News

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Lifetime Allowance (LTA) abolition

The government abolished the LTA from 6 April 2024. Find out about lump sum tax free allowances

Pension Pulse - Newsletter for current members

We published a newsletter for current members in Spring 2024. These are members who are currently paying into the Kent Pension Fund. Read the Spring 2024 issue of Pension Pulse. (PDF, 838.0 KB)

Report and accounts 2023

In October 2023, we published the draft report and accounts 2022-23. In March 2024, the audit certificate was issued. We published the report and accounts 2022-23.  Read the Kent Pension Fund report and accounts 2022-23 (PDF, 3.7 MB)

Contribution pay bands 2024/25

The contribution pay bands change from 1 April 2024. Find out the contribution pay bands

Pension increase

In January 2024, a HMT written ministerial statement was released. It confirms that current member pension accounts will be revalued by 6.7% in April 2024. An increase of 6.7% applies from 8 April 2024 to deferred pensions and pensions in payment.

Net zero commitment

In December 2023, the Kent Pension Fund Committee agreed an ambitious policy package to address climate risk, including a headline net zero target of 2050. Find out about Kent Pension Fund's net zero commitment

McCloud letter to members

In December 2023, we wrote to all members about the McCloud remedy. You do not need to take any action. The letter included a factsheet. Read the McCloud remedy for the LGPS factsheet (PDF, 900.2 KB)

Investment Strategy Statement

We have updated the Kent Pension Fund's statement. It sets out the Fund's investment strategy. Read the investment strategy statement (PDF, 466.2 KB)

The McCloud Remedy in the LGPS

The Local Government Association (LGA) have produced a suite of information for members. It includes key dates, FAQs, and an online tool to find out if you are affected. Find out about the McCloud remedy in the LGPS for members

Open Lines newsletter

We published the Autumn issue of the Open Lines newsletter for members in receipt of a pension. Read the Autumn 2024 issue of Open Lines

LGPS statistical release

The government provide a statistical release each year detailing the performance of the LGPS at a national level. Read the Local Government Pension Scheme Funds England and Wales: 2022 to 2023 statistical release

Investment Award

We are delighted to announce that the Kent Pension Fund has received 2 awards for the long-term performance of our Property portfolio. The awards were the Morgan Stanley Capital International (MSCI) performance award for the:

  • Highest 10-year risk adjusted relative return for the UK, and
  • European long-term risk-adjusted relative return award.

The awards acknowledge Kent Pension Fund for achieving the highest total return relative to the MSCI benchmark annualised over 10 years. The fund had an annualised 10-year risk adjusted relative return of 9.33%. This award is recognition of the Fund’s long-term strategy for its property investment portfolio and reflects on the relationship with the Fund’s Investment Manager DTZ Investors.

Read the MSCI announcement

Report and accounts 2022-23

We published the draft report and accounts in October 2023.

The audit of the annual report and accounts for 2022-23 has been completed. However, the audit certificate will only be issued following completion of the Kent County Council audit. Read the draft annual report and accounts 2022-23 for Kent Pension Fund (PDF, 2.2 MB)

Newsletter for current members

We published a newsletter for current members in July 2023. They are members who are currently paying into the Kent Pension Fund. Read the current member newsletter Summer 2023 (PDF, 455.6 KB)

Newsletter for deferred members

We published a newsletter for deferred members in July 2023. They are members who have stopped paying in and their pension is held in the Fund until it is payable. Read the deferred member newsletter Summer 2023 (PDF, 504.0 KB)

Communication policy

We have updated the Kent Pension Fund communication policy. It details how we communicate to scheme members and employing authorities. Read the communication policy (PDF, 156.0 KB)

Data quality policy

We have published a data quality policy. It details the plan to ensure records are maintained correctly, accurate data is supplied, and the Fund complies with The Pension Regulator's code of practice. Read the data quality policy (PDF, 298.4 KB)

Administration strategy

We have published the Kent Pension Fund administration strategy. It details the employer and Fund responsibilities to administer the scheme. It includes the Fund’s commitments to new, existing, deferred and pensioner members. Read the administration strategy (PDF, 376.2 KB)

Funding strategy statement

We have updated the Kent Pension Fund funding strategy statement. It details how we manage the Fund to ensure that there will be enough assets to meet pension liabilities and maintain stable employer rates. The contribution review policy and deferred debt and debt spreading agreement policies for employers are also published. Read the Kent Pension Fund policies

Change to the annual revaluation date

The LGPS (Amendment) Regulations 2023 move the annual revaluation date from 1 to 6 April 2023, and thereafter on each 6 April, for all members. Read further details in the Local Government Association (LGA) bulletin 234A

Lifetime Allowance (LTA) and Annual Allowance (AA)

In the budget on 15 March 2023 the Chancellor, Jeremy Hunt, confirmed plans to abolish the LTA and increase the AA from £40,000 to £60,000. Further details will be on our website in due course.

The Bereavement Benefits (Remedial) Order 2022

This Order extends eligibility for:

  • Widowed Parent’s Allowance (WPA), and
  • the higher rate of Bereavement Support Payment (BSP).

The Department for Work and Pensions (DWP) makes these payments.

Eligibility now includes surviving cohabiting partners with dependent children. It has retrospective effect back to the 30 August 2018. Before the changes, only those who were married or in a civil partnership with their deceased partner were eligible for WPA or BSP.

Currently WPA is up to £126.35 per week and BSP is a one off amount of up to £3,500 and 18 monthly payments of up to £350. Eligible beneficiaries can claim back to 30 August 2018.

If you know any surviving cohabiting partners with dependent children that this may impact, please tell them to contact DWP.

FAQs about the cost of living crisis

The Local Government Association (LGA) has produced some FAQs about the cost of living crisis. It includes information about reducing or stopping contributions and help for pensioners on low incomes. Read the FAQs about the cost of living crisis

Normal Minimum Pension Age (NMPA)

The Finance Act 2022 became law in February 2022. It includes the provision that the Normal Minimum Pension Age (NMPA) will increase from age 55 to 57 from 6 April 2028.

McCloud ruling

The McCloud ruling is about discrimination in public sector pension schemes.

The government confirms that you do not have to make a claim for your pension benefits to be brought in line with this ruling. Many members will not see an increase in their pension benefits and any increase is likely to be small. We will keep you updated.

Read about the McCloud court case - FAQs for LGPS members on the national LGPS website

Exit cap payment

February 2021

The exit payment restrictions were revoked on 12 February 2021. It was concluded that the restrictions had unintended consequences. The government have stated:

  • it is still vital that exit payments deliver value for the taxpayer,
  • employers should always consider that exit payments are fair and proportionate, and
  • HM Treasury will bring forward proposals at pace to tackle unjustified exit payments.

If you think this could affect you, please contact your employer.

November 2020

On 4 November 2020 the government introduced a £95,000 cap on the total value of an exit payment to employees in the public sector. The cap includes costs to the employer for releasing a pension early. It could impact your pension. If you think this could affect you, please contact your employer.

Archive news for members

Read about past news for members