Page
Data Protection The General Data Protection Regulation (GDPR) is a new set of European Union (EU) regulations which came into force on 25 May 2018. These new regulations will change how organisations process and handle data, with the key aim of giving greater protection and rights to individuals. Privacy Notice Summary Notice Will the GDPR still apply to the UK after Brexit? The UK is in the process of implementing a new Data Protection Bill which largely includes all the provisions of the GDPR. There are some small differences, but once the Bill has passed through Parliament and become…
Page
Cardiff Council are the administering authority of the Cardiff and Vale of Glamorgan Pension Fund, and are required by law to protect the pension funds that it administers. The Authority may share information with other bodies responsible for auditing or administering public funds, to prevent fraud. The Auditor General is responsible for carrying out data matching exercises within its powers as Public Audit (Wales) Act 2004. Data matching involves comparing computer records (usually personal data) held by one body against other computer records held by the same or another body to see how…
Page
National N.I. database The Cardiff and Vale of Glamorgan Pension Fund participates in a data sharing arrangement with other LGPS Pension Funds in England, Wales and Scotland. We do this so we can comply with legal requirements contained in the LGPS’s governing regulations. Provisions within the 2013 LGPS Regulations means, if a member of the LGPS dies, it is necessary for the Fund to know if the member has other LGPS benefits elsewhere in the UK, so that the right death benefits can be calculated and paid to the deceased member’s dependents. As the LGPS is administered locally, each Pension…
Page
All pension schemes are governed by regulations about when and how you can have your pension benefits paid. These regulations are in place to safeguard your benefits ready for your retirement. Regulations within the Local Government Pension Scheme (LGPS), allow you to take voluntary retirement from age 55. However, if you become too ill to work your pension may be paid earlier - this will need to be agreed by the Fund's Independent Registered Medical Practitioner. Don't let a scammer enjoy your retirement! If you are approached by a company who claim…
Page
Internal Dispute Resolution If you have a complaint or a dispute against Cardiff and Vale of Glamorgan Pension Fund or your Employer, there is a procedure to help resolve the situation known as the Internal Dispute Resolution Procedure (IDRP). The Cardiff and Vale of Glamorgan Pension Fund would welcome the opportunity to try and resolve the matter informally with you before starting the IDPR procedure. Please see our contact details for ways to get in touch. If, however, you feel your complaint has not been dealt with satisfactorily, or you are unable to resolve your differences with the Cardiff and…
Page
Guides, forms and factsheets The guides and factsheets below give general guidance ONLY and have been prepared to aid your understanding. For further information, please contact us. Annual Benefit Statement Annual Benefit Report 2023 - Notes of Guidance Guides Quick guide to budget changes for members of the Local Government Pension Scheme 2023 Short Scheme Guide 2022.23 A Guide to your Retirement 2021-22 LGPS Retirement Planning Guide (1.26mb PDF) Factsheets 50.50 Factsheet 85 Year Rule Factsheet - English Absent from Work Factsheet Annual Allowance Factsheet Annual Allowance Scheme Pays (227kb PDF) Changing your Working Arrangements Factsheet Commutation Factsheet…
Page
The Annual Allowance is the maximum amount that your pension benefits can increase during the Scheme Year without incurring an excess tax charge. This limit is currently set at £60,000 from 1 April 2023, but was previously £40,000. Should your Pension Input Amount exceed this value, an excess tax charge may be levied. However, any unused allowance from the previous 3 years can be used to offset this increase. You should also take into account any other pension benefit that you may have when assessing your Pension Input Amount, including any Additional…
Page
Death benefits If you die as an active member of the Local Government Pension Scheme (LGPS), a lump sum death grant of 3 times your annual pensionable pay is payable as requested in your Death Grant Nomination Form. If you also have a previous period of LGPS membership (known as deferred), we will calculate the death grant payable from the active period of membership and the deferred period of membership - and will pay whichever is the higher amount. Completing a Death Grant Nomination Form will allow you to nominate one or more individuals or organisations to receive…
Page
The amount of pension you build up is based on your actual pensionable pay. Each year 1/49th of your pensionable pay and any assumed pensionable pay is put into your pension account. At the end of the year the pension you have built up increases in line with the cost of living – Consumer Price Index (CPI). So the calculation would be based…
Page
If you have been a member of the Local Government Pension Scheme (LGPS) for at least 2 years or have transferred previous pension rights into the scheme, you can choose to retire with payment of your pension benefits from age 55 (this will increase to age 57 from 6 April 2028). To take Voluntary Retirement you have to leave employment. However, if you retire before your Normal Pension Age (NPA), your benefits will be…