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YourPensionPensioner spring newsletter 2015
London Pensions Fund Authority
Pensions Increase
Fraud Prevention
Annual Forum
Pay Dates 2015/16
INSIDE
Welcome...
Since the last Spring Newsletter there have been a few changes in the Payroll Section, and, as most of you will know, Ray Watkin, who was Payroll Manager here for many years, retired in September. I am sure you will all join me in wishing Ray a very happy and enjoyable retirement.
Payroll will now fall under my remit however I will be assisted in the day to day running of the various payrolls by Jasmine Gayle, Assistant Payroll Manager, and the rest of the team.
We pay pensions to over 45,000 members each month. From time to time someone forgets to keep us up to date with relevant information and this can result in a delay in making pension payments. Please try to let us know of any changes as soon as possible.
As always, we will continue to strive to improve the level of service we offer to you, so if you have any suggestions on how we can do this, I would be glad to hear from you.
Don’t forget to register for our Member Self Service facility if you have not already done so. You can notify us of address or bank changes via this facility which can be found on our website www.yourpension.org.uk
Enjoy the newsletter.
John Crowhurst Head of Operations
to the Spring Newsletter 2015. As usual you will find details inside of the forthcoming pensions increase award and the payment dates of your pension from April 2015 to March 2016.
LPFA Pensioner spring newsletter
Pension Payslips
Pensioner payslips will only be sent if:
► the net payment differs by more than £0.50 from the preceding month; or
► you change your address or bank account details; or
► there is a tax code change
You can view your pension payslips anytime through our online Member Self-Service system.
P60 and Tax Code
As well as receiving a paper copy which will be sent to you by the 30th April 2015, your P60 information is available to view through Member Self Service.
When you receive a new tax code from Inland Revenue please check your payslip to make sure we apply the same code. The new code will usually be applied on the following month.
If you want to know more about your tax code or think it is incorrect, please contact HMRC. We are only given the tax code to operate and no details on how it was calculated or determined. This is confidential between you and HMRC.
Notifying LPFA
It is very important that you notify the LPFA if you move house, change bank account or your personal circumstances change e.g. name change due to remarriage. Due to data protection security the LPFA is unable to take any changes by phone, fax or email. Changes must be made in writing or through Member Self-Service.
Failure to notify us could result in your pension
being suspended.
YourPension 2015
YourPension 2015 LPFA Pensioner spring newsletter
Pensions Increase The Government has approved the rate of increase for all public service pensions. The increase is effective from 6th April 2015 and is 1.2%.
The increase is set by reference to the Consumer Price Index in September 2014. It does not reflect the performance of the Pension Fund and we do not have the power to pay an additional increase.
Your pension will be increased with effect from 6th April 2015 if you:
• Are aged 55 or over; or
• Are receiving a spouse’s, widower’s beneficiary’s or child’s pension; or
• Retired on ill-health grounds
If you do not fall into one of these groups, your pension will still attract the increase, but it will not be paid until your 55th birthday. If your pension is currently suspended due to re-employment, any increase will not be paid until it is reinstated.
If your pension began on or before 21st April 2014, your pensions increase is 1.2%. If your pension began after this date a smaller, pro-rata increase will apply as shown in the table below:
Pensions Beginning Increase22 April to 21 May 2014 1.10%22 May to 21 June 2014 1.00%22 June to 21 July 2014 0.90%22 July to 21 August 2014 0.80%22 August to 21 September 2014 0.70%22 September to 21 October 2014 0.60%22 October to 21 November 2014 0.50%22 November to 21 December 2014 0.40%22 December 2014 to 21 January 2015 0.30%22 January to 21 February 2015 0.20%22 February to 21 March 2015 0.10%
LPFA Pensioner spring newsletter
Local Pensions BoardDo you want to get more involved in the running of the LPFA pension fund as a member representative?
The governance arrangements of the LGPS are changing and there is a unique opportunity for members and employers to become more involved with the oversight of the LPFA pension fund.
Up to now LPFA has engaged with stakeholders via the voluntary Fund Member and Employer Panels. These Panels have been very successful in helping LPFA roll out key system changes and improve communication. However in line with the new LGPS Governance Regulations 2014 there will now be a Local Pension Board established to ensure that the LGPS is well managed and representative at a local level.
LPFA will be selecting 3 member and 3 employer representatives for the Local Pension Board. This will be supported by a non-voting Independent Chair.
More information and an ‘Expression of Interest form’ is available on:
www.yourpension.org.uk/LPFA/In-The-Scheme/Local-Pension-Board.aspx
The closing date for applications is the 17th April 2015.
If you would like any further details, please contact Greg Smith, Head of Governance and Strategy, on 0207 369 6058 or [email protected]
YourPension 2015
Keep in touch and help us prevent fraudIt is vital that you remain in contact with us and notify us of any change of address or difficulty with delivering post to your residential area. Lack of contact may result in your pension payment being suspended.
