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  • ABS FAQ

ABS FAQ

Frequently asked questions

  • I'm having problems accessing my Pensions Portal account, where can I get support?
  • Where can I find the current value of my pension benefits?
  • When can I access my pension?
  • Does the current value of my benefits include reductions for taking them early?
  • How can I get an estimate of my pension which includes reductions?
  • Can I cash-in my pension or draw-down a lump-sum from age 55?
  • How does inflation affect my pension?
  • I transferred benefits into this scheme during the 19/20 year and they aren't showing on my statement, why?
  • Why does the date joined employer not reflect the date I joined the scheme?
  • What is payable if I die while I am still paying into the scheme?
  • Should I complete a nomination form?
  • Can I increase my lump-sum at retirement?
  • Why is the final salary pay used in the statement higher than the amount I earn?
  • Why is the final salary pay used in the statement lower than the career average pensionable pay?
  • I've made additional contributions, are they included in the statement?

 

I'm having problems accessing my Pensions Portal account, where can I get support?

If you are having problems accessing your Pensions Portal account, please click here for support.

 

Where can I find the current value of my pension benefits?

The current value of your pension and automatic lump-sum (if any) is shown in section 2 of your Annual Benefit Statement. Please view our annual benefit statement video for a guided tour of the statement.

 

When can I access my pension?

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 http://www.lgpsmember.org/tol/thinking-leaving-when.php.

 

Does the current value of my benefits include reductions for taking them early?

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 https://www.lgpsmember.org/more/reductions.php. Alternatively you can calculate an estimate using the Pensions Portal.

 

How can I get an estimate of my pension which includes reductions?

Please visit the Pensions Portal to obtain an estimate of your pension benefits. Estimates are based on pay, so please click here for guidance on what pay figures to enter. If you are having problems accessing your Pensions Portal account, please click here for support.

 

Can I cash-in my pension or draw-down a lump sum from age 55?

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 https://www.pensionwise.gov.uk/en/pension-types

 

How does inflation affect my pension?

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.

 

I transferred benefits into this scheme during the 19/20 year and they aren't showing on my statement, why?

We are aware that a technical issue has prevented some members from seeing their transferred in benefits on their statement. The issue has been raised with our software developers and we are hoping to produce a new statement for you later on in the year (this will be done automatically).

 

Why does the 'date joined employer' field not reflect the date I joined the scheme?

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.

 

What is payable if I die while I am still paying into the scheme?

For information on death benefits, please visit https://www.lgpsmember.org/arm/already-member-prot.php

 

Should I inform you of my expression of wish in relation to my death in service grant?

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 Portalor alternatively, you can print a nomination form here.

 

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 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, go to:

  • https://www.lgpsmember.org/more/lump-sum-calculator.php
  • 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.

 

Why is the final salary pay used in the statement be higher than the amount I earn?

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 click here.

If you disagree with the pay figures disclosed on your statement, you should contact your employer's pensions or payroll section for further clarification.

 

Why is the final salary pay used in the statement lower than the career average pensionable pay?

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.

 

I've made additional contributions, are they included in the statement?

The following additional contributions are included in your statement:

Additional Voluntary Contributions (AVCs) are not included in your statement. Each year your AVC provider will make a separate statement available to you.

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