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However, taking an active approach may help build resilience to potential headwinds w. - Kuuntele Exploring Fixed Income Opportunities In Uncertain and Volatile Times -jaksoa podcastista Pensions Expert: Informing scheme decisions heti tabletilla, puhelimella ja selaimella. The first PI is paid on a sliding scale depending upon when in the year you leave. Public service pensions which have been in payment for a year will be increased by 3.1% from 11 April 2022 in line with the September-to-September increase in the Consumer Price Index (CPI). If youre made redundant or you retire because of service efficiency, you have a statutory right to draw an unreduced pension as long as you are at least 55 years old when your job ends. Public service pensions which have been in payment for a year will be increased by 3.1% from 11 April 2022 in line with the September-to-September increase in the Consumer Price Index (CPI). However, despite agreeing that index-linked gilts have traditionally provided inflation protection for pension funds, Graham said that for quite a long time they have not necessarily represented a good value investment, despite the interest return being inflation linked. LGPS funds will be on the hook for near 10% rises in payments in 2023 unless the government steps in to cap them, as they have for student loans. This raises the question of what that might mean for contribution rates, which will change at the same time following the 2022 actuarial valuations. Alternative investments had a good year. Copyright The Local Government Association 2022, Site by Landscape - Opens in a new browser window, What to expect from your pension fund and employer, Pension credit extra help for pensioners. We use cookies to ensure that we give you the best experience on our website. Wed like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. Strategic asset allocation discussions after the next valuation will be especially interesting. Nottinghamshire Pension Fund | Nottinghamshire Pension Fund 16 Implementation of new financial systems leads to delayed processing, data integrity issues or financial loss A&G. 4 5 . Local government pension payments will rise significantly next year based on the inflation rate this September. Change in member circumstances. Join us on our weekly audio show for the latest money news and personal finance hacks to help make you better off. Graham suggested that finding the surplus investment income presents a challenge for the LGPS as pension funds belonging to the scheme are more mature, which means there are more members not contributing than active members contributing to the fund. Let us reiterate that it is CPI that is the UKs official measure of inflation when looking at the adjustment of pensions. 4 . Time for a few examples, I think. Hence, many pension funds will need to find additional investment income. The cost of buying extra pension is reviewed every few years. LGPS Scheme Advisory Board - Investment If CPI shows an increase in prices, PI will be applied to pensions in payment in line with CPI. The post dlvr.it/Sk8BRh pic.twitter.com/ydy0IaibSy, Retrofitting existing stock is vital for the housing sector. Why we need to be patient about patient capital. The current state pension system is split into two; the Basic State Pension and the State Second Pension. You can do this via your self assessment tax return or by contacting HM Revenue and Customs. Any extra pension that you or your employer has paid for is attached to your LGPS benefits.