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LGPS news

Latest information and updates

NEW Local Government Pension Scheme 2014 from 1st April 2014

As part of the Governments reform of Public Sector Pension Schemes, a NEW Local Government Pension Scheme came into operation from 1st April 2014.
The scheme moved from a "Final Salary" to a "Career Average Revalued Earnings" (CARE) basis. This means that benefits built up from April 2014 are now calculated on your pay each year, rather than your "final salary". Benefits built up on membership before April 2014 will be protected and will still be calculated on your "final pay" when you leave. 
An LGPS 2014 Scheme Booklet can be found on our LGPS Member Guides & Information page, as well as relevant scheme forms on the LGPS Member Forms page.

National LGPS Member WebsiteOpens new window

A dedicated National LGPS Member Websitenew window is available to provide members and potential members with information relating to the LGPS. The site provides summary information on the benefits and options available in the Scheme, as well as Frequently Asked Questions and simple calculators.

HM Revenue & Customs (HMRC) - Reductions to Annual & Lifetime Allowances

The document below was produced in 2011 to provide an overview of the potential impacts to scheme members of the reductions by HMRC in the Annual & Lifetime Allowances from the 2011/2012 and 2012/2013 financial year respectively and to provide some illustrative examples.

Please note that since the reductions mentioned in the document, HMRC have further reduced the Annual Allowance and Lifetime Allowance with effect from April 2016. Provided below are the Annual & Lifetime Allowance values since 2011/2012

HMRC Annual and Lifetime Allowance InformationOpens new 

Financial Year Annual Allowance Lifetime Allowance
2011/2012 £50,000 £1,800,000
2012/2013 £50,000 £1,500,000
2013/2014 £50,000 £1,500,000
2014/2015 £40,000 £1,250,000
2015/2016 £40,000 £1,250,000
2016/2017 £40,000 £1,000,000
2017/2018 £40,000 £1,000,000

Please use the HMRC links provided below for further information of these changes and details of the protections available.

HMRC - Annual AllowanceOpens new window

HMRC - Lifetime AllowanceOpens new window

Annual Benefit Statements

The Annual Benefit Statements for Active and Deferred scheme members calculated to 31st March 2017 were dispatched at the end of August 2017.

If you were an active or deferred scheme member on the 31st March 2017 and also at the date of dispatch, you should have received your statement.
If you have not received yours, please let us know by telephoning (01452) 328888 or sending an email to pensions@gloucestershire.gov.uk.

If you commenced membership of the scheme after 31st March 2017, you will receive your first Benefit Statement (calculated to 31st March 2018) later during the 2018/2019 financial year. Subject to our receiving the required information from your employer, this should be by early September 2018 at the latest.

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