There are procedures in place to avoid the risk of fraud caused when a pensioner passes away and LPFA is not informed. One indicator is when any correspondence that we send to you is returned to us undelivered. When correspondence is returned undelivered efforts will be made to contact you to confirm your address. If however despite our attempts your address remains unconfirmed or we have not received any updated information from you, your pension payments will be suspended. This will remain in place until you contact us.
Your pension payment will be reinstated and any arrears paid once, confirmation of your address is received.
This is just one of the many fraud prevention controls LPFA has in place. If you would like to know more about how we protect public funds and your pension then please have a look at LPFA’s Fraud Control Framework at:
www.lpfa.org.uk/What-we-publish/COMPLIANCE-DOCUMENTS.aspx
LPFA Pensioner spring newsletter
YourPension 2015 LPFA Pensioner spring newsletter
Member Self ServiceMember Self Service enables you to view personal and financial information about your pension securely. To access your account please visit https://axise.yourpension.org.uk
Our secure system allows you to:
► View and update personal details such as changes of address
► Update your bank account details
► View your pension payslips
► View your P60 information
Fund Member Forum 2015LPFA is pleased to announce that this year’s event will be held on Tuesday, 8th September 2015 at the Queen Elizabeth Hall, Southbank Centre, London, SE1 8XX.
Doors and information desks open at 10:00am, presentations begin at 11:00am.
If you would like to register your attendance at the forum, please complete and return the enclosed registration form or complete the online survey:
https://www.surveymonkey.com/s/FMF2015
The format of the Forum will be the same this year. Further information on the event, including speakers, will be available on the website and via the Summary Annual Report 2014-15 later in the year. We look forward to seeing you there!
Ex GLC Department of Mechanical and Electrical Engineering Staff
The next reunion will be held at the main bar at the Royal Festival Hall on Tuesday, 19th May 2015.
This will be an informal event with no particular starting or finishing time, however in order to meet as many old friends as possible, it is suggested that you try and be there at 2pm.
If you wish to be contacted in future by email, please pass on your email address to Marrilyn Green at [email protected].
Gordon Kelsey - 01634 826725
Ex GLC Architect’s Department This year’s GLC Architect’s Department Reunion will be held in the main bar at the Festival Hall from 11.30am onwards on Wednesday 13th May 2015. All former members of the Department are welcome. Please contact Philip O’Halloran for details;
Reunion Notices...
Month Payment Date
April 2015 Thursday, 30th
May 2015 Friday, 29th
June 2015 Tuesday, 30th July 2015 Friday, 31st
August 2015 Friday, 28th
September 2015 Wednesday, 30th
October 2015 Friday, 30th
November 2015 Monday, 30th
December 2015* Monday, 21st
January 2016 Friday, 29th
February 2016 Monday, 29th
March 2016 Thursday, 31st
Pension Paydays 2015-16Pensions may be paid quarterly, in arrears, should you prefer: quarterly paydays are shown in bold type.
YourPension 2015 LPFA Pensioner spring newsletter
* Please note pensions are paid early in December due to Christmas
Tax Queries - for any tax related enquiry
In all correspondence please quote the tax office reference number 106/G2000 and your national insurance number.
Telephone: 0300 200 3300 Address: HM Revenue & Customs PAYE PO Box 1970 Liverpool L75 1WX
Tax Help for Older People
Tax Help is a charity that offers free tax advice to pensioners on incomes below £20,000 a year. They have a helpline for straightforward queries and a nationwide network of volunteer advisers who offer face to face meetings for more difficult cases. Their volunteers are mainly practising or retired tax professionals and normally meet clients by appointment at local venues such as Age UK or Citizens Advice offices. For those who find travelling difficult, home visits can be arranged.
Tax Help can advise on any personal tax issue – no problem is too small or too large. Common issues include checking tax codes and tax computations; completion of tax returns; making repayment claims; drafting letters to HMRC; and resisting claims from HMRC for arrears of tax due to errors made by HMRC or by pension providers.
Advice from Tax Help is free, independent and confidential.
If you would like advice from Tax Help, they can be contacted on:
Helpline: 0845 601 3321 or 01308 488066Email: [email protected] Website: www.taxvol.org.uk
Pensions Payroll Team
If you have any queries regarding your pension, please call a member of the Payroll Team on the local rate number:
Tel: 020 7369 6060Email: [email protected]
LPFA Pension Services Team
If you require assistance with the Member Self Service system or for any general enquiries please contact the LPFA Pension Services Team:
Tel: 020 7369 6118Email: [email protected]
Don’t forget we have moved...
LPFA’s London office moved last November and our new address is:
169 Union StreetLondon SE1 0LL
All contact telephone numbers and email addresses remain the same.
