Datesforyour diaries...
1April
2025/26EmployeeContributionBands
30April YearEndDatadue 27November
Pensionsareahugepart ofyouremployees financialwellbeing.
Dotheyknow?
Whencantheyretire? Howmuchtheyneedto retire? Howmuchtheyhavebuilt upsofar?
Knowingtheanswersto thesequestionscan providepeaceofmind andsecurityinretirement.
Pleasesharethelink belowwithyourstaff, helpingthemunderstand moreaboutthefantastic pensionschemeyouoffer them!
CLICKTOFINDOUTMORE ORTOREGISTER
DEAREMPLOYERS, WelcometotheQ42024newsletter!Last monthIupdatedyouontheGovernment’s pensionsreview,andalothasmovedon sincethen
InNovember2024,theGovernmentpublished aconsultationcalledLGPS:FitfortheFuture. Thiscontainedalargenumberofproposals aboutquitesignificantchangestotheway theLGPSmanagestheinvestments,aswellas someproposalsongovernance.
Iwelcomethegovernanceproposals(which werelongoverdue!),butsomeofthe changestotheinvestmentsarenotpositive, inmyviewandthatofthePensionFund Committee.
Wearebeingaskedtotransfer100%ofour assetstoourinvestmentpool,Brunel,by March2026,aswellaslosingcontrolonhow theseassetsareinvested,andinadditionwe arebeingaskedtotakeadviceonour investmentstrategyfromthepoolitself,which isaconflictofinterestIamstrugglingtoget myheadaround.
Wehaverespondedtotheconsultationwith ourconcerns–pleaseseeournewspostif youwouldliketoreadourthoughtsinmore detailoraccessthefullresponse:Fitforthe Future-ourresponsetotheLGPSPensions ReviewConsultation.
InvestmentInsights Sincethelastnewsletterwehavebeenbusyreportingonthelocal impactthefundsinvestmentsaremaking OurinvestingintheUK reporthighlightsthat27%ofthefundsinvestmentsarebasedinthe UK.With84%ofourmemberslivinginWiltshirewealsohighlightthe rangeofinvestmentsmadedirectlyinthecounty,fromsolarfarms, tocarehomesandaffordablehousing.
Wehavealsocarriedoutsitevisitstoarangeofourinvestments, thisprocessanessentialsteptohelpusunderstandtheimpactour investmentshaveandthattheyareperformingasweexpect.See thenewsstoriesonourwebsiteforinformationonourrecenttrips to:
SpaceForge,acompanybasedinCardiffdevelopinginnovative in-orbitmanufacturing AffordableHousinginOxfordshire LifeScienceinvestmentsinStevenage
AttheemployerforumwediscussedtheongoingGovernment ConsultationintotheLGPS.Theconsultationcontainsproposals whichrepresentsignificantchangestothewaytheLGPSisrun, focusedonthefundsinvestments.Weviewsomeofthesepositively, suchastheimprovementstogovernancestandards.Otherswe haveconcernsaround,aswebelievethattheycreatesignificant risks,intermsofvalueformoney,maintainingaccountabilitytoour employers,andourabilitytodeliverourresponsibleinvestment objectives Wehavepublishedourresponseandawaitthe outcomes.
Comingupwewillbebusyworkingonarangeofreportsintoour investments,coveringtheEnvironment,Socialthemesand Governance.Wewillalsobeginworkonthetriennialvaluationprocess andthereviewofourinvestmentstrategy.
YEAREND2025 YEAR-ENDPROCESS FORI-CONNECTUSERS Ifyouareauserofi-Connect youwillnotberequiredto submitaseparateYear-end return However,youwillbe contactedwithqueriesidentified aspartofthereconciliationand ourmonthlyi-Connectchecks andcontrols
Pleaseuploadyouri-Connect dataassoonaspossibleafter yourMarchpayrollhasbeenrun andtorespondtoourqueries withintwoweeks Thiswillassist usinmeetingallouryear-end deadlines.
