2024 Annual Pension Increase (API)
2024 Annual Pension Increase (API)The increase to your pension will be 6.7%, which will be applied to your pension from 8 April 2024.Not everyone is eligible for the full increase from this date, this could be because:
Updated employer contribution rates for police, NHS and teacher schemes
The employer contribution rates from April 2024 have been announced for three of our pension schemes – police, NHS and teachers. The contribution rate for the Scottish Fire and Rescue Service will be shared early in the new year. From 1 April 2024 contribution rates will increase as follows:
Scottish Parliamentary Pension Scheme - Pension calculation for office holders in 2009
Please note that this has been updated to reflect the values for the 2022/23 financial year.
Changes to NHS contribution rates
From 1 October, contribution rates to the NHS Scotland Pension Scheme will change.The changes are necessary because current rates are not meeting the requirement that total contributions should be 9.8% of pay, set by HM Treasury.
Scottish Public Pensions Agency celebrates 21st anniversary in Tweedbank
This September marks 21 years since the Scottish Public Pensions Agency (SPPA) moved to its Tweedbank base. The Agency administers pensions for over 600,000 public sector workers and is one of the largest employers in the Borders, with more than 300 staff, many of whom have been with the organisation since its move to Tweedbank. This includes Jason Grainger, who joined the Agency as a Pension Administrator in 2002.
Changes to partial retirement for NHS members
From 1 October, changes to the pension scheme will make it possible for all NHS members to take partial retirement. Members who are in the 1995 section will now be able to take their pension and work flexibly. This is already open to members of the 2008 and 2015 sections of the scheme.Members will also be able to take more of their pension when they partially retire. From normal minimum pension age, which is 55 for most members, they will be able to take between 20% to 100% of all their pension benefits, without leaving their current job.
Member webinars launched: Are you ready for retirement?
We are launching pilot webinar series for members planning to retire in the next 12 months. Our ‘Ready for Retirement’ webinars are available for NHS, Teachers and Fire scheme members. For Police scheme members, we will contribute to the existing pre-retirement seminars provided by Police Scotland.
Building a better SPPA – Our Annual Business Plan 2023/2024
We’re setting out our priorities and plans for the 2023/24 year in our Annual Business Plan.
UK Budget announcement on Lifetime Allowance and Annual Allowance tax
In the latest UK Government budget on 15 March the Chancellor announced that the Lifetime Allowance will be abolished the Annual Allowance will increase from £40,000 to £60,000. These changes will come into effect on 6 April 2023.
Our 2023 Charity Partner
We are proud that our colleagues have chosen to support Children’s Hospices Across Scotland (CHAS) as our charity partner for 2023.