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  • DBS FAQ

DBS FAQ

  • How often are my deferred benefit statements issued?
  • When can I access my pension?
  • Does the current value of my benefits include reductions for taking them early?
  • Can I cash-in my pension or draw-down a lump sum from 55?
  • How does my pension increase?
  • What is payable if I die while I have a deferred pension?
  • Do I need to complete a nomination form?
  • Can I increase my lump-sum at retirement?
  • I paid additional voluntary contributions (AVCs) whilst contributing to this deferred pension, are they included in the statement?
  • I paid 'added years' whilst contributing to this deferred pension, are they included in the statement?
  • I paid additional regular contributions (ARCs) whilst contributing to this deferred pension, are they included in this statement?
  • I paid additional pension contributions (APCs) whilst contributing to this deferred pension, are they included in this statement?

 

Q: When will my deferred benefit statement be issued?

A: Once a year in the summer, usually in June.

Q: When can I access my pension?

A: 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. To find out more, please click here.

Q: Does the current value of my benefits include reductions for talking them early?

A: 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. You can view the reductions by visiting https://www.lgpsmember.org/more/reductions.php.

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

A: 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.

Q: How does inflation affect my pension?

A: 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.

Q: What is payable if I die whilst I have a deferred pension?

A: For information on death benefits, please click here.

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

A: Yes. The LGPS allows you to express your wish as to who you would like any death grant paid to. You can do this online using the Pensions Portalor you can print off a form here .

Q: Can I increase my lump-sum at retirement?

A: 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.

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

Q: I paid additional voluntary contributions (AVCs) whilst contributing into this deferred pension, are they included in the statement?

A: No, your AVC provider will contact you with a separate statement.

Q: I paid for 'added years' whilst contributing into this deferred pension, are they included in the statement?

A: Yes, any added years that you have purchased are included within your current value on your statement.

Q: I paid additional regular contributions (ARCs) whilst contributing into this deferred pension, are they included in the statement?

A: Yes, any ARCs that you have purchased are included on your statement.

Q: I paid additional pension contributions (APCs) whilst contributing into this deferred pension, are they included in the statement?

A: Yes, any APCs that you have purchased are included on your statement.

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