NEWS ARCHIVE 2010
| DECEMBER |
| 1-2 of 2 items |
 Fund submits its Hutton response
The Fund has submitted its response to the second and final "Call for Evidence" by the Independent Public Service Pensions Commission, chaired by Lord Hutton of Furness.
As part of the response, the results of our recent Survey of members was included as an appendix. The Fund would like to thank the 1,952 active members who took the time to complete the survey.
|
|
THE LATEST ISSUE of our newsletter for Local Government Pension Scheme (LGPS) members, beeline has been published. This edition leads on the effect of the June 2010 Budget on the future of the Local Government Pension Scheme (LGPS) together with a wide range of other pension related articles.
|
| NOVEMBER |
| 1-4 of 4 items |
Annual Benefit Statements were posted in the week commencing 22 November 2010 to those Scheme members with a deferred membership of the LGPS as at 1 April 2010. Those employees who left the Scheme after 1 April 2010 should receive their first annual statement as part of the 2011 production.
|
 Statement of Investment Principles 2010
The Fund has published an updated 2010 version of its Statement of Investment Principles (SIP) after being approved by Pensions Committee on 16 November 2010. The SIP sets out the policy which determines how the Fund invests its assets.
|
|
Funding Strategy Statement 2010
After consultation with all relevant interested parties and approval by Pensions Committee on 16 November 2010, the Fund has published its 2010 Funding Strategy Statement (FSS).
|
|
This fact sheet contains useful information in regard of the Government’s announcement to change the tax limits applying to pensions with effect from April 2011.
|
 Hutton Review issues a new 'Call for Evidence'The Independent Public Service Pensions Commission chaired by Lord Hutton has issued a new "Call for Evidence" to inform its final report on public service pension provision. This call lists issues that the Commission wishes to consider in preparing its final report. The deadline for submissions is Friday 17th December. Details can be found on the Commission’s webpage.
|
|
Fund Survey 2010
THE FUND would like to thank all 392 members who took the time to complete our 2010 survey, which was available to complete between 28 June 2010 and 1 November 2010. We will shortly report full findings. These will be invaluable in helping us shape our services to members in the future.
Congratulations to Mrs V Carrington from Liverpool, who won the prize draw of those Fund members who completed the Survey. Her reward is £25 worth of high street vouchers. Well done!
|
| OCTOBER |
| 1-6 of 6 items |
|
PROVISIONS contained in the LGPS (Miscellaneous) Regulations 2010 which came into force on 30 September 2010, allow requests to combine previous periods of LGPS membership with your current active membership, even if your 12 month time limit has passed. You can read full details here.
|
 Comprehensive Spending Review 2010THE CHANCELLOR OF THE EXCHEQUER has announced the Government's 2010 Spending Review. It outlines the government's spending plans for the next four years. You can download the document ‘Spending Review 2010’ from HM Treasury’s website.
|
 Fund signs UK Stewardship Code THE FUND has joined 67 other organisations as inaugural signatories to the UK Stewardship Code which sets out best practice in respect of shareholder engagement. You can view full details including a full list of signatories at the Financial Reporting Council's website.
|
 Government tax relief announcementThe Government has announced that from April 2011, the Annual Allowance for ‘tax privileged pension saving’ will be £50,000 and that from April 2012 the Lifetime Allowance will be £1.5million. You can download the document ‘Restricting pensions tax relief through existing allowances: a summary of the discussion document responses’ from HM Treasury’s website.
|
|
Hutton Review Interim Report published The Independent Public Service Pensions Commission set up in June to make recommendations on how public service pensions can be made sustainable and affordable in the future, has today published its interim report. The Commission will publish its final report in time for the 2011 Budget. You can download both the Report and accompanying Press Release.
|
|
The Fund has published its Report & Accounts for the year ending 31 March 2010.
|
| SEPTEMBER |
| 1-3 of 3 items |
|
The latest issue of our periodic newsletter for Pensioners of the Fund has been published. This issue includes details of a change to how your local government pension will be increased from April 2011, together with a range of articles and our Autumn competition.
