Pension Dashboards Government Consultation until 13 March 2022

The government is planning to introduce an electronic communications service for individuals to access information about pensions.

A consultation on the draft regulations seeking views on a range of policy questions relating to the creation of pensions dashboards is currently open.

Details of the consultation are available on the GOV.UK website and the deadline for making comments is 13 March 2022.

Who is this consultation aimed at?

From any interested parties. They are particularly keen to hear from:

• individuals with a UK pension
• pensions and lifetime savings industries
• finance and consumer representative groups with an interest in pensions capability, financial capability, data protection and security
• trustees or managers of occupational pension schemes
• pensions administrators
• pensions administration software providers
• firms interested in offering Integrated Service Provider (ISP) services
• Financial Technology (Fintech) companies
• organisations interested in setting up pensions dashboards

We need a maximum safe working temperature

UNISON backs Labour plans to legislate on excessive heat in the workplace

UNISON has welcomed Labour’s pledge to legislate for a maximum safe working temperature, with legal safeguards to help workers stay cool.

The party revealed plans today for changes to the law, requiring employers to put effective measures in place if the workplace temperature gets above 30˚ Celsius – or 27˚C for those doing strenuous work.

Those measures could include flexible working and travel arrangements, extra breaks, access to water, cooling systems and air conditioning, flexible dress codes or the provision of protective clothing.

Current health and safety legislation specifies minimum working temperatures, but not a maximum. This means most workers have no legal safeguards to protect them from working during uncomfortably high temperatures or dangerous extreme heat.

UNISON head of health and safety Robert Baughan points out that both the union and the TUC “have long called for indoor maximum of 30˚C. We would also call on employers to do more to protect those working outdoors in these temperatures.

“The sort of temperatures we are seeing this week may mean it is just not safe to carry on working as normal. A change of duties may need to be considered or stopping work altogether.

“Other measures would include making sure workers are appropriately clothed to protect them from the sun, and making sure they have enough liquid.

“Employers should also consider relaxing dress codes – whether staff are working indoors or outdoors.”

local service champions

A huge network of people work together to keep our local communities going. Yet very few of us probably recognise the vital local services that we come into contact with everyday. It’s time to give our local service champions the recognition they deserve.

The latest attack on local government pension

The latest attack on local government pension rights is the thin end of the wedge. Email your MP now. www.unison.org.uk/defendLGPS

PENSIONS: Defend local government pensions

The Government is currently consulting on plans to allow universities and colleges in England to opt out of offering the local government pension scheme (LGPS) to new non- teaching staff.

The proposal would:

• Create a two-tier workforce with new starters offered inferior pensions;
• Disproportionately affect women and the lower paid;
• Threaten the future sustainability of the whole scheme.

This attack on pension rights is the thin end of the wedge – if these proposals are enacted, the Government won’t stop there. It is vital that we take action.

UNISON has set up a campaign website which explains more about the situation and encourages branches and members to take a range of actions.

Please use the following links:

1. Find out more about the issue – and share our film Take action
2. Email your MP to defend the LGPS
3. The consultation closes on 31 July: make your views heard – download template responses via the resources section
4. Are you in the LGPS? Respond to the government consultation

A thought for the weekend

Join Today, what have you got to lose?

The NHS Long Term Plan: progress and a way forward

NHS England has published the new NHS Long Term Plan, setting out a vision for the future of the NHS in England – including healthcare provision and outcomes to be achieved.

As advertised, the plan includes, for the first time, new commitments to prevention and mental health, and is also the first plan that goes well beyond the current political terms indicating a shift towards more strategic, visionary and investment-based thinking.

Understanding the future of mental health care as defined by the Plan requires understanding how the changes in the healthcare system will more generally impact on mental health.

And there are three important reasons to be optimistic, to find out more click here

Join today it's a smilple scan of your phone

Join UNISON online right now: simply scan the code with your smartphone and fill out the form or go to https://join.unison.org.uk/ or call for free 0800 171 2193

UNISON in numbers

• UNISON has more than 1.3 million members and activists, making us one of Europe’s largest unions
• More than 70% of our members are women.
• UNISON is spread over 12 UK regions.
• There are more than 1,000 UNISON branches around the UK

Six signs of a pension scam

Pension scams are on the increase in the UK and if you are taken in by a scam you could lose all of any defined contribution pensions you have and it would be very hard to get it back. We explain what to watch out for.

