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As you will know if you have been following our website bulletins, the Office of the Deputy Prime Minister have recently amended the Scheme Regulations. The new Regulations will mean many members retiring later, or facing reductions in benefits.
These Regulations went through the necessary Parliamentary process in December, and have already become law. They are due to take effect on 1 April 2005.
However, last Friday, in view of strong feedback from members, John Prescott announced his intention to overturn these Regulations.
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At this stage, the guidance from senior Civil Servants at the ODPM is that the Regulations will still come into effect on 1 April 2005, and will be the law until they are revoked at some later date.
If you want to find out more about the April 2005 changes, please see our last bulletin. Once we know more, we will also send out a Pension power newsletter to home addresses. |
"We have listened to concerns and recognise the need to get this right for the long-term.... It is my clear intention to revoke at my earliest Parliamentary opportunity, subject to statutory consultation, the Local Government Pension Scheme (Amendment) (No.2) Regulations 2004 with retrospective effect: no Scheme members will be disadvantaged. It is my intention also to begin consultation on new Regulations, which will ensure the continuing solvency of the Scheme."
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