March 2016 15:06

Protect your pension

The Pensions Regulator has released a warning to pension scheme members to raise awareness of pension liberation fraud.  Scheme members are being encouraged to transfer to a bogus pension "liberation" scheme. 

However, you could be subject to a very large tax penalty of more than half of your pension savings.  Companies claim they can help you access your pension fund before the minimum pension age of 55 and without tax consequences. This applies to overseas schemes as well as in the UK.

Read more: Be alert, protect your pension

 

New Bank Account

Friday, 22 January 2016 08:00

SPPA has a new bank account for NHS and Teachers pension scheme income from January 2016.  The details of the new account are:

Bank:                           NatWest 

Sort Code:                   60-70-80

Bank account:             10019553

Account Name:           Scottish Public Pension Agency

IBAN:                          GB93NWBK60708010019553

Swift:                          NWBKGB2L

Please make all payments of pension scheme income such as pension contributions and transfer values to this bank account.  To help us allocate payments they must have a reference number such as an employer reference, National Insurance Number, scheme reference number etc.

If you have any questions regarding the changes please contact us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .  Alternatively you can call us on 01896 893000 and ask for Finance.

 

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