BACKDATEDPAY AWARD Anupdatedfrequently askedquestions documentonbackdated payawardshasbeen producedbytheLocal GovernmentAssociation (LGA)andisavailableto viewviatheLGPSRegs website
PENSIONSDASHBOARDISCOMING TheDepartmentforWorksandPensions(DWP)isintroducingPensions Dashboardstoenableeveryonetoaccesstheirpensioninformation online,securelyandallinoneplace.Dashboardswillprovideclearand simpleinformationaboutmultiplepensionsavings,includingLGPSand StatePension.
TriennialValuation Everythreeyearsanactuarialvaluationisundertakentosetemployer contributionrates,withthenextoneduethisyeartosettheratesfrom 1stApril2026to31stMarch2029
ThisvaluationwillbecarriedoutbyournewactuariesBarnett Waddingham,theywillcomparetheFund’sassetsagainstthe liabilities.WheretheFundhasmoreassetsthanliabilities,asurpluswill beapplicable However,wheretherearelessassetsthanliabilities,a deficitwillbeapplicable.
Theactuarieswill,inaddition,calculatehowmuchneedstobepaidby eachemployersothat,combinedwiththeFund’sinvestmentreturns andmembercontributions,allexistingandfuturebenefitpayments accruedbymemberscanbemet.
TheFund’saimistostabiliseemployercontributionrateswherever possible.
WewillcommunicatewithyouthroughouttheTriennialValuation processandareaimingtoletyouknowyourinitialemployer contributionratesfrom1stApril2026,inNovember2025
IFYOU’VEBEEN CONTACTEDRECENTLY ABOUTTHEACADEMY POOLINGCONSULTATION, PLEASEREMEMBERTO RESPONDBY 20FEBRUARY2024,AS THISWILLDIRECTLYFEED INTOTHETRIENNIAL VALUATION.
EMPLOYEECONTRIBUTIONRATES2025/26 Thebelowtablesetsouttheemployeecontributionbandseffective from1April2025 Thesearecalculatedbyincreasingthe2024/25 employeecontributionbandsbytheSeptember2024CPIfigureof1.7 percentandthenroundingdowntheresulttothenearest£100
Casualandzero hoursmembers WiththeTriennialValuation approaching,itisanidealtime aheadof31stMarch2025,to checkandunsureyour membershipdataiscorrectand stillcurrente.g.haveyounotified usofyourleaversandstarters?
Additionally,HisMajesty’s RevenueandCustoms(HMRC) suggestitisgoodpracticeto removeorendemployeesfrom yourpayrollsystemwhereby theyhavenotbeenpaidfora significantperiodeg casualor zerocontracthoursemployees whohaven’tworkedforalengthy periodoftime Endingthese activemembersintheLocal GovernmentPensonScheme (LGPS)before31stMarch2025, willreduceyourliabilitiesatthe valuation
Yourliabilitiesareoneofthe factorsinthevaluationthat impactsonyouremployer contributionrate
WPFFACTS& FIGURES Activemembers25,800 Deferredmembers33,088 Pensioners20,357
*Please note that these figures were taken from the membership at 31/12/2024 report
Promotional materialforyour employees Pleasedistributetoyouremployees theLGPSinformation.
Thereisarangeofdifferent materialonourwebsiteWelcome toourMemberwebsite-Wiltshire PensionFundMemberArea LGPSvideos-shortvideostolearn moreabouttheLGPSandavailable optionsasamemberofthe Scheme
In other news... OUR2024ANNUALEMPLOYERFORUM AsaFundwearecommittedtosupportingouremployersinbeing advocatesforthescheme,wewanttoensuretheyhavethe knowledgeandtrainingtocarryouttheirresponsibilitiesin administeringtheiremployeespensions.
Lastyearwewerethrilledtohostour 2024EmployersForum,sharing valuableupdatesandinformation fromacrosstheFund
Wealsohadacoupleofguest speakers,ThePensionsRegulator talkingaboutauto-enrolmentandthe importanceofdataplus,ournew actuariesBarnettWaddingham introducingthemselvesandlooking forwardtotheupcomingTriennial Valuation.
