Spring 2019 Issue 12 - Norfolk Pension FundSeptember 2018 • If your pension started before April...

Norfolk Pension Fund Newsletter 2019 1

Primetime Spring 2019 Issue 12

Pension fund newsletter for retired members

Delivering the Local Government Pension Scheme

Snowdrops Galanthus nivalis

Please keep in touch!Keeping us informed of your correct contact details is very important – it could make the difference between your pension being paid or being suspended, whilst we trace your new address.We work really hard to try and find people we have lost touch with in order to help restart their pensions, but it’s not an easy task!

So please do let us know if you move house or if this newsletter didn’t arrive at the correct address. Our contact details are:

The Norfolk Pension Fund5th Floor, Lawrence House5 St Andrews Hill, Norwich, NR2 1AD01603 [email protected]

You are also very welcome to call in and see us at our Norwich offices during the opening times listed below:Monday to Thursday 8.45am – 5.00pmFriday 8.45am – 4.00pm

Our phone lines are open until 5.30pm Monday to Thursday and until 4.30pm on Fridays

On the web – if you register to use our online services then you can check and update your address details at any time...

www.norfolkpensionfund.org

2 Norfolk Pension Fund Newsletter 2019


Hello and welcome…


…to this latest edition of Primetime which includes pension pay dates for 2019-20, tax news and other information to help you keep up to date with your pension.This may be my last introduction as by this time next year I may have joined you as a retired member of the Norfolk Pension Fund! It’s been a privilege to serve in my role since 2002. Incredibly, during this time, the number of retired members has nearly doubled from 11,438 to over 22,000. This is a reminder of how important the Norfolk Pension Fund is in providing a secure retirement income for an ever-increasing number of people.The Fund assets have also grown since 2002 from £1.1 billion and now total over £3.6 billion. You can see a summary of our Accounts and Investments on page 16. It’s important to remember though that your LGPS pension is secure and not affected by the stock market or investment performance.Please remember that we’re always here to help, so if you have any questions please call us on 01603 495788 or email [email protected]. Alternatively, you are welcome to drop into our office in Norwich city centre.

Nicola Mark MBEHead of the Norfolk Pension Fund

ContentsYour pension increase 4When is my pension paid? 5Pensioner Payroll Support 6Pensions Committee 8Am I a taxpayer? 9Tax News for 2019-20 10Useful reminders 12Tell us once 14HMRC Helplines 15

Accounts and investments 16Check your pension online 18Norfolk Community Directory 19Computer skills at your local library 20Looking after your data 22Think we’ve made a mistake with your pension? 23

With thanks and very best wishes,

Your pension increase from April 2019Your Local Government Pension Scheme (LGPS) pension increases in line with the cost of living from the date you leave the Scheme.

Like other Public Sector Pensions, it will go up in line with the Consumer Price Index (CPI).

The April 2019 increase will be 2.4% based on the CPI rate in September 2018

• If your pension started before April 2018 you will get the full increase

• If your pension started after April 2018 and before March 2019 you will get part of the increase

• We will send you a payslip in April which will include a message about the increase to your pension.


Changing your bank?Please let us know if your bank details change, as your bank or building society may not tell us!Unfortunately we can’t take a change in bank details over the phone as we must have your signature when you tell us. You can either: n Write to us at Norfolk Pension Fund, 5th Floor,

Lawrence House, 5 St Andrews Hill, Norwich, NR1 2ADn Call in at our offices at the above addressn Download a form from our website at

www.norfolkpensionfund.orgOur contact details are on the back page of this booklet. Please remember to sign your instruction to change your bank details.We usually run our pensions payroll around the middle of the month, so please tell us about any changes in good time or it may delay your payment.

When is my pension paid?


When do I get my payslip?Generally, we don’t send payslips to all our pensioners every month.A full payslip run usually only happens three times each year, in April, May and November.

We only print payslips to send to you when:✔ the amount you receive changes by more than £1 from your last

payment, or✔ HM Revenue & Customs change your tax code, or✔ you change your bank details, or✔ you change your address✔ when you receive a payslip, always look

on the reverse to see any messages.

