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Pension Liberation Fraud

Thursday, 14 February 2013 10:26

pension_liberationThe Pensions Regulator is working with pension administrators, employers and independent financial advisers to raise awareness of pension liberation fraud.

A number of SPPA customers have been contacted by companies who have been targeting savers with claims that they can help them take their pension cash early. In November 2012 the SPPA alerted customers of a pensions scam and have passed the details we have received on to the Pensions Regulator.

Read more: Pension Liberation Fraud

 

Consultation on Draft Regulations for Employee Contribution Increases from April 2013

Last Updated on Thursday, 21 February 2013 08:12 Thursday, 20 December 2012 13:00

consultationsA consultation on draft regulations to introduce proposed increases in employee contributions to public sector pension schemes in Scotland from April 2013 has now concluded.

In a statement to Parliament on 28th November 2012, the Cabinet Secretary for Finance, Employment and Sustainable Growth, John Swinney, announced the Scottish Government’s decision to implement the second annual increment of UK Government proposed employee contribution increases for the Teachers’, NHS, Police and Firefighters’ schemes in Scotland. The full text of that statement can be viewed in the Official Report for that day and via the Scottish Parliament website.

Read more: Consultation on Draft Regulations for Employee Contribution Increases from April 2013

 

UK Chancellor's Autumn Statement

Thursday, 13 December 2012 13:33

hm_treasuryThis year's Autumn statement by the Chancellor of the Exchequer raised two key issues for pension schemes. These concern reductions to both Annual Allowance and Lifetime Allowance.

Read more: UK Chancellor's Autumn Statement

 

Finance Secretary Statement on Public Sector Pensions (Summary)

Monday, 10 December 2012 15:34

scotland_iconFinance Secretary John Swinney delivered a statement on public sector pensions in the Scottish Parliament on 28th November 2012. Whilst re-emphasising that UK Government sets the basic terms for public service pensions in Scotland he outlined the clarifications he has received from UK Ministers on the extent to which the Scottish Government has the flexibility to negotiate the detail of Scottish schemes.

Read more: Finance Secretary Statement on Public Sector Pensions (Summary)

 

Warning - Telephone Pension Scam

Monday, 19 November 2012 15:13

Telephone ScamWe understand that a small number of customers may have received recorded phone messages from an organisation presenting itself as "The Pensions Helpline" or "your pension provider".

From what we have been told, the recordings suggest that people born after 1952 are due a bonus or that you may be at risk of losing part of your pension. Recipients are prompted to press a number between 1 and 9 to continue the call.

Read more: Warning - Telephone Pension Scam

 

Ending of National Recruitment and Retention Premia

Tuesday, 03 July 2012 11:17

A review of all existing National Recruitment and Retention Premia (NRRP) concluded that NRRP will cease from 31st March 2011 or be converted to a local RRP where appropriate.  Transitional arrangements were agreed so that NRRP currently in payment are protected for a transitional period of two years as follows:

    • Year one: 100% of payment at current value.
    • Year two: 50% of the payment at current value.

Long term NRRP payments counted as pensionable income therefore, members losing this payment will suffer a drop in the amount of income that is pensionable when payments cease permanently on 31st March 2013.

Members who are affected can apply to have their level of pay protected for pension purposes.  If you have suffered a drop in pensionable pay due to the withdrawal of NRRP, you have until 31st March 2013 to submit an application.  Application form VPP is available for this purpose and should be submitted to SPPA via your employer.

 

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