The GMPF offices are closed to visitors until further notice, following the Government's advice about Coronavirus. The health and wellbeing of our stakeholders and staff is our priority. You can still contact us by using our online 'contact us' form. There may be a delay in our normal response times, but we still aim to meet these wherever possible. Thank you in advance for your patience.
If you have a GMPF pension, we want to reassure you that it is not affected by falls in global stock markets. Pensions are long term investments and markets will always go up and down. The Local Government Pension Scheme (LGPS) is a defined benefit pension arrangement. Although we invest your contributions, investment performance does not affect your pension. We work out your pension using a set calculation which reflects how long you have been a contributing member of the scheme and your salary history.
The (LGPS) have prepared a list of frequently asked questions regarding the Corona virus.
If you pay Additional Voluntary Contributions (AVCs)
If you pay AVCs, then the value of your individual AVC fund will be linked to its investment performance, which will vary depending on the investment choices you have made. However, as already mentioned pensions are long term investments. If your fund has recently fallen in value, by continuing to pay AVCs, you are likely to benefit when the current downturn comes to an end and markets recover. But, if you have any questions about this or your AVC investment choices, then please contact your AVC provider.
Watch out for scams if you are thinking about transferring out
Unfortunately, during these unprecedented, challenging and uncertain times, scammers are looking to benefit and take advantage of the situation. We want to make sure that you have taken the right precautions before thinking about transferring your pension elsewhere, so your retirement savings are protected. We strongly recommend that you visit the Financial Conduct Authority website [LP2] [HB3] and read the specific guidance relating to COVID-19.
Remember, scammers are sophisticated, opportunistic and inventive. We strongly recommend that you:
- reject offers that come out of the blue
- are wary of adverts on social media and sponsored adverts online
- use the FCA Warning List tool to check who you are dealing with
- do not click links or open emails from senders you don't already know
- avoid being rushed or pressured into making a decision
- do not give out any of your personal details (bank details, address, existing insurance/pensions/investment details).
You can find further information about pension scams on the Pensions Advisory Service website.
If you have any questions about your pension, please contact us.