DEFERRED MEMBERS' NEWS ARCHIVE 2008
| DECEMBER |
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The Department for Communities and Local Government (DCLG) has responded to ALAMA Committee's 10 December 2008 note to its members regarding medical certification in the LGPS.
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The Minister for the Cabinet Office, Rt Hon. Liam Byrne MP has issued a written statement after press reports concerning pension overpayments to a significant number of public servants. Thes overpayments detailed in the statement do not affect pensioners of the LGPS.
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 The Madoff AffairStatement from the Fund
Merseyside Pension Fund is reassuring its members that their pensions are safe following the arrest of Bernard Madoff in the United States.
Although one of the Fund’s asset management companies, Bramdean, had invested in Madoff’s scheme, Merseyside Pension Fund has no direct investments and the impact appears to be minimal.
A spokesperson explained:
'The Fund has stringent risk controls in place which ensure that its investments are diverse with limited exposure to any one asset class, market, sector or stock. Changes to the stock market mean that the overall value of Merseyside Pension Fund fluctuates regularly and although our share holding with Bramdean has reduced following recent news, we are hopeful that it will recover.
The total value of the Merseyside Pension Fund is £3.7 billion. Figures from the end of October 2008 indicated that the net asset value of the Fund’s investments through Bramdean was £21 million, of which the Madoff element forms only 9.5%. Events are still unfolding but the impact on Merseyside Pension Fund’s assets appears to be minimal, relating to a very small percentage of overall investments. We can reassure scheme members that their pensions are safe and their statutory entitlements will not be affected.
We are very concerned at the apparent failure of the regulatory and securities market regime in the US. The Fund makes every effort to manage market and investment risk but relies on its investment managers to ensure that appropriate due diligence is undertaken and on regulators to maintain the integrity of markets. Madoff is only one of several elements that the Fund has invested in through Bramdean.'
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NOVEMBER
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1-2 of 2 items
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The Department for Communities and Local Government (DCLG) has published draft proposals for further amendments to the LGPS Regulations to introduce a cost sharing mechanism for the LGPS in England and Wales, by 31 March 2009.
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The Fund's Actuary, Mercer have published an update as we approach the third anniversary of the pension taxation changes introduced on 6 April 2006 (A-Day). It is an important time for employers and individuals who have built up significant pension entitlements, to review their pension arrangements.
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| OCTOBER |
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1-4 of 4 items
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The Fund has issued its latest fact sheet looking at what happens to your LGPS benefits if you get divorced or your civil partnership is dissolved.
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Merseyside Pension Fund has published its Report & Accounts for the Year 2007/08. The report highlights the important issues 'affecting the Fund' in the year ending 31 March 2008, 'as well as providing more general information regarding the pension scheme'.
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 The Fund has launched the first fact sheets in a series covering important topics affecting the benefits paid to members in retirement. The first fact sheet will be of interest to those whose level of pay is reduced by reasons other than a change in the hours worked. The second fact sheet looks at the HM Revenue and Customs (HMRC) rules that govern pension savings.
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 Your Pension and the Banking CrisisThe current worldwide financial situation and its media coverage has, understandably, given some cause for concern to a number of Scheme members over the security of their pensions held within the Local Government Pension Scheme (LGPS).
Merseyside Pension Fund would like to assure its members that the Fund is invested across a wide range of assets such as equities, bonds and property and is constantly monitored and adjusted to minimise risk.
LGPS members can further be assured that their pension entitlements are established under law and are not dependant on the value of the pension fund, but determined based on membership and pay.
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| SEPTEMBER |
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The Department for Communities and Local Government (DCLG) has issued Regulations made on 9 September 2008 under powers contained in sections 7 and 12 of the Superannuation Act 1972, and laid before Parliament on 17 September 2008. The Regulations come into force on 17 October 2008.
These mostly technical and minor amendments originate from comments made by stakeholders in earlier consultations. Most of the proposals were put before the LGPS Technical Group on 18 December 2007 and no objections were made.
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 Annual Benefit Statements for Deferred Members 2008The Fund has issued a copy of the 2008 Annual Benefit Statement to over 21,000 Deferred members. These statements were issued to those members who left the Scheme prior to 7 April 2008.
