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STSS Updates

 

AVC with PRUDENTIAL

From 6 April 2006, the government changed the rules governing all retirement savings in the UK.

Some of the changes implemented on A-day affect our in-house AVC scheme with Prudential and members will now be allowed to take up to 25% of the value of their fund as a tax free lump sum.

For further detailed information on these changes go to:http://www.sppa.gov.uk/scot_teachers/documents/STSS Circular2006-5.pdf

Scheme Earning Limit (return to top)

With effect 6th April 2007 the scheme earning cap is now £112,800. This effects members who joined from 1st June 1989 onwards.

Benefit Statements 2006 / 2007 (return to top)

Visit the Latest News page for updates on Pensions Reforms and for information on simplifying the taxation of Pensions visit our page on Taxation.

Civil Partnerships  (Reviewed 22/12/2005) (return to top)

Changes to the main public service schemes in Scotland came into effect on 5th December 2005 to implement the survivor pension provision of the Civil Partnership Act 2004.

The overall effect will be that civil partners are treated for the purposes of survivor pensions in the same way as married spouses for service after 6th April 1988.

For information on any deadlines imposed in respect of buy-back arrangements for pre-1988 service, please follow the links below to access the relevant circulars relating to these changes.

Letter to Members – issued November 2005 and Circular 2005/6 – issued 6 December 2005

Report on Ill health retirement of Teachers and NHS staff in Scotland (Reviewed 28/11/2005)           (return to top)