Usually, a pension scam begins with an unexpected phone call, email or text from someone claiming to represent a financial services firm or Government body. The tactics used are increasingly sophisticated, but there are a few simple signs that can help you avoid being ripped off:

1. You are contacted out of the blue

If you receive unsolicited cold calls, texts and emails from an individual or firm about your pension they are unlikely to be legitimate. You should be suspicious of anyone who contacts you to discuss your pension planning and claims to work for a Government body, such as Pension Wise or The Money Advice Service.

You should only discuss any defined contribution pensions with a pension provider, a regulated financial adviser or a Government body, contacting them using the details on their website. For the latest guidance on pensions visit www.pensionwise.gov.uk or www.moneyadviceservice.co.uk.

2. You receive an offer that’s too good to be true

Schemes that offer exceptionally high rates of returns are usually very high-risk, and fully guaranteed returns are rare. Treat such offers with caution. You should be wary and suspicious about language such as ‘pension liberation’, ‘loophole’, ‘limited time offer’ or ‘one-off investment’ as this kind of language is rarely used by legitimate advisers. Such offers are unlikely to be genuine.

3. Access to your pension before you turn 55

Only in very specific circumstances will you be able to access any defined contribution pension before you reach the age of 55. Participating in a scheme that provides access to any defined contribution pension before then is likely to result in severe tax penalties and possibly losing your funds.

4. You are asked to invest in an unusual asset

These types of pensions are usually linked to funds that invest in shares, fixed interest securities and cash. The assets in which your money is invested should be familiar and it should be easy to find information about them.

If you are told you must invest in an unusual asset – perhaps an offshore hotel development – to take advantage of a pension “opportunity”, you may be being scammed.

5. You’re asked to withdraw money first

Beware if you are asked to withdraw money from your defined contribution pension for an investment opportunity. It is important that your money remains within a pension wrapper until you decide to start drawing retirement income. Your defined contribution pension is likely to be already invested in a range of funds or investments that your pension provider makes available. This ensures your returns are tax-free and well protected. Furthermore, withdrawing money early could result in tax penalties.

6. You are told to act quickly for the best deal

Decisions about your defined contribution retirement fund should not be rushed and any offers of immediate investment for a one-time offer can be risky. You should take your time and obtain suitable advice and guidance about managing any such pension properly. If you are contacted about an opportunity, research the scheme and its promoters thoroughly. Being pressured to reach a decision before the offer closes could indicate that it is a scam.

Find out more

If you have any concerns about your pension savings get in touch now. 

Call 08000 85 85 90 or email appointments@lighthousefa.co.uk.

The value of your investments, and the income you receive from them, can go down as well as up, so you could get back less than you put in. A pension is a long-term investment and inflation will reduce how much your income is worth over the years. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.

Message from Nigel Kennedy, Head of Financial Services, Oxford City Council

Message from Nigel Kennedy, Head of Financial Services, Oxford City Council

Colleagues may have seen news reports that Oxfordshire County Council announced plans for significant changes yesterday. The Leader of the County Council, Councillor Ian Hudspeth, said they wanted to introduce a new operating model to improve efficiency and increase the provision of services online. The County Council says it is seeking savings of £34-£58 million a year by streamlining services. It acknowledges this is likely to involve a reduction in staff numbers over time by up to 890 people, though it said it expected, with staff turnover of about 650 a year, that most of the jobs lost would be taken out of that pool, with a smaller level of compulsory redundancies. The proposals will go before the full County Council meeting on 11 September.

These savings were identified as part of last year’s budget setting process, and the County Council has been working on a plan with consultants for the last 12 months. The City Council set a balanced budget last year, over the four-year budget plan, with savings of around £7m already identified. We are in the process of reviewing the budget for the next four-year planning period, and whilst it’s safe to say we will have financial challenges we are not in the same financial position as the County Council.

Pension accounts are going online

The latest edition of Reporting Pensions is now available. 

Please take some time to read it as it contains important information about the Local Government Pension Scheme. 

It includes information about the introduction of My Oxfordshire Pension, providing online access to your pension record. Scheme members will be asked to register and annual benefits statements will be available this way in future. If you cannot access an online system and wish to keep paper as your main method of communication, you need to let Pensions Services know. You can do this by completing and returning a form which is in the booklet. 

The booklet is available here

This issue covers:

• More on your benefit statement
• Cautionary warning about pension scams
• Progress towards My Oxfordshire Pension - the on-line member service
• Reminders on some LGPS topical issues