Latest News on Pensions and Taxation Reforms
| Potential Employees' Contribution Rates Rises - Northern Ireland Update | To ensure that members have the relevant information on the proposed reforms, we have added a summary of our understanding of the current situation to our website. Click here to view the summary of proposed changes to public sector schemes and employee contribution rates as at 23 December 2011. |
| Potential Employees' Contribution Rates Rises and Proposed Changes to Public Sector Pension Schemes |
On 20 December 2011, Rt. Hon Danny Alexander MP announced that Heads of Agreement have been reached with trades unions on public service pension reform. The full HM Treasury announcement can be viewed at http://www.hm-treasury.gov.uk/press_146_11.htm. Please note that the announcement applies to England and Wales only. The Assembly is responsible for deciding the course of action to be taken in Northern Ireland. On
2 November 2011, Rt. Hon Danny
Alexander MP issued a statement and the Government issued a
paper 'Public
Service Pensions: good pensions that last' setting out their views and
providing
an update on the current state of discussions with pension schemes and
trades
union. These documents, along with further information on the reforms
can be
viewed on the HMT website at http://hm-treasury.gov.uk/tax_pensions_index.htm Rt.
Hon Danny Alexander MP issued
a statement on 19 July 2011 detailing the Government's plans to consult
on
proposed employee contribution rates. Click
here to read the full statement. Lord
Hutton gave a speech on 23
June 2011 on pension reform in the public services, detailing
the reasons
reform is necessary and outlining his concerns about employee
contribution
rises. Click here to read the full speech. Speech
by Rt. Hon Danny Alexander
MP on 17 June 2011 on Public Sector Pensions including Proposed
Employee
Contribution Rates. Click Here NILGOSC
has issued a circular to
all employers to advise of a potential increase to employees'
contribution
rates, proposed by HM Treasury and to be considered by the
Assembly. Click
here to view the circular. |
| Consultation
Document from the Department of Communities and Local Government for
the Local Government Pension Scheme in England and Wales - 7 October
2011 |
The Department of Communities and Local Government for the Local Government Pension Scheme in England and Wales has issued a consultation document today which outlines its proposals on an alternative to the average 3.2% increase to member contributions. Click here to view the document. |
|
Summary of Proposed Changes to Public Sector Pension Schemes and Potential Employees' Contribution Rates Rises at 6 October 2011 |
NILGOSC
is aware that some members may be concerned about proposed changes to
public sector pensions, particularly as unions have highlighted this as
a main factor in the ballot for strike action. To ensure that members have the relevant information on the proposed reforms, we have added a summary of our understanding of the current situation to our website. Click here to view the summary of proposed changes to public sector schemes and employee contribution rates. |
| Pensions Newsletter | NILGOSC is
issuing a Pensions Newsletter to all active Scheme members, to arrive
at their home addresses by 1 April 2011. Click here to view the newsletter. |
| Independent Public Sector Pensions Commission Final Report - 10 March 2011 | The Commission, led by Lord
Hutton, has issued its final report. Click on the link below to view
the document. http://www.hm-treasury.gov.uk/pensionscommission |
| Ministerial Statement on Meeting Annual Allowance Tax Charges from Pension Benefits - 3 March 2011 |
Following a consultation on
options to manage high annual allowance charges from pension Click on the links below to view
the documents. http://www.hm-treasury.gov.uk/d/wms_pension_tax_summary_responses030311.pdf |
| Independent
Public Sector Pensions Commission Call for Evidence - NILGOSC Response
Issued 15 December 2010 |
NILGOSC has responded to the Commission's Call for Evidence as required. |
| Independent Public Sector Pensions Commission - Call for Evidence for Final Report Issued 1 November 2010 |
Further to
the interim report issued on 7 October 2010, the Commission has asked
all Public Sector Pension Schemes to supply additional information
before producing a final report. |
| Restriction of Pensions Tax Relief – 14 October 2010 |
The Government has issued its ministerial statement and the Government Actuary’s Department Guidance on the restriction of pensions tax relief. In summary:
Click on the
links below to view the statement and related documents, or go to the Member section of our website
to see how the changes may affect you. http://www.hm-treasury.gov.uk/d/restricting_pensions_summary141010.pdf http://www.hm-treasury.gov.uk/d/wms_pensionstaxrelief_141010.pdf http://www.hm-treasury.gov.uk/d/gad_reducingtheannualallowance_141010.pdf |
| Independent Public Sector Pensions Commission - Interim Report issued 7 October 2010 |
This Commission was established under Lord Hutton to undertake a review of Public Sector Pensions. The work of the Commission is to make recommendations on how pension schemes can remain affordable, fair and sustainable. Click
here to read the interim report on the Commission’s progress.
|
| Budget Statement of 22 June 2010 - Changes to Pensions Increase |
In its
budget statement, the Government announced that Public Service Pensions
will be reviewed annually in line with increases in the Consumer Prices
Index (CPI) instead of the Retail Prices Index (RPI). This
change will affect annual cost of living increases applied to NILGOSC
pensions from April 2011. This change
also affects the factors used for Cash Equivalent Transfer
Values (CETVs). We have
been instructed to stop processing this type of transfer until new
factors are received. |