News | LGPS and FPS

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c6-heading " >News and press releases</h1> <p class="link"> <a class="btn base-btn-bg base-btn-bg-solid base-btn-bg-hover-solid base-btn-text base-btn-borders" href="/news/#LGPSNews" > <span></span> LGPS news </a> <a class="btn base-btn-bg base-btn-bg-solid base-btn-bg-hover-solid base-btn-text base-btn-borders" href="/news/#FPSNews" > <span></span> FPS news </a> <a class="btn base-btn-bg base-btn-bg-solid base-btn-bg-hover-solid base-btn-text base-btn-borders" href="/news/#corp" > <span></span> Corporate news </a> </p> </div> </div>  </div> </div> </section> <section class="content component usn_cmp_pods c6-bg c6-bg-solid pt-0 " id="AllNews"> <div class="component-inner"> <div class="container">  <div class="component-introduction row justify-content-start text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="info col"> <h2 class="heading c6-heading " >General pension news</h2> </div> </div>  <div class="component-main row listing listing_basic-grid listing-pods " > <div class="item item_has-bg items-2 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner base-bg base-bg-solid "> <div class="info "> <p class="heading base-heading " >Chancellor announces pension investment review</p> <div class="text base-text"> <p>In a major speech on 14 November 2024, Chancellor Rachel Reeves announced a pension investment review into the LGPS (Local Government Pension Scheme), covering the areas of pooling, UK investment and good governance. The focus of the review is to look at, in the government's words, 'how to unlock the investment potential of the scheme and put it on the strongest possible footing for the future’.</p> <p>For many years, the government has been paying increasing attention to how the LGPS invests and what it invests in. Investment ‘pools’ were set up starting in 2016 to reduce investment related costs, with regional investment in UK infrastructure gradually becoming more prominent. Your pension fund is part of one of these investment pools. The government’s review continues this process, looking at combining investments into even larger pools, and suggesting a deadline for funds to transition their remaining assets into pools.</p> <p><strong>Will anything change for LGPS members or their pensions?</strong></p> <p>The short answer is no. This pension review only intends to look at the way pension funds invest their money and what they invest it in. It’s not looking at the terms of the pension scheme or the day-to-day running of the scheme by local pension funds for their members.</p> <p>The LGPS remains a ‘defined benefit’ pension scheme in which your benefits are set out in law and therefore fully protected from the impact of investments and stock market changes. The value and security of your pension is not connected to investment returns.</p> <p> </p> </div> </div> </div> </div> <div class="item item_has-bg items-2 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner base-bg base-bg-solid "> <div class="info "> <p class="heading base-heading " >Fastest growing scams of 2024 revealed</p> <div class="text base-text"> <p>A new study by <strong>NatWest Group</strong> highlights the fastest growing scams of 2024 that people should be on their guard about.</p> <p><a href="https://www.natwestgroup.com/news-and-insights/news-room/press-releases/ai-and-data/2024/nov/fastest-growing-scams-of-2024-revealed.html">Fastest growing scams of 2024 revealed | NatWest Group</a></p> <p>According to NatWest, scams involving fake parcel delivery texts, social media marketplace scams and AI voice cloning increased the most during the last year with £570 million reported stolen by scammers in the first half of 2024. </p> <p>Other scams highlighted include</p> <ul> <li>Tax rebate scams</li> <li>Refund scams, and </li> <li>Get rich quick investment scams.</li> </ul> <p>Follow the link above to read the NatWest study and get some advice about how to keep yourself safe from the scammers.</p> <p> </p> </div> </div> </div> </div> <div class="item item_has-bg items-2 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner base-bg base-bg-solid "> <div class="info "> <p class="heading base-heading " >Pension increase 2024</p> <div class="text base-text"> <p>2024's headline increase is 6.7%and is based on the Consumer Price Index (CPI) on 30 September last year.