How does the proposed merge impact pension fund members?
The Lothian Pension Fund (LPF) and Falkirk Pension Fund (FPF) are set to merge. In May 2022, the funds announced that they were exploring the possibility of merging. The local authorities are set to discuss the plans over the next few months, with the proposed merger touted for late 2023 or early 2024.
We asked LPF about the implications of the merger for our members. The full questions and answers are below.
Continue reading “Merger of Lothian and Falkirk Pension Funds”
Striking workers will lose the pension contributions for each day they were on strike. However you can buy back lost pension.
Please read the information below from HR for details.
What happens to my pension if I strike?
For each strike day, you lose both your contributions and your employer’s contributions to your pension pot.
However, there is an option to buy back lost pension via an Additional Pension Contribution (APC). The cost of the lost pension is calculated based on age-related factors rather than being a fixed percentage of the member’s salary.
For strike action, pension members are expected to pay 100% of the cost of buying back pension. If the strike action is less than 10 days, then members must make a lump sum payment rather than spreading the cost over a period of time.
Use the buy lost pension calculator to get a quote for buying back any lost pension contributions and read details on your pension if you’re away from work.
To buy back lost pension
To buy back lost pension call HR on 0131 469 5555.
If you have access Halo complete the ‘Pension buy back’ form there.
You must make your request to buy back your lost pension within 30 days of the strike officially ending.
Note: The strike official ended on 29 September with the acceptance of the offer, not on the last day of strike, as the action was merely suspended.