Annual update for pensioner members April 2019
The annual update for pensioner members has been produced. The increase for this year 2.4%.
Please note that if you are in receipt of your pension, your April payment will be a combination of two different annual rates. As the new pensions increase applies from the 8 April, only your pension from the 8 April will have the new rate applied. This means that you will see the full increase of 2.4% in your May payment.
If you have been in touch with us to request a paper annual update this information will be sent out from 23 April onwards.
National Fraud Initiative
If you claim any state or council benefits, you must declare if you are in receipt of a local government pension as well. Even if, for some reason, you have declined to receive a pension you are entitled to, you must still declare it.
The Audit Commission produces the National Fraud Initiative report every two years showing the results of a data matching exercise which compares records of the Department for Work and Pensions (DWP), local authorities and local authority pension funds. This report has provided invaluable, and is very efficient in highlighting people claiming fraudulently. The authorities concerned take a very hard line on this type of fraud and guilty parties are required to repay monies overpaid and, in some cases, face prosecution.
The National Fraud Initiative report also details any local government pensioners who have taken up re-employment within local government anywhere in the country. It is, therefore, important that you inform the Fund of any re-employment in local government.
Fund Pooling
Tyne and Wear Pension Fund and Northumberland County Council Pension Fund, together with ten other pension funds have created an organisation to manage the Funds' investments. This organisation is known as Border to Coast, and the arrangements are to comply with new legislation.
In 2018 Border to Coast submitted a five year business plan to the Financial Conduct Authority, which is the body responsible for overseeing such matters. The plan details the management of the £43 billion of investments owned by the twelve partner funds. Border to Coast and the partner funds believe that this will result in better performance and reduced costs, as well as providing the partner funds with a more influential voice in the investment community.
Both the Tyne and Wear Pension Fund and Northumberland County Council Pension Fund responsibilities for paying pensions, collecting contribution income from employers and otherwise administering the pension scheme remain entirely unchanged. In other words, pooling investments will not affect you or your pension arrangements in any way.
For further information surrounding Fund pooling please click the following link concerning Pooling of investments.
Viewing your documents
You will be able to see any documents you have sent to the Pensions Office using your mypension account and also any responses we have sent back to you. Annual information about your pension will appear in April each year around the 16th, however, we will send you an email to tell you as soon as it is available for you to view.
View/Print P60's - any P60's that relate to the pension paid to you by South Tyneside Council as provider of pension services for TWPF and NCCPF by calendar year.
View/Print Payslips - any Payslips that relate to the pension paid to you by South Tyneside Council as provider of pension services for TWPF and NCCPF by calendar year.
You may need to install a PDF reader if your device does not already have one - view our document page for further information.