There will be months when you will not receive a payslip, but please don’t worry as your pension will be paid into your account on the above dates.

There is

a way to see

all of your payslips,

P60s and much more…

just register for our very

secure online services –

see page 18

for details

Your pension goes into your bank account on the last working day of the month.In 2019-20 dates will be…March 2019 Friday 29 MarchApril 2019 Tuesday 30 AprilMay 2019 Friday 31 May June 2019 Friday 28 June July 2019 Wednesday 31 JulyAugust 2019 Friday 30 AugustSeptember 2019 Monday 30 SeptemberOctober 2019 Thursday 31 OctoberNovember 2019 Friday 29 NovemberDecember 2019 Tuesday 31 DecemberJanuary 2020 Friday 31 JanuaryFebruary 2020 Friday 28 February

Pensioner Payroll Support TeamIt was Albert Einstein who said that “The only source of knowledge is experience.” With that in mind, I’ve just totted up that between the five of us in the Pensioner Payroll Support Team we’ve over 94 years pension administration experience, an average of 19 years each. So although we can’t explain the theory of relativity, we do have a great deal of knowledge and expertise at hand should you ever need to contact us for help with your LGPS pension.

As Spring approaches, it’s the time of year that people start thinking about moving house. If you’ve just moved, or are thinking of moving, please could I remind you that you need to inform Norfolk Pension Fund of your new address to ensure that your pension is paid. Even if you arrange for the Royal Mail to redirect your post, we still need to update our records with your new address. That’s because if we post anything to your old address after your Royal Mail redirection period has ended, and it’s returned to us undelivered, we immediately stop paying your pension whilst we trace your new address.

So when you move, please tell us your new address as soon as possible by calling us on 01603 495788, emailing [email protected] or by dropping in to see us during office hours at Lawrence House, 5 St Andrew’s Hill, Norwich, NR2 1AD.

Please remember you can always check that we have your correct details by registering for our online services at www.norfolkpensionfund.org. However, if you’re unsure about using a computer or a smart phone, please see page 20 for details on one-to-one computer training sessions offered by the Norfolk Library Service which can help build your confidence using the internet.

Best wishes – Paul Pensions Payroll Manager

News from the


James ColkPensions Payroll Co-ordinator

Paul StimpsonPensions Payroll Manager

Meet the Pensioner Payroll Support Team


Shenda HedtkePensions Payroll Lead Co-ordinator

Nichola SymondsSenior Pensions Administrator

Sandra PyeSenior Pensions Administrator

Members of the Pensions Committee act as trustees and oversee the management of the Norfolk Pension Fund. The Pensions Committee has eight members, seven elected Councillors and one scheme member representative (nominated by the local Trade Unions). They are all committed to securing the best possible outcomes for the Pension Fund, scheme members and participating employers. In their role they are supported by professional advice from Pension Fund officers, professional advisors and external experts.

The membership of the Pensions Committee changed during 2018 following the resignation and sad passing away of Cliff Jordan who had served as Committee Chairman. Subsequently, Tom FitzPatrick has been welcomed as a new Committee Member with Judy Oliver elected as Chairman and Alan Waters re-elected as Vice-Chairman.

The Pensions Oversight Board helps the Pension Committee ensure that the Pension Fund is well managed. Unlike the Pensions Committee, the Pensions Oversight Board doesn’t have decision making authority, but is focussed on ensuring that the Pension Fund fulfils all its responsibilities appropriately and well.

Brian Wigg (pictured right) is the Pensioner Representative on the Pension Oversight Board to ensure that your interests as a retired member are represented.

Scheme members are always welcome to observe at Pensions Committee meetings. For those attending one of the Retired Members Forums in May 2019, Brian will be available to answer questions about the Pensions Oversight Board.

For more information please visit www.norfolkpensionfund.org/about-us

Pensions CommitteeNorfolk County Council, as administering authority of the Norfolk Pension Fund, has delegated responsibility for decisions about the Norfolk Pension Fund to its Pensions Committee.



