When will my deferred benefit statement be issued?
Once a year in the summer, usually by the end of July.
When can I access my pension?
You now have increased flexibility on when you can retire and take your pension benefits. You can choose to retire and draw your pension benefits at any time between age 55 and 75.
Does the current value of my benefits include reductions for talking them early?
Reductions aren't included in the current value of your benefits. If you take your pension benefits before your normal pension age, your pension and any lump-sum is usually reduced.
How does the McCloud judgment affect my benefits?
When the LGPS changed from a final salary to a career average pension scheme in 2014, protections for older scheme members were introduced. Similar protections were provided in other public sector pension schemes. The Court of Appeal ruled that younger members of the Judges' and Firefighters' pension schemes have been discriminated against because the protections do not apply to them. The government has confirmed that there will be changes to all main public sector schemes, including the LGPS, to remove this age discrimination. This ruling is often called the 'McCloud judgment'.
The government is still considering exactly what changes need to be made to remove the discrimination from the LGPS. This means it has not been possible to reflect the impact of the judgment in your annual benefit statement this year.
If you qualify for protection it will apply automatically. You do not need to make a claim.
How does inflation affect my pension?
Every year your pension is reviewed in line with the customer prices index (CPI). This is a measure of inflation over the 12-month period to 30 September. Your statement will show the relevant CPI adjustment applied.
What is payable if I die whilst I have a deferred pension?
For further information on death benefits please see the LGPS pages.
Should I inform you of my nomination in relation to my death in service grant?
Yes. The LGPS allows you to express your wish as to who you would like any death grant paid to. You can print off the form at the bottom of the death grant and nomination page and send it to us.
Can I increase my lump-sum at retirement?
When you draw your pension benefits you will have the option to exchange some of your pension for lump-sum. The maximum amount of pension you can exchange for lump-sum is 25% of the capital value of your pension benefits. For every £1 of pension that you give up, you will receive an additional £12 lump-sum.
I paid additional voluntary contributions (AVCs) whilst contributing into this deferred pension, are they included in the statement?
No, your AVC provider will contact you with a separate statement.
I paid additional regular contributions (ARCs) whilst contributing into this deferred pension, are they included in the statement?
Yes, any ARCs that you have purchased are included on your statement.
I paid additional pension contributions (APCs) whilst contributing into this deferred pension, are they included in the statement?
Yes, any APCs that you have purchased are included on your statement.