Pensions taxation is a very complex subject and can be very confusing for members. To try and assist members in understanding their tax position and assessing available options, this year we are facilitating further help and guidance by working with Mercer, a professional services firm that has significant experience of the Local Government Pension Scheme ('LGPS') and is authorised to provide independent financial advice to individuals, something that GMPF is unable to do.
We are doing this in three stages:
Stage 1 - by hosting a number of free-to-attend seminars to help our members achieve a base level of understanding of the impact of the pensions tax regime.
These events are free to attend but you must book your place in advance.
The seminars will be held on the following dates:
- Wednesday 16th October 2019 – 9:30am at GMPF office
- Tuesday 5th November 2019 - 9:30am at Mercer office
- Thursday 14th November 2019 – 2:00pm at Mercer office
- Tuesday 19th November 2019 – 9:30am at GMPF office
To book your place, please select a venue below. This will take you to the Eventbrite booking form where you will be able to choose your preferred date and register your place to confirm your attendance. Please note that you must either be representing a GMPF employer, or be a member of GMPF to attend one of our sessions.
We expect each session to last approximately an hour and a half. These sessions will include:
- Information on how the pensions taxation regime works (including the tapered annual allowance)
- Worked examples of how pensions taxation could affect you
- The criteria in order to be affected by additional pensions tax charges and eligibility for protection
- How to calculate and report your annual allowance tax charge
- Options available to you
- Where to obtain further information or advice
If you have been issued a pension saving statement, please bring this with you to the seminar.
Stage 2 – if, after attending one of our seminars, you would like the opportunity to ask questions about your own personal circumstances, you can attend a one-to-one guidance session with a Mercer specialist. These sessions are expected to last about 45 minutes and will be held in November and December 2019 at GMPF’s offices in Droylsden. You can book your place on one of these sessions at the end of the initial group seminars.
Stage 3 – If you would like to receive tailored financial advice from a Mercer specialist, you will have the opportunity to arrange this directly with Mercer. GMPF will not meet the cost of individual advice, but the work undertaken in steps 1 and 2 above will help ensure this advice can provided more efficiently than if you were to separately procure this. Mercer will be able to advise you of the expected costs, which will depend on the complexity of your individual circumstances, following the stage 2 meeting.
We hope to see you at one of the seminars. If you have any queries on the above, please e-mail Adrian.firstname.lastname@example.org.