We are all potential taxpayers… but you only pay tax if your income is greater than your personal tax allowance. Detailed information is available from HMRC, but here is a simplified guide.

Examples of taxable income: State pensions • Work place pensions, like ours • Earnings from any job • Share dividends • Rental income Examples of non taxable income: Premium Bond wins • Income from tax exempt savings accounts

1. Add up your taxable income. Some income is taxable and some is never taxed. Add up your taxable income in a tax year. Tax years run from 6 April to 5 April.

2. Add up your tax free allowances. For most of us, this is just the personal allowance shown on page 10, but there are others such as Blind Person’s Allowance.

3. Take one from the other. Take your tax-free allowances away from your taxable income. If there is anything left you have to pay tax on it.

Hopefully this summary of tax is helpful but please visit www.gov.uk/income-tax-rates for full details of tax and take professional advice if you need it.

What if I think my tax code is wrong? Please don’t tell us, as we cannot alter it! Only HMRC can do this, so please contact them using the details shown below.Telephone Number 0300 200 3300 Open 8am - 8pm, Mon-Fri, and 8am - 4pm Saturdays. Text phone number for hearing & speech impaired members: 0300 200 3319Please quote your National Insurance number and PAYE reference 531/N3722P

Am I a taxpayer?


Tax News for 2019-20Personal AllowancesMost people are allowed to receive a certain amount of income in a tax year on which they do not have to pay tax. This is called the personal allowance. For the 2019-20 tax year the personal allowance will be £12,500 and tax will only be payable on income over that amount.

Marriage Allowance To help couples where only one is a tax payer, it’s possible to share some of the Marriage Allowance. If your income is less than the personal allowance of £12,500, you can transfer some of your allowance to your husband, wife or civil partner, as long as they only pay tax at the basic rate of 20%. For 2019-20, the amount you can transfer is up to 10% (£1,250) of your personal allowance. A person transferring the full £1,250 of Personal Allowance would save their husband, wife or civil partner £250 in tax. As far as we are aware, application must be made online by visiting www.gov.uk/marriage-allowance.

New Year Tax CodesIn February, we start getting large volumes of tax codes for the new tax year 2019-20. If you receive a new tax code statement from HMRC around this time look for the tax year on it. It may be for 2019-20. If so, we will use it for payments from April onwards. You don’t have to contact us to tell us your new code, but please check it’s on your April payslip.

Income TaxThe amount of tax you pay is based on your income in the tax year, over and above your personal allowance. The rate of income tax you pay will vary depending on where you live in the UK as shown in the tables opposite.Please note the tax rates shown are only payable on income over the personal allowance of £12,500.

Rate Tax Year 2019-20 Tax Year 2018-19

Starter Rate: 19% £2,049 £2,000Basic Rate: 20% £2,050 - £12,444 £2,000 - £12,150Intermediate Rate: 21% £12,445 - £30,930 £12,151 - £32,423Higher Rate: 41% £30,931 - £150,000 £32,424 - £150,000Top Rate: 46% Over £150,000 Over £150,000



Basic Rate: 20% £1 - £37,500 £1 - £34,500Higher Rate: 40% £37,501 - £150,000 £34,501 - £150,000Additional Rate: 45% Over £150,000 Over £150,000

England and Northern Ireland tax rates payable on income over the £12,500 personal allowance.

Scotland tax rates payable on income over the £12,500 personal allowance.


Basic Rate: 20% £1 - £37,500 £1 - £34,500Higher Rate: 40% £37,501 – £150,000 £34,501 - £150,000Additional Rate: 45% Over £150,000 Over £150,000

Wales tax rates payable on income over the £12,500 personal allowance

Rates correct at time of publication, but could be subject to change before 6 April 2019. Hopefully this guide is useful but please visit www.gov.uk/income-tax-rates for full details on tax and take professional advice if you need it.

