If you left the LGPS after 1 April 2014, had over two years service when you left, did not transfer your benefits to another pension provider, nor receive payment of benefits; then you will have a deferred benefit.
Your benefits were frozen when you left but will continue to be re-evaluated every year in line with the cost of living, until you claim them at retirement.
We will send an annual benefit statement, informing you how much your deferred benefits are worth on 31 March of that year. It is therefore important that you keep us up to date with your contact details, for example, should you move house, to ensure you receive this statement. You can update your details using an Update Form available from our Forms and Resources page.
The benefits you receive when you retire will depend on:
- when you joined the scheme
- when you left the scheme
- the age at which you elect to receive your benefits
If you left on or after the 1 April 2014 you will receive:
- a pension calculated at a rate of 1/49 of your actual pay in each year of membership from 1 April 2014.
- an amount of interest added to your pension benefits each year until retirement
- the opportunity to convert some of your post 1 April 2008 Pension for a Tax Free Lump Sum, at a rate of £1 of pension for £12 of lump sum
- Death cover, including protection for your family.
If you joined the LGPS between 1 April 2008 and 31 March 2014 you will also receive:
- a pension calculated at the rate of 1/60 x final full time equivalent pay x membership between 1 April 2008 and 31 March 2014
If you joined the LGPS prior to 1 April 2008, you will also receive:
- a pension calculated at the rate of 1/80 x final pay x membership up to 31 March 2008
- an automatic, one-off, tax free lump sum paid upon retirement (based on any membership you have up to the 31 March 2008)
You can voluntarily take your benefits at any point on or after your 55th birthday. However, if you elect to receive your Pension before your Normal Pension Age, a reduction to your benefits may be applied.
For further information and forms about your deferred benefits please read our Forms and Resources page.