Employer Focus - November 2018
This bulletin from the Staffordshire Pension Fund, focuses on current issues that you should be aware of relating to the Local Government Pension Scheme (LGPS).
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Annual general meeting 2018
The Fund's AGM was held on 23 October and once again proved to be a successful event. Presentations were made by
- Fund officers
- Hymans Robertson, Fund actuary
Employer Focus peer group
We have formed an Employer Focus peer group, the first meeting was held on the 24 October 2018 in Stafford.
The purpose of the group is to promote excellent working relationships between employers and the Fund, ensuring regulatory compliance is achieved and best value is delivered.
The group will enhance collaborative partnership working, as well as provide feedback and support to both parties in the following areas:
- developing employer training
- to share best practice
- to discuss current pensions issues and the impact on employers and the Fund
- to improve the exchange of data and communication
The first meeting was very positive and attended by a variety of different employers. Once the minutes have been approved by the committee they will be made available on the Fund's website.
Fund's new website launched
In October we launched our new look website, which has a newly designed home page with quick links to the most popular categories. A further feature is shortcuts to the most popular topics or visited pages for different types of member.
Over the coming months further improvements are planned to include:
- provide a library of easy to understand factsheets for the different categories of members
- produce process or operational guides for employers
- remove the logon and password from the employer section, but create a restricted area for employer forms e.g. leaver or retirement forms
We hope that visitors will find the navigation easier and the information more accessible.
Budget - SCAPE discount rate change
In the recent budget the Chancellor announced an immediate reduction in the SCAPE rate from consumer price index (CPI) + 2.8% to CPI + 2.4%.
The SCAPE rate underpins many government actuarial calculations and therefore impacts on some of the LGPS member calculations.
In summary, a lower SCAPE rate places a higher value on member benefits. As a result, some transfers and divorce calculations will need to be put on hold until new transfer factors are issued.
The SCAPE discount rate also affects early retirement rates. The Ministry of Housing, Communities and Local Government (MHCLG) has said their intention is to introduce revised factors for early retirement in February or March 2019.
The Fund is communicating the impending changes to the actuarial changes when providing retirement quotes with an effective date on or after 1 February 2019.
If you require any further information or clarification, please do not hesitate to get in touch: