Primetime - Norfolk Pension Fund · Norfolk Pension Fund Newsletter 2013 3 to this latest edition of Primetime, the Norfolk Pension Fund’s magazine for retired members. We aim to

NorfolkPensionFundNewsletter2013 1

Primetime Winter/Spring2013Issue6

Pensionfundnewsletterfor retired members

DeliveringtheLocalGovernmentPensionScheme

2 NorfolkPensionFundNewsletter2013

Yourname

YourNationalInsurancenumber

YourPayrollnumber

Norfolk Pension Fund 01603 495788 www.norfolkpensionfund.orgState Pension 0800 7317 898Other organisations you might want to contact

Bank

BuildingSociety

LocalCouncil

Doctor

Solicitor/Accountant

TaxOffice 0845 3000 627Insurancepolicy

Mortgage

Creditcard

Gas

Electric

Other

Useful information


tothislatesteditionofPrimetime,theNorfolkPensionFund’smagazineforretiredmembers.

Weaimtocoversubjectsthatwethinkyouwillfindusefulandinteresting,rangingfromscamalertsandmemoryjoggerstodetailsofhowyoucangetinvolvedinyourlocalNorfolkOlderPeople’sForum.

Letusknowwhatyouthinkaswealwayslovetohearfromyou.Iampleasedtosaywehavebeenabletoincludesomeofyourcontributionsonpage20,inresponsetolastyear’sDiamondJubileearticle.

Asusual,thereisalottotakein,sopleasedorememberthatourPensionerPayrollSupportTeamarealwayshappyto

hearfromyouon01603495788.Alternatively,youarewelcometocallintoseeusatourofficesinNorwich.

Youcanreadmorefromtheteam,ledbyPatBullock,onpage11.

Ihopeyouenjoythisissue.

Nicola MarkHeadoftheNorfolkPensionFund

Hello and welcome...


The Norfolk Pension Fund4/5thFloor•LawrenceHouse5StAndrewsHill•NorwichNR21AD

01603 495788

[email protected] www.norfolkpensionfund.org

Rise in pensions for 2013Your Local Government Pension Scheme (LGPS) pension goes up in line with the cost of living, from the date you leave the scheme. Like all other Public Sector pensions, the increase is based on the Consumer Prices Index (CPI).• The April increase is based on the CPI rate in September of

the previous year• CPI in September 2012 was 2.2%• The regulations confirming the rise came out in

February 2013• If your pension started before April 2012 you will

get the full increase• If it started after April 2012 and before March 2013 you will

get part of the increase • We will write to you this coming April with the full details of

the increase to your pension


Changing your bank? Please make sure you let us know if your bank details change, as your bank or building society may not tell us!

Unfortunatelyweareunabletoacceptchangesinbankdetailsoverthephone,soyouwillneedtodropusalineorcallinatouroffices.Alternatively,youcandownloadaformfromourwebsiteatwww.norfolkpensionfund.org.

Weusuallyrunourpensionspayrollaroundthemiddleofthemonth,sopleaseletusknowofanychangesingoodtimeoritmaydelayyourpayment.

When do I get a payslip?Weonlyprintpayslipstosendtoyouwhen:•theamountyoureceivechangesbymorethan

£1fromyourlastpayment•orHMRevenue&Customschangeyourtaxcode•oryouchangeyourbankdetails•oryouchangeyouraddress•orwehaveamessageforyou

(alwayscheckundertheaddressflaptoseeanymessage!)

So there will be months when you don’t get a payslip, but please don’t worry - your money will always be paid into your account on the above dates.

Thereisawaytoseeallofyourpayslips,P60sandmuchmore…Justregisterforourverysecureonlineservices-seepage9fordetails.

When is my pension paid?Your pension goes into your bank account on the last working day of the month.

In 2013 these dates will be…February Thursday28February2013March Thursday28March2013April Tuesday30April2013May Friday31May2013June Friday28June2013July Wednesday31July2013August Friday30August2013September Monday30September2013October Thursday31October2013November Friday29November2013December Tuesday31December2013


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30

29

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It was lovely to see over 900 of you at our retired members events across the county last year.

Asourpictureshopefullyillustrate,theseeventsprovideagreatopportunitytocatchupwitholdfriendsandcolleagueswhileenjoyingawiderangeofinterestingspeakers.

Weareluckythatmoreandmoreofyoucomealongtosupporttheseeventseachyear.

Unfortunatelyplacesarelimitedandhavetobeallocatedona‘firstcome,firstserved’basis.

However,ifyoumissoutthisyearthenwewillmakesureyouaretopofthelistforaplacenextyear.

Retired members events

If you manage to secure a place and then find you are unable to attend, please let us know – that way we can make sure someone else gets to come along.

Tel – 01603 223414 or email [email protected]

This year’s events are being

held as follows...

Monday 29 and

Tuesday 30 April –

Norwich

Wednesday 1 May –

King’s Lynn

Thursday 2 May –

Hopton on Sea

You are also very welcome to call in and see us at our Norwich offices during the opening times listed below: Monday to Thursday 8.45am – 5.00pmFriday 8.45am – 4.00pm

Ourphonelinesareopenuntil5.30pmMondaytoThursdayanduntil4.30pmonaFriday


Please keep in touch!

It is really important that we hold the correct contact details

for you, so please do let us know if you move house or this newsletter didn’t

arrive at the correct address.

The Norfolk Pension Fund 5thFloor,LawrenceHouse

5StAndrewsHill,NorwichNR21AD01603 495788

[email protected]

On the web – if you register to use our online services then you can check and update your address details at any timewww.norfolkpensionfund.org

scams…scams…scams…scams…scams…scams…


If it sounds too good to be true, it probably is!Did you know that nearly half of the UK adult population has been targeted by a scam? ●Ascamisadishonestschemetocheatyououtofyourmoney.Over

3millionpeoplefallvictimtoscams,losing£3.5billioneveryyear.●Commontricksincludefakelotteries,PCsupport,get-rich-quick

investmentconsand‘miracle’healthcures.

What can I do to stay safe?NorfolkCountyCouncilTradingStandardsoperateascamalertsystem.Youcansignuptoreceiveallthelatestnewsonscams,TradingStandardsissuesandotherrelevantupdatesviaemailatwww.norfolk.gov.uk/scams.Hereyouwillalsofindmorenews,informationandguidanceonhowtoavoidparticulartypesofscams.

These may sound obvious, but here are some practical tips to follow:•Don’tgiveyourpersonalorbankdetailstoanyone,unlessyou

havecheckedthemout•Tellallyourfriendsandfamilyifyoudiscoverascam•Takecarewithyourpaperworkandshredanythingwithyour

personaldetailsonit

ForfurtheradviceyoucancontacttheCitizensAdviceconsumerhelplineon08454040506orvisitwww.adviceguide.org.uk.

Top tips

BeScam Aware Sign up foralerts!

scams…scams…scams…scams…scams…scams…


We have a dedicated area for pensioners on our website at www.norfolkpensionfund.orgHereyoucanfindallthepensioninformationyoumightneed,alongwithlotsofgeneralinformationabouttheLGPSandtheNorfolkPensionFund.

Youcanalsosecurelyviewthedetailsofyourownpensionbyregisteringtouseouronlineservices.

● Registeringwithusmeansthatyoucanchecktheinformationweholdaboutyouandeasilyletusknowifitiswrongorchanges

● Ouronlineservicesareprotectedtothebestindustrystandards

Ouronlineserviceshavebeenliveforacoupleofyearsnowandover4,600schememembershaveregistered.

www.norfolkpensionfund.orgIf you would like help to register then you can call us on 01603 222132 or email us at [email protected]

Check out your pension online...

Our oldest registered website user is93!


What benefits will my dependants get when I die?We get asked this question quite a lot and wish there was a simple ‘one size fits all’ answer!Inreality,theLocalGovernmentPensionSchemehasevolvedovertheyearsandtherearemanythingsthataffectwhatpensionyourdependantswillgetfromtheNorfolkPensionFundifyoudiebeforethem.Here are some of the most common scenarios:

If you left on 31st March 2008 or earlierFor a man married at the date of leaving…

Your widow is likely to get: First 3 months pension at the same rateThen a pension at half of that rate for life

For a man married after the date of leaving…

Your widow is likely to get: First 3 months pension at rate based on service from 6 April 1978 onlyThen a pension at half of that rate for life

For a woman…ora person in a civil partnership…

Your widower or civil partner is likely to get:First 3 months pension at rate based on service from 6 April 1988 onlyThen a pension at half of that rate for life

If you left on 1st April 2008 or laterFor a man married at the date of leaving…

Your widow is likely to get: A pension for life (based on all service x final pay x 1/160th)

For a man married after the date of leaving…

Your widow is likely to get: A pension for life (based on service from 6 April 1978 only x final pay x 1/160th)

For a woman… or a person in a civil partnership… or a person* with a nominated cohabiting partner…

Your widower or civil partner or nominated cohabiting partner is likely to get: A pension for life (based on service from 6 April 1988 only x final pay x 1/160th)

*�Must�have�been�a�member�of�the�scheme�on�1st�April�2008�and�have�registered�a�cohabiting�partner�with�us.

Werealisethatthisisnotasimplesubject,howeverwehopethisbriefguidehasgonesomewaytohelpexplainthemajorityofcases.Thereisalotmoredetailintheschemerules,whichweusetocovereachperson’sindividualcircumstance.

Pensioner Payroll Support TeamAnother busy year for the Pensioner Payroll Support Team...

AstheNewYearbeginstheteamaremakingpreparationsforthe

annualrisetoyourpension.Wearealreadybusytestingthenew

softwarefromourproviders.Todothisweassumed2.2%andthis

amounthassincebeenconfirmed(seepage4).

ImentionedthePensionerPayrollSupportTeamLeaderinthelast

issue,soIthoughtIwouldlethimintroducehimself.

OvertoyouPaul:

HelloI’mPaulStimpson.ItiswithgreatpleasurethatIamwritingto

youonthiscoldandwintrymorning(18/01/13)!

IhavebeenthePensionerPayrollSupportTeamLeaderforoverfive

yearsnow,havingpreviouslyworkedforNorfolkCountyCouncilin

thestaffpayrollsectionsince1985.

Justaquickupdateonsomechangesintheteam,Sheilaretiredin

May2012.OurnewmemberofstaffDavidCramptonhasjoinedus

fromtheNorfolkCountyCouncilpostroomandissettlinginwell.

PatmentionedRealTimeInformation(RTI)inthelastissueandit

lookslikewewillbestartingthisfromJune2013.Ifyouremember,

thismeanswewillbesendingHMRevenue&Customs(HMRC)

detailsofeverypayrollwerun,insteadofanannualreturnatthe

endofeachfinancialyear.

ThisshouldenableHMRCtopickupany

errorsmorequicklyandcorrectthem

withinthecurrenttaxyear.

So,lotsofchangesforus…butnothing

foryoutodoorworryabout.

Best wishes

Pat & Paul

Pat BullockPensionsPayrollManager

David Crampton

and Paul Stimpson



Moving house? Keepingusuptodatewithyourcurrentaddressisreallyimportant.Ifjustoneofyourpayslipscomesbacktousundeliveredwe stop paying your pensionandactively

searchforanupdate.

Payslip messagesFromtimetotimewemayhaveamessageforyou.Youwillfinditonthebackoftheaddressflapofyourpayslip.

Power of Attorney Ifafamilymemberisdealingwith

youraffairsandhasaPowerofAttorney,theycansenditin

forustorecord.Forthosethatdon’thaveone,we

canmakeuseofourAppointeeIndemnity

Form.Askusformoredetails.

There is so much for us all to remember these days; from PIN numbers and passwords to all those birthdays! We thought we would try and lighten the load by giving you a reminder of some of the things we have mentioned in earlier issues of Primetime...

