This area is only for Employers in GMPF. Please go to the My Pension login page if you’re attempting to access your My Pension account.
The coworker who serves as your primary Greater Manchester Pension Fund (GMPF) pension liaison officer can provide you with access if you do not have login credentials. You can get in touch with our GMPF Employer Support team for more assistance.
Please get in touch with the Tameside MBC Executive Support Team to obtain your login credentials if you don’t already have them.
One of the 88 regional Local Government Pension Scheme (LGPS) funds in England and Wales is the Greater Manchester Pension Fund (GMPF).
The LGPS is what’s called a ‘defined benefit’ pension. The scheme’s rules specify the benefits you are entitled to from a defined benefit pension. These rules also specify the fee you must pay to become a member.
Visit our “What benefits you build up page” to learn how the LGPS calculates your benefits.
Benefits under a defined benefit plan, such as the LGPS, are decided by a predetermined formula. You pay to be a member of the scheme. Employers normally pay into these schemes too.
The amount you receive when it comes time to claim your benefits is the same regardless of what you and your employer pay into the scheme.
Your benefits are determined by the formulas specified in the rules of the scheme. Typically, your pension is guaranteed for life and is adjusted annually to account for inflation.
You may have also heard of defined contribution pension schemes. Compared to defined benefit pension plans, defined contribution plans are more prevalent. They are also known as money purchase schemes. Additional voluntary contributions (AVCs) are a defined contribution arrangement.
In a defined contribution plan, the funds you contribute will be invested by your pension provider. Your contributions and investment income give you a pension pot. Your employer may pay in too.
You will need to choose how and where to invest your money when you join or set up the pension. Because investments can fluctuate in value, so too can your pension fund.
There are various options available to you when it comes to drawing your benefits. Your pension plan will give you information if your pension is defined contribution. Additionally, you can learn more by getting in touch with Pension Wise, a MoneyHelper government service.
Schemes that invest the contributions they receive are referred to by this term. Investment income helps to pay for the pension benefits due.
The LGPS is a funded pension scheme. To produce investment income, GMPF makes both local and international investments. Because the LGPS is a defined benefit pension plan, the value of our investments may fluctuate on a regular basis, but the amount of pensions we pay remains constant. We may ask employers to contribute more money to the scheme if additional funds are required to pay all of our members’ pensions.
After joining, you can choose to be in the LGPS’s main section or its 50/50 section. The section you will be enrolled in upon joining is the main scheme, which is the default option. You will accrue pension benefits at the full rate of accumulation and pay the main scheme contribution rate.
You contribute to the 50/50 section at half the rate of the main plan, and your pension accrues at half the rate as well. You do, however, maintain the same life and sick coverage as if you were a part of the primary plan.
Visit our Joining, Contributions, and Transferring in Your Benefits page to learn more about the 50/50 section.
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The Local Government Pension Scheme (LGPS) is a funded pension scheme, meaning that it has assets set aside to cover its future liabilities. This is in contrast to an unfunded pension scheme, which relies on current contributions to pay for benefits.
Funding and Investment in the LGPS
The LGPS is funded by contributions from both employees and employers. Employees contribute roughly one third of the Scheme’s costs, and employers pay the rest. Every three years, an independent actuary calculates how much employers should pay into the Scheme, taking into account investment returns.
The LGPS has a funding strategy that sets out how the Scheme will be funded over the long term. This strategy takes into account factors such as the Scheme’s liabilities, investment returns, and demographic changes.
The LGPS is also invested in a diversified portfolio of assets, including equities, bonds, and property. The aim of the investment strategy is to generate returns that will help to cover the Scheme’s future liabilities.
Cost Management
The LGPS has a cost management process that ensures the long-term sustainability of the Scheme. The cost of the Scheme is monitored to make sure it stays within limits agreed by the Scheme Advisory Board and HM Treasury. Changes to the Scheme design may be required if the cost of the LGPS becomes higher or lower than those limits.
Investments and Funding of Local Government Schemes
The Pensions Regulator (TPR) is the regulator of public service pension schemes, including the LGPS. TPR has no role in regulating the investment decisions made by the LGPS. However, TPR does have a role in ensuring that the LGPS is properly funded.
The LGPS is the only public service pension scheme that is funded. This means that the LGPS has assets set aside to cover its future liabilities. This is in contrast to other public service pension schemes, which are unfunded and rely on current contributions to pay for benefits.
The LGPS is a funded pension scheme that is well-managed and financially sound. The Scheme has a strong funding strategy and a diversified investment portfolio. The LGPS is also subject to robust cost management and regulatory oversight.
Frequently Asked Questions
What is the difference between a funded and an unfunded pension scheme?
A funded pension scheme is a scheme that has assets set aside to cover its future liabilities. An unfunded pension scheme is a scheme that relies on current contributions to pay for benefits.
How is the LGPS funded?
The LGPS is funded by contributions from both employees and employers. Employees contribute roughly one third of the Scheme’s costs, and employers pay the rest.
Who regulates the LGPS?
The Pensions Regulator (TPR) is the regulator of public service pension schemes, including the LGPS.
Is the LGPS a good pension scheme?
The LGPS is a well-managed and financially sound pension scheme. The Scheme has a strong funding strategy and a diversified investment portfolio. The LGPS is also subject to robust cost management and regulatory oversight.
Additional Resources
- LGPS Member website: Funding and investment
- The Pensions Regulator: Investments and funding of local government schemes
- The Pensions Regulator: Public service pension schemes
The LGPS is a funded pension scheme that is well-managed and financially sound. The Scheme has a strong funding strategy and a diversified investment portfolio. The LGPS is also subject to robust cost management and regulatory oversight.
You will need to choose how and where to invest your money when you join or set up the pension. Because investments can fluctuate in value, so too can your pension fund.
When you want to draw your benefits, you can choose from a number of options. If you have a defined contribution pension, your pension scheme will provide you with details. You can also find out more by contacting Pension Wise, a government service from MoneyHelper.
Please get in touch with the Tameside MBC Executive Support Team to obtain your login credentials if you don’t already have them.
Visit our “What benefits you build up page” to learn how the LGPS calculates your benefits.
One of the 88 regional Local Government Pension Scheme (LGPS) funds in England and Wales is the Greater Manchester Pension Fund (GMPF).
Public service pension schemes are not eligible for the Pension Protection Fund and we have no role in regulating their funding.
It is imperative for scheme managers to have comprehensive protocols in place for overseeing external providers and advisors. This includes investment managers and investment consultants. They should also keep appropriate records of decisions and transactions.
You might be responsible for investments if you manage a local government pension plan.
Scheme managers oversee the administration, investment, and management of the pension fund in local government pension plans. This is almost always assigned to a “pension committee,” which is another name for an “investment committee.” Usually, this is composed of council members who have interest in or experience with investing.
The only public service pension programs with investment funds are those offered by local governments. Certain regulations establish the investment framework by: