What's New

This page contains the latest news and documentation relating to the Local Government Pension Scheme including Fund information.

(Please Note: The following documents are provided in PDF format. Acrobat Reader software is required in order to read them.)

LGPS reform update 

Current information on the longer term reform proposals for the Local Government Pension Scheme can now be found on our "LGPS Reform" page. 

Revised LGPS contribution rate bands 2012 (new 02/2012)

The revised employee contribution rate bands applicable from 01/04/2012 can be found here.

Latest Staffordshire Pension Fund Annual Report and Accounts - NEW 3/11/2011

 Pension Fund Annual Report and Accounts 2010/2011 (3.2MB)

Staffordshire Pension Fund - office move 12/10/2011

We moved to Staffordshire County Council's "Staffordshire Place" development  on 17 October 2011.  Our correspondence address and contact telephones numbers are not affected by this move.

Customer Service Excellence Award - (31/08/2011)

The Staffordshire Pensions Section is delighted to have been reaccredited with the Government's "Customer Service Excellence" (CSE) award in August this year.

The award focuses on delivery, communication material, timeliness, professionalism, customer experience and satisfaction.

More information on the CSE award process can be found here

Staffordshire Pension Fund 2010 Actuarial Valuation (01/04/2011)

A copy of the 2010 actuarial valuation report, can be found on the Pension Fund Information Page.

Independent Public Sector Pensions Commission (IPSPC) - Final report  (23/03/2011)

An explanation from the Staffordshire Pension Fund of Lord Hutton's final recommendations:

  The Hutton Report Summary (174kb)

A summary from the Staffordshire Pension Fund Actuary of the 27 recommendations contained in the report:

  27 Recommendations summary (141kb)

Please follow the link below for Lord Hutton's full final report on Public Sector pensions:

(A summary of the recommendations can be found on pages 159 to 162)

At a glance:

• Existing final salary public service pension schemes should be replaced by new schemes, where an employee's pension entitlement is still linked to salary but is related to career average earnings, with appropriate adjustments in earlier years so that benefits maintain their value
• Linking Normal Pension Age (NPA) in most public service pension schemes to the State Pension Age;
• Setting a clear cost ceiling for public service pension schemes - the proportion of pensionable pay that taxpayers will contribute to employees' pensions - with automatic stabilisers to keep future costs under more effective control;
• Honouring, in full, the pension promises that have been earned by scheme members ("accrued rights") and maintaining the final salary link for past service for current members;
• Introducing more independent oversight and much stronger governance of all public service pension schemes;
• Encouraging greater member involvement in consultations about the setting up of new schemes, and in the running of schemes
• Overhauling the current legal framework for public service pensions to make it simpler.

The Government have announced in the 2011 budget that these recommendations will be used as the basis for a detailed consultation on public sector pension provision.

Treasury confirms pension scheme tax relief restriction plans - (14/10/2010)

The treasury have confirmed that with effect from April 2011, for some scheme members an additional tax charge may apply if the annual rise in the member's own "notional pension fund" exceeds £50000

• Under the LGPS (and other defined benefit pension schemes) the annual increase in pension is multiplied by 16 to determine the notional pension fund increase eg:

Pension at 31/03/2011 = £5000 pa

Pension at 31/03/2012 = £5500 pa

Increase =                         £500 pa

Pension "fund" increase = £500 X 16 = £8000

• In the example above the increase is considerably lower than the £50000 allowed and would attract no tax charge

• If you have an AVC fund or additional pension policy the annual increase in the value of that fund will also be included in your total "notional pension fund" increase.

• Increases in "fund" value up to the annual rise in the Consumer Prices Index (CPI) will be ignored

• It will be possible to carry forward previously unused allowances from the 3 preceding tax years.
• The tax charge due will be at the scheme members marginal (highest) rate of personal income tax.

• The treasury have confirmed that 80% of those affected by the tax change will earn in excess of £100,000 pa and the changes are unlikely to affect the majority of LGPS scheme members.

More comprehensive information on these changes will be available shortly.