Useful reminders


New job?Please remember to tell us if you get another paid job with any employer who offers you membership of the LGPS, regardless of whether you join the scheme or not. In some cases, working for this type of employer may affect your pension.

Living abroad?Are you one of our 314 pensioners who live abroad?

If so, you may be interested in a service provided by Citibank. For just £2.74 a month – collected from your payment – Citibank will pay your pension directly to your overseas bank account in local currency, via their WorldLink system.

Payment this way does take a little longer to process, so your pension will arrive a few days after your payment date. If you would like to know more then please contact the Pensioner Payroll Support Team on 01603 495788 or email [email protected].

You may remember these items from previous

editions of Primetime. We often get questions

about them so feel they are worth repeating…

Change of AddressKeeping us up to date with your current address is really important. If any mail from us to you comes back undelivered we will stop paying your pension while we try to find out what your situation is.

See page 2 for ‘how to keep in touch’.


Changes to your bank detailsPlease let us know immediately if your bank details change, as your bank or building society may not tell us!

We can’t take a change in your bank details over the phone, as we must have your signature so please either:

• Write to us at: Norfolk Pension Fund, Lawrence House, 5 St Andrews Hill, Norwich, NR2 1AD

• Call in at our offices at the above address

• Download a form from www.norfolkpensionfund.org

Power of Attorney (POA)If a family member or friend is dealing with your financial affairs by way of a Power of Attorney, please send the full document (or a copy) to us. We can then work with your Attorney. Remember though, we only need to see a POA if it is being used – if you are still managing your finances please don’t send us a POA.

If you don’t have a POA but need someone to act on your behalf, our Appointee Indemnity Form may be used – please ask us for more details.

Trivial CommutationTrivial commutation is the technical term for swapping your small annual pension for a one-off lump sum. To date we have written to over 653 pensioners and some have been offered the chance to swap their annual pension for a one-off lump sum. If you would like to know if you are eligible to do this, please get in touch (eligible annual pensions are usually in the hundreds rather than the thousands, but it depends on your individual circumstances).

PensionsJargon Buster


Tell us once...The Norfolk Pension Fund has signed up to Tell Us Once, which is a service that lets you report a death to the relevant Government departments and local authorities in one go.

As part of this service, we are automatically notified once the death of any of our scheme members is reported to a Registrar as long as the National Insurance number has been recorded.

This means the scheme member’s records can be processed more quickly and simply than would otherwise be the case.

If you live in Norfolk, you can book an appointment with the Registrar online at www.norfolk.gov.uk or by calling 0344 800 8020.

LGPS National Insurance Database

The LGPS National Insurance Database means that data can be securely shared with the Department for Work and Pensions to support the Tell Us Once service.

The database is also used by LGPS Funds in England, Scotland and Wales to help check if their members have other LGPS membership elsewhere.

If one of our scheme members dies, we need to know if they had other periods of LGPS membership administered elsewhere in the country.

This is so we can make sure any death benefits due can be calculated and paid to the member’s dependants in accordance with the LGPS Regulations 2013.

What is a Registrar?

A person who keeps

official records of the

landmark events in our

lives – births, deaths,

marriages and civil

partnerships.

HMRC Pensioner and Bereavement HelplineHM Revenue & Customs (HMRC) have a dedicated helpline on 0300 200 3300 for pensioners and also those calling about the death of a pensioner. This telephone number is cheaper than their previous 0845 one, especially if you are calling from a mobile phone.

If you are deaf, hearing or speech impaired, the number is 0300 200 3319 (Textphone). A textphone will let you type what you want to say rather than speaking into a mouthpiece. It is not possible to speak to an adviser by phoning a textphone number.

If you’re calling from abroad please telephone +44 135 535 9022.

If you need to write to HMRC the address is:Pay As You Earn and Self AssessmentHM Revenue and CustomsBX9 1AS

If you are writing about someone who has died please mark your letter ‘Bereavement’.



