If you are having problems accessing your Pensions Portal account, please visit Pension Portal for support.
The current value of your pension and automatic lump-sum (if any) is shown in section 2 of your Annual Benefit Statement. Please view the video above for a guided tour of the statement.
From 1 April 2014, you 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. To find out more, please visit Taking your pension.
Reductions aren't included in the current value of your benefits. If you take your pension benefits before your normal pension age (other than through redundancy/business efficiency or ill-health grounds), your pension and any lump-sum is usually reduced. You can view the reductions by visiting Taking your pension. Alternatively you can calculate an estimate using the Pensions Portal.
As the LGPS is a defined benefit scheme and not a defined contribution scheme, it does not allow members to access their pension benefits flexibly. You therefore are unable to cash-in or draw-down multiple lump-sums from your pension. For more information on different types of schemes, please visit Types of pension if you live and work in the UK.
The benefits you have built up after 1 April 2014 are adjusted each year to reflect any changes in the cost of living. This adjustment (sometimes called inflation proofing or index linking) takes place on 1 April each year. The LGPS uses an inflation measure called the Consumer Price Index (CPI) to determine the adjustment and the value can go down as well as up.
If you have had a TUPE transfer or have combined multiple pension accounts, this date reflects the most recent contract start date and not your original date of joining. For peace of mind, you can check your service dates by logging on to the Pensions Portal.
For information on death benefits, please visit LGPS FAQs.
You should complete a nomination form so that your wishes as to who you would like to receive any death grant can be taken into account. You can do this online using the Pensions Portal.
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 capital value of your pension benefits. For every £1 of pension that you give up, you will receive an additional £12 lump-sum. To estimate your maximum lump-sum:
- Visit Lump Sum Calculator
- Enter the amount of yearly pension payable from your chosen retirement date (including any reductions).
- Enter your lump-sum payable from your chosen retirement date (including any reductions).
- Select 25% to work out your maximum lump-sum (or use a lower percentage to compare).
- Press calculate.
Any final salary benefits you built up before 1 April 2014 are linked to your full-time equivalent pay, even if you are part time (as your membership would have been reduced accordingly).
Any benefits you build up from 1 April 2014 is linked to your career average revalued earnings which is based on the actual amount that you earn. If you are part time, this will be the part time pay.
For more information on how your benefits are calculated, please visit How your pension is worked out.
If you disagree with the pay figures disclosed on your statement, you should contact your employer's pensions or payroll section for further clarification.
Your career average pensionable pay includes any contractual and non-contractual overtime, whereas your final salary pay only includes contractual overtime. If you disagree with the pay figures disclosed on your statement, you should contact your employer's pensions or payroll section for further clarification.
The following additional contributions are included in your statement:
Additional Voluntary Contribution (AVCs) are not included in your statement. Each year your AVC provider will make a separate statement available to you.
The first electronic annual benefit statements were produced in 2011, prior to this all statements were sent in the post.