McCloud/Sargeant and the 2015 Remedy pension calculators
The SPPA is pleased to advise that a retirement calculator for the McCloud/Sargeant and 2015 Remedy is available for use on our website.Who is affected by McCloud/Sargeant and the 2015 RemedyIf you joined a public sector pension scheme on or before 31 March 2012 and you were still a member on or after 1 April 2015, and had continuous service you will be eligible for the 2015 Remedy. This includes members who left but returned within 5 years to the same or another public service pension scheme.
Contract for new pension administration/payroll solution
The Scottish Public Pensions Agency (SPPA) today announced the intention to award a contract to Heywood Pension Technologies (HPT) for the supply of a new integrated pensions IT system, subject to a mandatory standstill period. Chief Executive David Robb said:
NHS Scotland Coronavirus Life Assurance Scheme
Scottish Ministers established a special temporary scheme that provided death in service benefits for relevant persons working for, or providing services on behalf of, an NHS Scotland Health Board, Special Health Board, NHS National Services Scotland (Common Services Agency) and Healthcare Improvement Scotland, called the NHS Scotland and Social Care Coronavirus Life Assurance Scheme 2020.
Changes to Commutation provision in the Police Pension Scheme 1987
From 1 April 2022, we are changing how retirement lump sums are calculated for 1987 Scheme members who are aged 50 or over and have between 25 and 30 years’ service. Currently, these members can commute up to 2.25 times their annual pension. This is being changed so they can commute up to 25% of their annual pension instead. This change will not apply retrospectively to retirements pre 1 April 2022.
Cyber Security Resilience
In line with guidance being provided to other UK governmental agencies and departments, the SPPA is highlighting a need to increase cyber security resilience in response to potential malicious incidents related to tensions in Ukraine. We are reaching out to our suppliers and raising awareness on our external channels using the following message:
Guaranteed Minimum Pension
We have been working with Her Majesty’s Revenue & Customs (HMRC) to make sure that pension information we hold for members of our schemes matches their records. This work has identified that some pension payments from the SPPA have been incorrect. This relates to a part of the pension called Guaranteed Minimum Pension (GMP) and how the cost of living increases, known as index linking, have been applied to it.
MyPension Online - Multi-Factor Authentication
We are introducing Multi Factor Authentication (MFA) to the MyPension website on 3 November 2021. What is Multi-factor Authentication? MFA improves on traditional security methods by adding an extra step when logging in to an online account. Logging in with MFA involves:
Goodwin Ruling - Survivor benefits update
The Goodwin case identified that male survivors of opposite-sex marriages and civil partnerships are treated less favourably than survivors in same-sex marriages and civil partnerships. We are working on a method of calculating family benefits service to address this sexual orientation discrimination. Scheme rules will be changed to ensure that:
Cost Control Mechanism and Discount Rate Methodology Consultations Launched
Cost Control Mechanism and Discount Rate Methodology Consultations Launched HM Treasury published two public consultations on 24 June 2021, seeking views on proposals to make changes to the cost control mechanism in public service pension schemes, and secondly on the appropriate methodology for setting the discount rate used in scheme valuations. The consultations will run for eight weeks and are available to view at the links below: Cost control mechanism
Important update on your Pension: The Government's Approach to the 2015 Remedy
The UK government’s announcement Following the public consultation held in 2020, the UK government has now set out its approach to remedying the age discrimination found in the 2015 pension reforms. Having considered the response to the consultation, the UK government has decided to implement a ‘deferred choice underpin’ which was the approach favoured by the majority of respondents.