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| JULY |
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The Fund has published the 2008 edition of our guide for members approaching retirement. We explain about your LGPS pension, how it is paid, how it relates to state pensions and taxation and give you general information about the financial protection the LGPS offers you and your family.
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 Industrial Action on 16-17 July 2008Due to industrial action taken by members of trade unions, UNISON and UNITE, there may be some disruption to our service on Wednesday 16 July and Thursday 17 July 2008. The Fund apologises for any inconvenience caused.
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| JUNE |
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 Ill Health Retirement in the LGPS
The DCLG have issued a letter to update practitioners on the position regarding the issue of the ill-health statutory guidance that the Secretary of State may publish under regulation 56(3) of The Local Government Pension Scheme (Administration) Regulations 2008.
The letter also seeks to clarify some of the issues arising from the implementation of the new ill-health retirement benefit provisions which have been brought to DCLG's attention by interested parties and, in particular, from independent medical practitioners and their representative body, ALAMA.
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| MAY |
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 Fund Office Closed - May 26-27 2008Please note that Merseyside Pension Fund will be closed on both Monday 26 May 2008 and Tuesday 27 May 2007. The Fund will re-open with normal hours of business on Wednesday 28 May 2008.
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| APRIL |
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 LGPS (Amendment) Regulations 2008
As reported on 16 April 2008, the DCLG laid before Parliament, Amendment Regulations which will come into force on 7 May 2008. These regulations will have effect from 1 April 2008. DCLG have issued a letter summarising the third tier ill health retirement provisions and other measures contained in these Regulations.
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An actuarial valuation of Merseyside Pension Fund has been carried out as at 31 March 2007. The primary aims of the valuation are to review the financial position of the Fund and to determine appropriate employer contributions to the Fund for the future.
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On 16 April 2008, the DCLG laid before Parliament, Amendment Regulations which come into force on 7 May 2008. These regulations will have effect from 1 April 2008.
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DCLG has issued guidance which summarises the intention of the separate sets of Regulations which constitute the Local Government Pension Scheme (LGPS) from 1 April 2008. In addition, a 'working draft' to replace page 45 in the guidance, dealing with Ill health provisions has been issued.
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 The New-Look LGPS 2008 launches todayToday, the new-look Local Government Pension Scheme is introduced in England and Wales. Our website has been fully updated to reflect the new regulations which govern the Scheme.
If you join the Scheme from today, we hope that you will find the content on our site informative, with answers to the questions you will have as a new member.
Existing members who have automatically transferred over to the new Scheme today and deferred members with previous LGPS membership, will find answers to the key questions about how both your previous and future membership will be affected by the new regulations which are now in place.
The Fund's website will remain the place you find out FIRST about all developments within the Local Government Pension Scheme which affect your membership and the benefits you can look forward to in retirement.
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| MARCH |
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DCLG have issued guidance explaining the background and operation of the new ill-health retirement benefit provisions as they will apply in the new look scheme after 31 March 2008.
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| FEBRUARY |
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On 14 February 2008, the DCLG laid before Parliament the final two sets of regulations which complete the New-Look LGPS that will come into operation on 1 April 2008.
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From 1 April 2008 the new-look LGPS introduces the facility for members who are not already married/part of a registered civil partnership to nominate a cohabiting partner for the payment of a survivor's pension in the event of their death.
In order to nominate a cohabiting partner, Scheme members will need to complete the attached form and send it to the Fund, whereupon an acknowledgement will be issued and the details upon the form, recorded. Completed forms received up to 31 March 2008 will only be processed after 31 March 2008.
It is important to note that the facility to nominate a cohabiting partner only applies to Scheme members who have contributed to the Scheme on or after 1 April 2008. Members who left before then with a deferred benefit or payment of pension cannot nominate a cohabiting partner.
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The latest issue of our members' newsletter Beeline has been published.
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| JANUARY |
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The Local Government Employers (LGE) have provided comments on the proposals for a third tier of ill health retirement benefits as set out in the Department for Communities and Local Government (DCLG) letter of 21 November 2007.
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