</p> <p>The government’s Pensions Increase (Review) order tells public-sector pension schemes like ours how much we should increase pensions by.</p> <p>The increase is due from 8 April 2024. You can read more about the increase and how it affects your pension below:</p> <ul> <li><a href="/lgps-members/im-receiving-pension/" title="Receiving pension">Local Government members</a></li> <li><a href="/fps-members/fps-receiving-pension/" title="FPS receiving pension">Firefighter members</a></li> </ul> </div> </div> </div> </div> <div class="item item_has-bg items-2 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner base-bg base-bg-solid "> <div class="info "> <p class="heading base-heading " >Pension tax limits</p> <div class="text base-text"> <p>From the 2023/24 tax year the standard annual allowance amount for most members is £60,000.</p> <p>Also in 2023 the lifetime allowance was abolished and has now been replaced by the <strong>lump sum allowance</strong> from April 2024.</p> <p>You can read more about these rules below:</p> <ul> <li><a href="/lgps-members/im-paying-in/" title="Paying in">Local Government members</a></li> <li><a href="/fps-members/im-paying-in/" title="FPS paying in">Firefighter members</a></li> </ul> </div> </div> </div> </div> <div class="item item_has-bg items-2 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner base-bg base-bg-solid "> <div class="info "> <p class="heading base-heading " >Protect yourself from scams</p> <div class="text base-text"> <p>Pension scams can be hard to spot. Scammers can be articulate and financially knowledgeable, with credible websites, testimonials and materials that are hard to distinguish from the real thing.</p> <p>Scammers design attractive offers to persuade you to transfer your pension pot to them (or to release funds from it). It is often then invested in unusual and high-risk investments like overseas property, renewable energy bonds, forestry, storage units, or simply stolen outright.</p> <p>You can read more about how to protect yourself from scams, and where you can report them if you spot one below:</p> <ul> <li><a href="/lgps-members/lgps-knowledge-hub/transfers-out/" title="Transfers out">Local government members</a></li> <li><a href="/fps-members/fps-knowledge-hub/transfers-out/" title="Transfers out">Firefighter members</a></li> </ul> </div> </div> </div> </div> </div> </div> </div> </section> <section class="content component usn_cmp_pods c12-bg c12-bg-solid " id="LGPSNews"> <div class="component-inner"> <div class="container">  <div class="component-introduction row justify-content-start text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="info col"> <h2 class="heading c12-heading " >LGPS news</h2> </div> </div>  <div class="component-main row listing listing_basic-grid listing-pods " > <div class="item item_has-bg items-2 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner base-bg base-bg-solid "> <a href="/lgps-members/lgps-knowledge-hub/events/pension-awareness-week/" > <div class="info "> <p class="heading base-heading " >Pension awareness week 2024</p> <div class="text base-text"> <p>We had a great week helping members understand their pensions better. If you didn't manage to join us, you can see recordings here.</p> </div> </div> </a> </div> </div> </div> </div> </div> </section> <section class="content component usn_cmp_pods c14-bg c14-bg-solid " id="FPSNews"> <div class="component-inner"> <div class="container">  <div class="component-introduction row justify-content-start text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="info col"> <h2 class="heading c14-heading " >FPS news</h2> </div> </div>  <div class="component-main row listing listing_basic-grid listing-pods " > <div class="item item_has-bg items-2 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner base-bg base-bg-solid "> <div class="info "> <p class="heading base-heading " >Sargeant remedy</p> <div class="text base-text"> <p>For the latest news and information about Remedy visit <a href="https://fpsmember.org/remedy">https://fpsmember.org/remedy</a> </p> </div> </div> </div> </div> </div> </div> </div> </section> <section class="content component usn_cmp_pods c27-bg c27-bg-solid " id="corp"> <div