Accounts and investmentsThis is a summary of the Norfolk Pension Fund accounts and investments. Our full accounts for 2017-18 are published on our website at www.norfolkpensionfund.org following full external audit. You can also find there a copy of our Investment Strategy Statement, which includes details of our Socially Responsible Investment and Corporate Governance activities. If you would like a paper copy of either document, please call us on 01603 222824.

The Fund’s diversified investment portfolio has performed well contributing to an increase in Fund assets of more than £175m over the year.

2016-17 2017-18 £000s £000s

Opening net assets of the scheme 2,904,798 3,429,247

Employees’ contribution to the Fund 27,983 28,786

Employers’ contribution to the Fund 101,936 118,361

Transfer values received 7,961 11,637

Payments to pensioners and dependants -127,124 -134,314

Transfers out and other payments to leavers -4,576 -7,706

Advisor fees and general administration costs -17,183 -17,992

Net investment return – including income and the change in value of investments 535,452 175,351

Closing net assets of the scheme 3,429,247 3,603,370

Remember your Local Government Pension Scheme (LGPS) pension is secure and your benefits are not directly linked to either what happens in the financial markets, or the investment performance of the Fund.


We always have a mix of investment approaches and asset types as we aim to get the best return on investment we can, whilst at the same time managing risk.

As at 31 March 2018 our assets were managed by 13 Investment managers and our Custodian.

We are working with 10 other like-minded LGPS Funds to bring the management of our investments together in a pooled arrangement, in order to reduce costs whilst maintaining investment performance. This will not change Pensions Committee’s overall responsibility for the Norfolk Pension Fund.

M&G, company bonds and other financial instruments 12%

Fidelity Investment, shares in overseas companies 17%

Capital International Limited, shares in global companies, corporate bonds and other financial instruments 11%

Aviva Investors, property 12%

Baillie Gifford & Co, shares in UK companies 7%

UBS, shares in UK companies 7%

Janus Henderson Global Investors, government bonds, company bonds and other financial instruments 14%

Goldman Sachs Asset Management, company bonds and other financial instruments 6%

Standard Life, unquoted private equity 1%

HSBC (Custodian), cash and other financial instruments 1%

HarbourVest Partners, unquoted private equity 4%

Insight Investments, dynamic hedging US Dollar, Euro and Yen exposure and government bonds 2%

Wellington, shares in global companies 6%

We have a dedicated area for retired members on our website at www.norfolkpensionfund.orgHere you can find useful information about your pension, along with lots of general material about the LGPS and the Norfolk Pension Fund.

You can also securely view the details of your own pension by registering to use our online services.

• Registering with us means that you can check the information we hold about you and easily let us know if it is wrong or changes

• Our online services are protected to the best industry standards

Our online services have been live for seven years now and nearly 6,000 retired members have already registered!

If you would like help to register then you can call us on 01603 222132 or email us at [email protected]

Check out your pension online...

www.norfolkpensionfund.org


Our oldest registered user is

94


The Norfolk Community Directory is an online directory that can be used to find a range of clubs, events, groups and organisations in your local community that can help you stay independent.

Norfolk County Council is working with partners to improve the Norfolk Community Directory and make it easier for you to find information.

To find out more about the Directory, please visit www.norfolk.gov.uk/directory

All entries and feedback are monitored by the web team at Norfolk County Council.

Your guide to care and support for adults......contains lots of useful information to enable people to stay independent in their own homes for as long as possible.

There is information about how to get help and support, what kind of services are available and details of other organisations that can help.

It is available free in libraries, GP surgeries, hospitals and other places across Norfolk.

The Guide is available online to download as a PDF or as an eBook at www.norfolk.gov.uk/careservices or, for a free copy, please contact Norfolk County Council Customer Service Centre on 0344 800 8020.


Computer skills at your local libraryDo you need help getting online, but don’t know where to start?

Libraries are positive, welcoming places, where people of all ages and abilities can come along and get the help they need. There is free Wi-Fi and public computers with access to the internet in all libraries, so don’t be afraid to come and find out what it’s all about or to brush up on your skills.