|
|
THE FUND has published a statement of compliance with the U.K. Stewardship Code, which sets out best practice in respect of shareholder engagement.
|
|
The Government has announced a change to how public sector pensions will be increased in line with inflation from April 2011.
|
| AUGUST |
| 1-4 of 4 items |
|
THE FUND has submitted a response to the HM Treasury discussion document on an alternative approach to restricting pensions tax relief.
|
|
THE FUND has responded to the consultation launched by the Hutton Commission which is conducting a structural review of public service pension provision.
|
|
THE LGPS (MISCELLANEOUS) REGULATIONS 2010 laid in Parliament on 25 August, will be coming into force from 30 September 2010.
|
|
The Fund is delighted to have been shortlisted in three categories by Professional Pensions in its 2010 Awards.
|
| JULY |
| 1-1 of 1 item |
|
The Fund’s ‘My Pension Online’ service will be unavailable on the afternoon of Saturday 31 July 2010.
|
| JUNE |
| 1-1 of 1 item |
|
THE FUND would like to hear from you. We would be very grateful if you could spare a few moments to complete our 2010 Survey. If you are a member of Merseyside Pension Fund you can be entered into a draw to win a £25 high street gift voucher of your choice.
|
| MAY |
| 1-2 of 2 items |
|
The Fund has published an updated 2010 version of its Statement of Investment Principles (SIP). The SIP sets out the policy which determines how the Fund invests its assets.
|
 Fund Statement:
Shareholder Resolutions - BP plc and Shell plc AGMs
Merseyside Pension Fund (MPF) is making clear its position and voting stance on the resolutions filed at the 2010 AGMS of BP plc and Royal Dutch Shell plc regarding their Canadian oil sands projects.
As a responsible investor, Merseyside Pension Fund is fully committed to considering environmental, social and governance factors as part of its investment process. Furthermore, as a long-term investor, the Fund recognises the significance of climate change and its potential impact on its investments, including its significant shareholdings in BP plc and Royal Dutch Shell plc.
The development of Canadian oil sands resources is a complex issue which affects many stakeholders. The plans of both BP and Shell to develop these resources are driven by the growth in global energy demand and a recognition that to ensure a continued supply of energy and avoid a greater shift towards the use of coal within the energy mix, the world will need to embrace the development of all oil supply sources. Although they represent a small part of current global production, the oils sands represent major oil reserves second only to those of Saudi Arabia.
MPF acknowledges that industrial scale oil sands extraction is a contentious subject and that companies involved in oil sands projects need to address a number of complex questions around the economic viability of the projects, their climate change impacts, legal and regulatory risks, the rights of indigenous peoples, the ecological impact of mining operations and the reputational risk to the companies and their shareholders. As responsible owners, MPF has been working with its partners in the Local Authority Pension Fund Forum (LAPFF) to engage with BP and Shell, in order to ensure that these environmental and social risks are being adequately addressed.
LAPFF’s engagement work on the oil sands issue began in early 2009, and we in the LAPFF have welcomed the added impetus that the shareholder resolutions (filed in December 2009) have brought to the engagement process. Both companies have placed a great deal of information relating to their oil sands projects in the public domain; senior executives from Shell and BP have met with LAPFF to respond to concerns over the sustainability of oil sands extraction. The primary request of the resolutions is for further disclosure. MPF has been pleased to see that, partly as a result of wider engagement with their shareholders, both companies have recognized the need to better explain their approach to oil sands extraction and have provided most (but not all) of the information sought by the resolutions.
MPF takes the view that shareholder engagement on this issue has produced some progress, but that it should remain ongoing: for this reason, MPF voted to abstain on the resolution at the AGM of BP (i.e. we did not support passing the resolution, but neither did we vote with management to oppose). We acknowledge that Shell has gone further down the path of disclosure, but feel that more information is needed regarding their plans for future development. Therefore, MPF will give strong consideration to once again voting to abstain on the resolution at the May 18th AGM.