class="component-inner"> <div class="container">  <div class="component-introduction row justify-content-start text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="info col"> <h2 class="heading c27-heading " >Corporate news</h2> </div> </div>  <div class="component-main row listing listing_basic-grid listing-pods " > <div class="item item_has-bg items-1 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner c25-bg c25-bg-solid "> <div class="info "> <p class="heading c25-heading " >2024 Global Investor Statement</p> <div class="text c25-text"> <p>17 September 2024</p> <p>We've signed the 2024 Global Investor Statement to Governments on the Climate Crisis. </p> <p><a href="https://theinvestoragenda.org/wp-content/uploads/2024/08/2024-Global-Investor-Statement-to-Governments-on-the-Climate-Crisis.pdf"> You can read the full statement here.</a></p> </div> </div> </div> </div> <div class="item item_has-bg items-1 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner c25-bg c25-bg-solid "> <a href="/news/press-release-9-september-2024/" > <div class="info "> <p class="heading c25-heading " >WYPF & Rebalance Earth - press release</p> <div class="text c25-text"> <p>9 September 2024</p> <p>West Yorkshire Pension Fund makes a pioneering investment in Rebalance Earth, the UK's first boutique fund manager for a new asset class: Nature.</p> <p>Click to read more.</p> </div> </div> </a> </div> </div> <div class="item item_has-bg items-1 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner c25-bg c25-bg-solid "> <div class="info "> <p class="heading c25-heading " >Investing for a sustainable future</p> <div class="text c25-text"> <p>11 June 2024</p> <p>Robert Hulme, our Responsible Investment Engagement Manager, joined Asset TV this week to talk about investing for a sustainable future. <a href="https://www.vcplive.com/pension-fund-forum-Investing-for-a-sustainable-future">You can watch it here.</a> </p> </div> </div> </div> </div> <div class="item item_has-bg items-1 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner c25-bg c25-bg-solid "> <a href="/news/press-release-9-february-2024/" > <div class="info "> <p class="heading c25-heading " >WYPF's investment beliefs</p> <div class="text c25-text"> <p>9 February 2024</p> <p>WYPF is proud to announce a number of key developments following the recent review of our strategic asset allocation (SAA) and investment beliefs. Click here to read the full statement.</p> </div> </div> </a> </div> </div> <div class="item item_has-bg items-1 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner c25-bg c25-bg-solid "> <div class="info "> <p class="heading c25-heading " >Investment into the inter-authority lending market</p> <div class="text c25-text"> <p>31 January 2024</p> <p>WYPF has agreed to commit £100m towards the inter-authority lending market to help overcome the “credit crisis” facing councils. <a href="https://www.room151.co.uk/151-news/west-yorkshire-pension-fund-injects-cash-into-inter-authority-lending-market/">Read more and see Room 151's interview with Mark Russell, Investment and Treasury Manager at here at WYPF.</a></p> </div> </div> </div> </div> <div class="item item_has-bg items-1 col-12 item_text-below usn_pod_textimage text-left " data-os-animation="fadeIn" data-os-animation-delay="0s" data-os-animation-duration="1.2s"> <div class="inner c25-bg c25-bg-solid "> <div class="info "> <p class="heading c25-heading " >Introducing our new Managing Director and Chief Investment Officer</p> <div class="text c25-text"> <p>9 March 2023</p> <p>Euan and Leandros both joined the fund recently and sat down for a chat with Portfolio Institutional's Andrew Holt. <a href="https://www.portfolio-institutional.co.uk/interviews/west-yorkshire-pension-fund-it-is-an-investment-heavy-job-at-west-yorkshire-so-we-have-two-people-replacing-one/?fbclid=IwY2xjawFfdZlleHRuA2FlbQIxMAABHdckfwPpQU5B8nYxOYdkK8go0iH2LrxiAosZk-reXc-Eu6rAOr1_lhJKEA_aem_Srg6RQHP0z86Eckhvy7JvA" data-anchor="?fbclid=IwY2xjawFfdZlleHRuA2FlbQIxMAABHdckfwPpQU5B8nYxOYdkK8go0iH2LrxiAosZk-reXc-Eu6rAOr1_lhJKEA_aem_Srg6RQHP0z86Eckhvy7JvA">You can read the full interview here</a>. </p> </div> </div> </div> </div> </div>  <div class="component-outro row justify-content-start text-left " data-os-animation="fadeIn" 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