302931

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Memory joggers


New job?PleaseremembertotellusifyougetanotherpaidjobwithanyemployerwhooffersyoumembershipoftheLGPS,regardlessofwhetheryoujointheschemeornot.Insomecases,workingforthistypeofemployerwillaffectyourpension.

Certificates of Entitlement (Life Certificates)Thisisourwayofcheckingyouarestillreceivingthepensionyouareentitledto.Thelasttimewesenttheseouttoafewmembers,includingallthoseoverseas,wasOctober2011.Wewillberepeatingtheexercisearoundthesametimeagainlaterthisyear.Weappreciatethisisadifficultsubject.Pleasedon’tworryifyoureceiveone,justfillitinandsenditbacktous.

Trivial CommutationTrivial Commutation is the technical term for swapping your small pension for a one-off lump sum.SincethelastissueofPrimetime,wehavewrittentoaround50pensionerswhoregisteredaninterestwithus.Ifyouwouldliketoknowmore,orregisteraninterest,pleasegetintouch.

Pensions

Jargon Buster


Norfolk Older People’s Forum(s)Nowadays the idea of being able to just sit idly at home once retired has long gone!

Well we hope it has,becauseifyouarelookingforwardtoalongandhappyretirementthenweknowyouneedtokeepactive–notjustphysicallybutalsomentally–aswellastakingcareofthoseboringthingslikediet,nutritionandfinances.

DidyouknowthereisanOlderPeople’sForumineveryDistrictCouncilareainNorfolk?

Theyareactiveinawidevarietyofways,enablingolderpeopletobecomemuchbetterinformedofwhatisavailableforthem.Mostpeopleknowaboutthebuspassandhowvaluableitis,butwhataboutotherareasoflife?

WhynotfindoutaboutyourlocalOlderPeople’sForum?Eachonenaturallyhasitsownstylebutallwelcomenewcomerswiththeirinfluxofnewskillsandideas,andthereisplentyofopportunitytocontribute.Don’tworry;theagerangeishuge–from50upwards!

Youmaywanttoseehowitgoesfirstandyouarewelcometodoso,butit’smorefuntobeproperlyinvolved.

EachForumworkscloselywithitsowncouncilandmostcouncilscontributewell.Therelationshipcanbeverybeneficialbothways.

Inadditiontosharinginformation,theforumsaimtomakesurethevoicesofolderpeopleareheardandinfluencethewayinwhichservicesareplannedanddeliveredbothlocallyandalsocountywide.

AdelegatefromeachForum,usuallytheChair,attendsmeetingsoftheNorfolkOlderPeople’sStrategicPartnership


North Norfolk Older People’s Forum

Chair:Mary Granville-White [email protected]

Broadland Older People’s Partnership

Treasurer:Pat Wilson [email protected]

South Norfolk Older People’s Forum

Chair:Ann Baker [email protected]

West Norfolk Older Persons’ Forum

Chair:Hazel Fredericks

[email protected]

Gt Yarmouth Older People’s Network

Chair:Peter McGuinness

[email protected]

Breckland Older People’s Forum

Chair:Shirley Matthews

[email protected]

Norwich Older People’s Forum

Chair:Joyce Hopwood [email protected]

Board.ThisBoardconsistsofonethirdolderpeople,withtheremainingmembersarangeofDirectors/Cabinetmembers/Commissioners/Housingrepresentatives/voluntarysectoretc.

TheBoardhashadanumberofstrategiesovertheyearsandlastyeartheActionPlanwasusedforholdingstatutoryagenciestoaccount.Thisallmakesforinterestingmeetings,whichareopentothepublicsowhynotcomealongandhavealook?

If you want to find out more about your district older people’s forum, please contact one of the following:

FormoreinformationabouttheNorfolkOlderPeople’sStrategicPartnershipBoardpleasecontactAnnieMoseleyatanniemoseley@talktalk.netor01603 505273.


HMRC Bereavement HelplineIt is a very difficult time when you lose a loved one and dealing with any outstanding tax matters can be particularly stressful.

HM Revenue & Customs(HMRC)nowhaveadedicatedhelplineforfamilymembersorpersonalrepresentativeswhoneedtocontactthemabouttaxmattersrelatingtobereavement.

TospeakwithoneofHMRC’sdedicatedteamofadvisors,phonethenormalHMRCnumberon0845 300 0627 and choose option 2 and then option 4.

Ifyouaredeaforhearingorspeechimpaired,thenumberis0845 302 1408 (Textphone).Ifyou’recallingfromabroadpleasephone+44 135 535 9022.

IfyouneedtowritetoHMRCaboutsomeonewhohasdied,markyourletter‘Bereavement’andsenditto:HM Revenue & CustomsPayAsYouEarnandSelfAssessmentPOBox4000CARDIFFCF148HR

Living abroad?Are you one of our 299 pensioners who live abroad?If so,youmaybeinterestedinourcontractwithCitibank.Forjust£2.74amonth–collectedfromyourpayment–Citibankwillpayyourpensiondirectlytoyouroverseasbankaccountinlocalcurrency,viatheirWorldLinksystem.

Paymentthiswaydoestakealittlelongertoprocess,soyourpensionwillarriveafewdaysafteryourpaymentdate.IfyouwouldliketoknowmorethenpleasecontactthePensioner Payroll Support Teamon01603 495 [email protected].


National Fraud InitiativeNorfolk County Council is the administering authority of the Norfolk Pension Fund and is registered as Data Controller under the Data Protection Act 1998.

TheCouncilmayshareinformationprovidedtoitwithotherbodiesresponsibleforauditingoradministeringpublicfunds,inordertopreventanddetectfraud.

ThisincludesparticipatingintheAuditCommission’sNationalFraudInitiativedata-matchingexercises.

Data-matchinginvolvescomparingcomputerrecords,suchaspayrollorbenefitsrecords,heldbyonebodywithothercomputerrecordsheldbythesameoranotherbody,toseehowfartheymatch.

Computerizeddata-matchingallowspotentiallyfraudulentclaimsandpaymentstobeidentified.

Whereamatchisfound,itmayindicatethatthereisaninconsistencythatrequiresfurtherinvestigation.Noassumptioncanbemadeastowhetherthereisfraudorerrororanotherexplanationuntilaninvestigationhasbeencarriedout.

TheuseofdatabytheAuditCommissionindata-matchingexercisesiscarriedoutwithstatutoryauthorityunderitspowersinPart2AoftheAuditCommissionAct1998.ItdoesnotrequiretheconsentoftheindividualsconcernedundertheDataProtectionAct1998,andNorfolkCountyCounciliscompelledtohandovertheinformation.

ForfurtherinformationontheAuditCommission’slegalpowersandthereasonswhyitmatchesparticularinformation,seetheNationalFraudInitiativesectionontheAuditCommission’swebsitewww.audit-commission.gov.uk.YoucancontacttheNationalFraudInitiativeTeamattheAuditCommissionon0844 798 [email protected].


Change is the order of the day for 2013-14Tax news

Income Tax rates at a glance (after your personal allowance)Rate Tax Yr 2012/13 Tax Yr 2013/1420% £34,370 Reducingto£32,01140% £34,371-£150,000 £32,011-£150,00045%for2013/14(50%in2012/13)

Over£150,000 Over£150,000

SavingsIncome:10%onfirst £0-£2,710 £0-£2,790

Personal allowances 2012/13 2013/14Personalallowance*(ifbornafter5April1948)

£8,105 £9,440

Ageallowance**(ifbornbefore5April1948)

£10,500 £10,500

Ageallowance**(ifbornbefore6April1938)

£10,660 £10,660

*Reduced if income over £100,000**Reduced if income over £26,100 (2013/14)

0845 3000 627 Open(Mon–Fri)8am–8pm&(Sat)8am–4pm

Website www.hmrc.gov.uk

I think my tax code is wrong, who do I contact? HMRCHaveyourNational

Insurance numberhandy,alongwiththe

PensionFund’sEmployerPAYEreference(531/N3722P)

New Year Tax codesInFebruary,westartgettinglargevolumesoftaxcodesforthenew2013-14taxyear.IfyoureceiveanewtaxcodestatementfromHMRevenue&Customs(HMRC)aroundthistime,lookforthetaxyearonit.Itmaybefor2013/14-ifso,wewilluseitforpaymentsfromAprilonwards.Youdon’thavetocontactustotellusyournewcode.

Frequently Asked Questions

Thegovernmenthasmadequiteafewchangestopersonalallowancesforthenewtaxyear.Theonetonoteistheremovalofageallowancesforanyonebornafter5April1948.Herearethepersonalallowancesandtaxratesfor2013/14:


Am I a taxpayer?Weareallpotentialtaxpayers…butyouonlypaytaxifyourincomeisgreaterthanyourpersonaltaxallowance.DetailedinformationisavailablefromHMRC,buthereisasimplifiedguide.

Examples of taxable income•State pensions•Earningsfromanyjob•Companypensions,likeours•Interestonmostsavings•Sharedividends•RentalincomeExamples of non taxable income•PremiumBondwins•Incomefromtaxexemptsavings

accounts

1. Add up your taxable income.Someincomeistaxableandsomeisnevertaxed.Addupyourtaxableincomeinataxyear.Taxyearsrunfrom6Aprilto5April.2. Add up your tax free allowances.Formostofus,thisisjustthepersonalallowanceshownonpage18,butthereareotherssuchasBlindPerson’sAllowance.3. Take one from the other.Takeyourtax-freeallowancesawayfromyourtaxableincome.Ifthereisanythingleftyouhavetopaytaxonit.

RTI – (Real Time Information) – the way forwardFromApril2013,therewillbeabigchangetothewaywereportyourpensionandtaxdetailstoHMRC.InsteadofsendingaP35andP14’sattheyearend,wewillhavetosendthedetailselectronicallyeverytimewepayyou.Becauseitissuchabigchange,HMRChasallowedproviderswithlargepayrollstostartonthenewprocessafewmonthsintothenewtaxyear.Wenowhaveover20,000pensionerssowefallintothat‘large’categoryandhavepickedJune2013asourstartdate.

What does this mean for you? Wellthereisactuallynothingforyoutodoorworryabout.YouwillstillgetaP60justasyouhavedoneinpreviousyears.HMRChavesaidtheirnewRTIsystemwillmeanmorepeoplethaneverwillpaythecorrectamountofincometaxthroughPAYE(PayasYouEarn)duringeachtaxyear.Thoseofyouwhocurrentlyfillinaself–assessmentincometaxformmaystillhavetodoso.


It’s great to hear from you...We always love hearing from our retired members and would like to thank you once again for all the letters and stories you have sent us this year. InthelastissueofPrimetimeweaskedforyourrecollectionsoftheQueen’sCoronation.Manyofyouclearlyhavegreatmemories,aswereceivedsomefascinatingandvividtales.

MrsMayrememberedenjoyingtheshelter(andfreeice-creamperks!)oftheice-creamvanshewasworkinginonacoldandrainyCoronationDayinSouthend-on-Sea.

Manyexcitedfamiliescamerunningoutwithbasinsfor‘ashillingsworthofice-cream’totakehomeandeatinfrontoftheir12inchblackandwhitetelevisions.

SpeakingofTVs,MrsMarumfromWesternAustraliarecalledherRAFRadartrainedfatherbuildinghisowntelevision,usingpartofherMum’sSingertreddlesewingmachineamongotherthings!

Hishome-madecontraptionprovedverypopular,withmanymembersofthelocalstreetpartyhuddlingaroundatCoronationtime.

Intheseausteretimeswehavetokeepaneyeoncosts,whichmeansweareunfortunatelyunabletoincludeallofyourcontributions.Pleasedokeeplettingusknowwhatyouareuptothough,aswealwaysenjoyhearingyourtales.

Pleasewriteto:

Communications Team

Norfolk Pension Fund

4thFloorLawrenceHouse

5StAndrewsHill

NorwichNR21AD

Oremailto:[email protected]

And finally…Before we sign off for this issue, we would like to give a special mention to one of our former trustees.

Upuntilhisdeparturelastyear,Peter BakerhadbeenthestaffrepresentativeontheFund’sPensionsCommitteeformanyyears.

Peter’sskillandknowledgewillbegreatlymissedbyallattheNorfolkPensionFundandwewishhimwellforthefuture.

The Pensions CommitteeisresponsibleforoverseeingtheinvestmentmanagementandadministrationoftheNorfolkPensionFund.

Formoreinformationonmeetings,[email protected]


Meetings are held quarterly at County Hall

and are open to members of the public.

Dates for 2013 are...

• Tuesday 26 February 2013 at 9.30am

• Tuesday 18 June 2013 at 9.30am

• Tuesday 24 September 2013 at 9.30am

• Tuesday 3 December 2013 at 9.30am

AccountsOurfullaccountsfor2011-12,andalsoourStatementofinvestmentPrinciples(whichincludesdetailsofourSociallyResponsibleInvestmentandCorporateGovernanceactivities)arepublishedeachyearonourwebsiteatwww.norfolkpensionfund.orgfollowingfullexternalaudit.Ifyouwouldlikeapapercopy,pleasecontactuson01603 222824.

2010-11 2011-12 £000s £000s

Opening net assets of the scheme 1,934,579 2,151,188Employees’contributiontothefund 29,437 27,271Employers’contributiontothefund 94,709 83,839Transfervaluesreceived 43,090 18,320Paymentstopensionersanddependants -100,933 -108,844Transfersoutandotherpaymentstoleavers -6,808 -3,841Advisorfeesandgeneraladministrationcosts -1,875 -1,635Netinvestmentreturn–includingincomeandthechangeinvalueofinvestments 158,989 31,313Closing net assets of the scheme 2,151,188 2,197,611

Your LGPS Pension remains secure

Here is a summary of the Norfolk Pension Fund accounts and investments...


RememberyourLocalGovernmentPensionScheme(LGPS)pensionissecureandyourbenefitsarenotdirectlylinkedtoeitherwhathappensinthefinancialmarkets,ortheinvestmentperformanceoftheFund.

M&G, Government and company bonds 5%

Fidelity Pensions Management, Shares in overseas companies 18%

Capital International Limited, Shares in global companies 10%

Aviva Investors, Property 13%

Baillie Gifford & Co, Shares in UK companies 10%

L&G, Shares in UK companies 9%

Henderson Global Investors, Government and company bonds 10%

Goldman Sachs Asset Management, Active currency, Government and company bonds 5%

Standard Life, Private Equity 4%

Northern Trust (Custodian) Global Funds, cash 1%

HarbourVest Partners, Private Equity 3%

Sarasin, Shares in global companies 6%

Wellington, Shares in global companies 6%


InvestmentsWealwayshaveamixofinvestmentapproachesandassettypes,aswetrytogetthebestreturnonourinvestmentsthatwecanandatthesametimemanagerisk.Asat31March2012ourassetsweremanagedby12investmentmanagersandourCustodian.DuringtheyearweappointedSarasin&PartnersandWellington,withdiscretiontoinvestinsharesanywhereintheworld,andreducedtheinvestmentsmanagedbyL&GandCapital.During2011-12ourinvestmentsreturned1.6%overall,throughaperiodofgreatvolatilityandfinancialinstability.Thisvolatilitycontinuesduetoeconomicconcernsaroundtheworldandinparticulartheeurozone.

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CB

2/13

Printedonpapersourcedfromsustainableforestsusingvegetablebasedinks

If you need this magazine in large print, audio, Braille, alternative format or in a different language, please contact Doreen Metcalf on 01603 222 824 (textphone 0344 800 8011).

Can we help you?

The Norfolk Pension Fund • 5th Floor Lawrence House5 St Andrews Hill • Norwich NR2 1AD

®

[email protected]

www.norfolkpensionfund.org

01603 495788

Please have your National Insurance number handy

Documents

Primetime - Norfolk Pension Fund · Norfolk Pension Fund Newsletter 2013 3 to this latest edition of Primetime, the Norfolk Pension Fund’s magazine for retired members. We aim to