If you need a bit of support with online transactions, such as setting up an email or to register on www.norfolkpensionfund.org, then you’ll find staff who can help you get started and, at most libraries, volunteers who will sit with you until you build your confidence.


If you are struggling to get to grips with your tablet or smartphone, or you have a device that needs setting up, then consider booking an “I connect” session on a range of topics. These are generally paid for one-to-one sessions with a member of staff, and can help with anything from food, fitness and wellbeing to saving money online and learning how to stay safe online. You can also get help to use social media and learn about Twitter, Facebook, Instagram and WhatsApp.

Once you’re online, you can borrow eBooks, eAudio listening books, renew your books and place reservations, borrow a huge range of online magazines and find extensive resources for information and advice. You’ll never look back!

What else is at your library?

• Friendly ‘Just a Cuppa’ groups to chat over tea and coffee

• Games including Scrabble, Chess and Trivial Pursuit

• ‘Knit and Natter’ groups

• Drawing, colouring, making music and crafting events

• Thousands of books and recommended reads, DVDs and magazines

Volunteering OpportunitiesMore than 700 people volunteer at libraries in Norfolk, supporting events, helping people with reading and sharing their own skills. It’s a great way to give something back in your local community.

How to find out more:

• Visit your local library

• Call 0344 800 8020

• Already online? Visit www.norfolk.gov.uk/libraries or email [email protected]

It’s great to hear from you…We always love hearing from our retired members and would again like to say a big thank you to those of you who took the time to write to us this year.

Please write to:Communications Team

Norfolk Pension Fund

4th Floor, Lawrence House

5 St Andrews Hill, Norwich NR2 1AD

Or email [email protected]


Looking after your data…Norfolk County Council (as administrator of the Norfolk Pension Fund) on behalf of the Norfolk Pension Fund is a Data Controller under the General Data Protection Regulations. This means we store, hold and manage your personal data in line with statutory requirements to enable us to provide you with pension administration services.

To enable us to carry out our statutory duty, we are required to share your information with certain bodies, but will only do so in limited circumstances. For more information about how we hold your data, who we share it with and what rights you have to request information from the Fund, please visit www.norfolkpensionfund.org/about-us/norfolk-pension-fund-full-privacy-notice/

Could you be a School Governor?

Think we’ve made a mistake with your pension?Please let us know as soon as possible if you have a question or think we have made a mistake with your pension. Most queries are easily sorted out this way. However, if you disagree with any decision about your membership of the Local Government Pension Scheme, you’re entitled to put your complaint through the official dispute procedure. You can find a guide to the dispute procedure on our website at www.norfolkpensionfund.org.

Alternatively, please contact us and we will send you a copy.

“There can never have been a more important time ……… to be involved in education, and we need skilled and motivated governors who are committed to transforming our schools” Lord Nash, Parliamentary Under Secretary of State for Schools

For more information, please contact us by email at [email protected] or by calling 01603 303355

Are you

• interested in supporting a local school?

• available for a few hours every month?

Can you

• work as part of a team?

• provide strategic management and make strategic decisions?

• support and challenge leaders?

• help shape positive outcomes for school children?


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CG

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If you need this magazine in large print, audio, Braille, alternative format or in a different language, please contact us on 01603 222824 or email [email protected]

®

Can we help you?

The Norfolk Pension Fund • 5th Floor Lawrence House

5 St Andrews Hill • Norwich NR2 1AD

Telephone 01603 495788

Email [email protected]

Website www.norfolkpensionfund.org

Disclaimer: the information in this newsletter is for general use only and does not cover every personal circumstance. If there is any disagreement over your pension benefits due under the Local Government Pension Scheme, the appropriate legislation will apply. This newsletter does not give you any contractual or legal rights, and is provided for information purposes only.

Please have your National Insurance number or Payroll Reference number handy

Spring 2019 Issue 12 - Norfolk Pension FundSeptember 2018 • If your pension started before April...

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Transcript of Spring 2019 Issue 12 - Norfolk Pension FundSeptember 2018 • If your pension started before April...