In parallel with its LAPFF activities, the Fund has been supporting the Institutional Investors Group on Climate Change (IIGCC) in developing climate disclosure guidelines for companies in the oil & gas sector. MPF has recommended to BP and Shell that they consider adopting the IIGCC guidelines, as this would provide a consistent basis of reporting to shareholders on the risks and opportunities from climate change and evolving regulation faced by their companies.
|
| APRIL |
| 1-2 of 2 items |
 Dependants' Guide
The Fund has published the April 2010 version of its Dependants' Guide. In the main, this guide deals with the Local Government Pension Scheme (LGPS) benefits payable to dependants on the death of a Scheme member. It explains who is eligible, how to make a claim, the necessary documents you need to produce and the procedures to follow.
|
 Fund Statement - April 2010 Pension Payslips The Fund would like to explain why 6,000 of our 40,000 pensioners have received two payslips in the post this month in respect of their April 2010 payment of pension.
This reflects a notification from Her Majesty’s Revenue & Customs (HMRC) of a change of tax code from the beginning of the 2010/2011 tax year for 6,000 pensioners. These have been received by tax payers and non-tax payers alike.
If you do not pay income tax, you will notice two separate payslips confirming the same amount of pension payable. This correct amount of pension will have credited to your bank or building society account. If you do pay income tax, the two payslips received show different amounts of pension payable – this reflects both your old and new tax codes. You are advised to check your bank or building society to confirm the actual amount of pension credited. This will be the correct amount after the tax code change and is the ‘Net Pay’ in one of the two payslips you have received. If you think your tax code for 2010/2011 might be incorrect, please telephone HMRC on 0845 302 1459.
|
|
MARCH
|
| 1-8 of 8 items |
|
In April 2010, there will be no increase to your local government pension. Your pension will remain at the same level that is currently in payment.
|
|
THE FUND has published a new poster informing members of the new earnings bands used to determine the contribution rate they will pay from 1 April 2010 to 31 March 2011.
|
|
THE LATEST ISSUE of our newsletter for Local Government Pension Scheme (LGPS) members, beeline has been published. This edition leads on the latest regulatory changes to the Local Government Pension Scheme (LGPS) together with a wide range of other pension related articles.
|
|
Eagle-eyed readers of the March 2010 issue of our newsletter for Pensioners will have noticed an error on page 3. The Table columns headed '2009' and '2008' should contain the figure '£000' below rather than '£0'. These figures are correctly represented in the Financial Statements of the Fund's Report & Accounts 2008/09. The Fund apologises for this inaccuracy.
|
|
THE FUND with the assistance of its actuary, Mercer Limited, has produced a summary to aid understanding of the implications from 6 April 2010 onwards of pension, tax and NI changes affecting high income employees.
|
|
The latest issue of our periodic newsletter for Pensioners of the Fund has been published.
|
|
THE LOCAL GOVERNMENT EMPLOYERS (LGE) has produced a leaflet setting out the implications from 6 April 2010 onwards of tax changes affecting high income employees with income (from all sources) of over £100,000.
|
|
AS A RESULT of the negative (RPI) inflation (-1.4%) suffered by the economy in the 12 months up to and including September 2009, the earnings bands, from 1 April 2010 are expected to remain unchanged from those used during 2009/2010.
|
| FEBRUARY |
| 1-1 of 1 item |
|
THE FUND has published Fact Sheet 10, explaining recent changes to the LGPS which may affect the survivor’s pension payable on your death if you are in a registered civil partnership or have nominated a cohabiting partner to receive a survivor’s pension and you have LGPS membership before 6 April 1988.
|
| JANUARY |
| 1-4 of 4 items |
|
THE FUND has published Fact Sheet 9, looking at what happens to your LGPS benefits on leaving your job before retirement if you pay into the LGPS on or after 1 April 2008.
|
|
THE FUND has published Fact Sheet 8, exploring how your membership in the LGPS could be affected and your benefits reduced if you are off work for any reason.
|
|
THE FUND has published Fact Sheet 7. This explains how members can transfer previous pension rights into the LGPS.
|
|
THE FUND has published a new fact sheet in its series of guidance notes to members. Fact Sheet 6 details how the Scheme provides valuable life cover and financial protection to your family in the event of your death.
|
The LGPS (Miscellaneous) Regulations 2010
