Regulations UpdateJuly 15, 2015
Shropshire County Pension Fund would like to inform you of some changes to the LGPS following the introduction of the Local Government Pension Scheme (Amendment) Regulations 2015.
The Amendment Regulations made changes to the ‘Local Government Pension Scheme Regulations 2013’ and the ‘Local Government Pension Scheme (Transitional Provisions, Savings and Amendment) Regulations 2014’.
Areas affected were :
- Joining the Scheme – there has been a slight change to the date from which you can elect to join the LGPS if you have a contract of employment of less than 3 months
- 50/50 section – an additional circumstance has been added to the list of scenarios where a member in the 50/50 section is automatically brought back into the main section of the scheme
- Buying back lost pension – employers have been given the discretion to extend the 30 day limit within which scheme members can buy back lost pension via a Shared Cost Additional Pension Contribution (SCAPC)
- Opting out of the LGPS – members opting out of the scheme with an entitlement to a deferred benefit will, in future, no longer be able to join their periods of membership together if they re-join the scheme
- Reductions in hours due to ill health – an amendment has been made to ensure that if you have to reduce your contractual hours of work due to ill health there is no impact on the pay used to work out the lump sum death grant and survivor benefits if you subsequently die in service.
- Payments of pension to a child – if you die leaving a young child, the scheme can now make payment to another person on their behalf whilst they are too young to manage their own affairs.
For further information on the areas affected by these changes, please view the Amendments to the Local Government Pension Scheme.This entry was posted in LGPS 2014. Bookmark the permalink. ← Pension Board Appointments Deferred Benefits Statement Released →