Gwent Pensions
9th September 2022
12th - 16th September 2022 is Pension Awareness Week
Understanding what is going on with your pension and how your pension works is important. Pension Awareness is an industry wide campaign aimed at improving your knowledge about pensions. It is also about money in general, budgeting hacks and your general financial wellbeing.
Pension Awareness Week runs from the 12th -16th September this year and you can find more information about events, handy videos, articles and resources to help answer your pensions and money questions at pensionawarenessday.com
The Greater Gwent Pension Fund runs the Local Government Pension Scheme for members in the Greater Gwent area and are keen to engage with members to help them better understand their pension savings and the LGPS.
You will find several useful articles about the LGPS, and services offered by other organisations to help you better understand your pension savings. These include staying in the scheme during financially tough times, organisations that can provide both pensions and money advice, pension scams and how to sign up to view your LGPS pension account online if you have not already done so.
With the rise in the cost of living recently you may find yourself struggling financially during these tough times with rising energy and food costs. It is important now more than ever for you to consider how you may manage when it comes to retirement.
Money Helper is a service that you can take advantage of that offers free and impartial money and pensions guidance. It brings together the services of three government backed financial guidance providers: the Money Advice Service, The Pensions Advisory Service and Pension Wise. You can find our more information about their services at moneyhelper.org.uk
The national LGPS member website has recently published a Frequently Asked Questions (FAQ) on the cost-of-living crisis. You can view the FAQ online on their website by clicking on the picture below.
Scammers are sophisticated, opportunistic and will try many things to target you. They can often come across as knowledgeable and articulate and provide you with creditable websites, and materials and can be difficult to tell the difference from the real thing. Because of the rising cost of living, it is more important than ever to be vigilant and beware of investment or pension opportunities that seem too good to be true.
The Financial Conduct Authority’s ScamSmart website has resources to help avoid pension and investments scams, register to check if an opportunity is a scam and how to report a scam to help others.
To help protect yourself from becoming a scammers next victim and losing a lifetime of savings in a moment here are some tips:
Don’t let a scammer enjoy your retirement!
If you’re suspicious then report it online or by contacting the FCA’s consumer helplines on 0800 111 6768.
The Local Government Pension Scheme is made up of two sections. The main section is where you pay your normal pension contributions and build up the normal pension. The 50/50 section is where you pay half your normal pension contributions and built up half your normal pension. While still having full survivors benefits and ill health cover that you would get if you were in the main section.
The extra flexibility to join the 50/50 section offers you a real alternative if you have been thinking about opting out of the LGPS altogether to save yourself money during the cost-of-living crisis.
It is important to remember the 50/50 section has been designed as short-term option to help you when times are financially tough.
Your employer must auto enrol you back into the main section generally every three years. This is called their automatic re-enrolment date. They will also put you back into the main section if you have a period of absence, sickness, or injury where you are receiving no pay. If you want to carry on using the 50/50 section, you just need to fill in a new 50/50 form and give it to your employer.
You also have the freedom to choose to move back to the main section of the scheme at any time and your employer will do this from your next pay period.
If you are paying additional pension contributions (APCs) then these would have to stop from the date you choose to join the 50/50 section unless they are to cover a period of absence from work.
More information about the 50/50 section can be found on our website and you can download the 50/50 application form here.
The Fund offers members the ability and flexibility to view their pension account online 24/7 with our My Pension Online service.
Setting up your online account couldn’t be easier 4 easy steps and same day access if we already hold your email address on your pension account.
Once you have registered to can view the details we hold about your and your pension account online, run your own retirement estimates, view your annual benefit statements, notify us of changes safely and securely through your My Pension Online account.
If you have not already signed up why not register today in 4 easy steps. Go to our website www.gwentpensionfund.co.uk and click on the My Pension Online link at the top right of our home page (if you are on a mobile device click on the three lines instead to bring up the menu)
