Mr' Fred Grand

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• LGPS Legislation
• Alan South, Technical Manager

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LGPS Legislation
Evolution through the years

• 1974 /1986/1995/1997/2008

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LGPS 2008

• Whats Changed?
• How has this affected administration?

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LGPS 2008

• Whats Changed?
• Benefit Structure but only from 1.4.08
• Pension now based on 60ths not 80ths
• No automatic lump sum
• Option to convert pension to lump sum
• Ill health benefit criteria changed
• Nominated Partners
• Buy Extra Pension 250 blocks
• not Extra Service
• Cost sharing arrangements
• Death in Service lump sum 3 x actual pen.pay

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LGPS 2008

• Whats different about LGPS 2008
• Previously
• either stayed on old terms or opted for new
• distinct split even for future service
• Other public sector schemes have done this
• Teacher, Civil Service, Police and Fire
• BUT LGPS is now hybrid with different
• calculations for pre and post 2008 service

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LGPS 2008

• Calculations have become complex
• But the pension software covers
• all this doesnt it?
• When full guidance has been received
• it will deal with most areas
• providing correct information is input
• But there is still a need to translate all this
  to the scheme members in an understandable manner

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LGPS 2008
AVON PENSION FUND
PAYMENTS Pensions Lump Sums Transfers Administrati
on
INCOME Contributions Investments Transfers

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The LGPS Dynasty

• Mr Fred Grand73 Mrs Mary Grand71
• Mr Sonny Grand51 Mrs Sue Good50
• Mrs Dilys Grand 44 Mr Don Good54
• Mr John Grand27 Kylie Good 16
• Miss Debbie Great25
• Wayne Grand 3

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Mr. Fred Grand Age 73

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• Mrs Mary Grand Age 71

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Mr. Sonny Grand Age 51

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Mr. Sonny Grand Age 51

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Mr. Sonny Grand Age 51

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Mrs. Dilys Grand Age 44

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Mrs. Sue Good Age 50

• Mr. Don Good Age 54

Kylie Good Age16
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Mr. John Grand Age 27

• Miss Debbie Great Age 25

Wayne Grand Age 3
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LGPS 2008

• Other issue
• Flexible retirements incl. partial
• Life-Time Allowance
• 121 conversion
• death on pension 10 times less paid deferred
  5 times
• Buying Extra Benefits Additional Regular
  Contributions but buying added service will still
  be around

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LGPS 2008

• Outside Legislation
• Other factors
• Finance Acts Tax implications
• Disability Discrimination Act 1995
• Maternity/Paternity Legislation
• Small Estates Act
• Legislation on Divorce
• Bank Rate changes
• Government Actuary

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LGPS 2008

• Employers
• How can they assist us?
• Provide information on timely basis
• Notify changes
• Give complete end of year data
• Electronic methods EDI /Secure Portal
• Working Groups / liaisons

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• Any questions?

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