Thankyoutoeverybodywho attendedandtookthetimeto completeoursurvey,aswellasour fantasticteamwhohelpedmake theeventsuchasuccess!
InvestingintheUKReport Withthepensionsreviewbringingfocu toinvestmentsintheUK,weareproud showcasetheamazingworkweare alreadydoinginthisareainourfirst-e InvestingintheUKReport.
Did you know our investments contribute in the following ways?
InvestmentinUKlifesciences
Drivingthetransitiontosustainable energy
Creatingnewjobsandsupporting growingbusinesses
Newcommunityareasandsports facilities
Providingsolutionstohelpdeliver positivesocialandenvironmental impact
SupportingUKfoodproduction
Throughout this report we have showcased a wide range of different investments across the UK, covering affordable housing, property, healthcare, life sciences, private companies and start-ups, solar energy and infrastructure assets. As well as providing the risk/return characteristics that we need to deliver our objectives as part of our overall strategy, these investments are also delivering significant positive social and environmental impact in the UK, helping to ensure better outcomes for both people and the planet. Clicktofind
WhatisVoting? Aspartofourinvestmentportfolios,WPFownssharesinvarious companies Aspartialowners,wehavetherighttovoteonkeymatters atcompanyAGMs(annualgeneralmeetings) Whilesomevotescover routinebusinesslikereappointingauditors,othersinvolvemore controversialissuessuchasexecutivepayandclimateaction
�� Votingisacrucialmechanismforenhancingourprioritysocial factors
Byembeddinginclusive,equitable,and responsiblevotingpractices,we're committedtohelpingbusinessesrun effectivelyandbenefitingallstakeholders.
Evenwhenourvotedoesn'tleadtothe desiredoutcome,thevotingprocessitself remainsinvaluable.Itfostersdialogue, encouragestransparency,andensures diverseperspectivesareheard.Thelongtermbenefitsofarobustvotingculture leadtomorethoughtfulandwellroundeddecision-making. ClicktoviewourQ3
InsightsintoourEquityHoldings TransparencyandinformationsharingisoneofourStrategic VisionGoals,highlightinghowimportantthisistousasa Fund.Weknowtheymatterjustasmuchtoourmembers, whichiswhywepublishquarterlyinsightsintoourequity holdings
The below show the largest holdings by value and sector representing 22.2% of the Fund’s total equity holdings.
UPCOMINGEMPLOYERTRAINING TheLGAarehostinganumberof Employerroletrainingdates covering:
•BriefoverviewoftheLGPS
•JoiningtheLGPS
•CAREvsFinalPay
•Absences
•AdditionalContributions
•Alltypesofretirement
•Earlyleavers
•Otherareasforconsiderationincludingemployerdiscretions, maximisingtax-freecashand internaldisputeresolution procedures
Aseriesofe-learning trainingcoursesarealso availableontheLGPS website: AssumedPensionable Pay FinalPay Activememberillhealthretirement Deferred(former) memberill-health retirement CLICKTOFIND
Formore informationonall availabletraining courses,please visitLGPSTraining andDevelopment
AUTHORISEDCONTACTS Hastherebeenachangeinyourteams? Visitourwebsitetocompleteourauthorised contactsformandifi-Connectaccessis alsorequiredthei-ConnectChange/New UserRequestForm
OUTSOURCING Asareminder,pleasenotifyuspriortoany payrollchanges,TUPEs/transfers,re-tendersfor newcateringorcleaningcontracts
EMPLOYERRELATIONSEMAIL Tobetterassistouremployers,wehavecreated agroupmailboxforouremployerrelationsteam
Employer.Relations@wiltshire.gov.uk
LGPS Regulations and Guidance
USEFULLINKS EmployerGuidesandVideos
Trainingrequests
Employerforms
LGPSEmployerbitesizetraining
