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Active members: Annual Benefit Statements

Your LGPS journey, summarised annually

For active members of the scheme, the Annual Benefit Statement (ABS) provides the following information:

 Estimated current value of benefits, based on the following hypothetical assumptions:

(i) membership had ceased on 31 March of that year, and;

(ii) benefits would become payable without reduction from your Normal Pensions Age (NPA).

 Estimated death in service benefits based on membership to 31 March of that year.

 Estimated projection of retirement benefits to your LGPS NPA.

(NPA refers to whichever is later – your State Pension Age (SPA) or age 65)

The ABS is an estimate of your benefits based on information held on your pension record and the prevailing Regulations as at the 31 March of the year received, in respect of the employment indicated. It is not a statement of entitlement. Your actual benefits from Gloucestershire Pension Fund will be based on the relevant information to your actual date of leaving and will therefore differ from those shown on the statement. 

We use salary details from the year-end submissions that employers provide for members working in their organisation during the last completed financial year.

 

ABS guide for active members

Full Name & Date of Birth

Please contact us if your name or date of birth is incorrect, providing evidence of any name change (e.g. deed poll).

Partnership Status

This information helps determine whether any survivor benefits may be payable. If it is incorrect, please let us know. If we do not know your partnership status, we have assumed you are married for the purpose of showing survivor benefits for illustration purposes only. Note: We will always check this again when you draw your benefits and upon notification of your death.

Our Reference and Employer Reference

These reference numbers are used to identify your pension record and employment. Please quote your pension reference in any correspondence with us.

Job title

This is provided by your employer. Please note that our system has a character limit, which may result in this field being cut short if the character limit is exceeded.

Date Joined LGPS

This date was provided by your employer and relates to this pension record only. The date joined fund shown may not include any previous pensionable service that has been aggregated or transferred into this employment.  It also does not show whether you have other records in the Fund.

Section of Scheme

This will show as MAIN unless you have elected to join the 50/50 section of the Scheme.

Actual Pensionable Pay for 20XX/20YY

This is the pensionable pay you received between 1 April 20XX and 31 March 20YY, as provided by your employer. If you joined the Fund or changed employment after 1 April 20XX, the figure shown will only cover your earnings since the date of starting or changing employment.

Full-time equivalent Final Salary

This is the full-time equivalent pensionable pay provided by your employer and used to calculate the value of any pre-2014 pension benefits you have with us.

Full Name & Date of Birth

Please contact us if your name or date of birth is incorrect, providing evidence of any name change (e.g. deed poll).

Partnership Status

This information helps determine whether any survivor benefits may be payable. If it is incorrect, please let us know. If we do not know your partnership status, we have assumed you are married for the purpose of showing survivor benefits for illustration purposes only. Note: We will always check this again when you draw your benefits and upon notification of your death.

Our Reference and Employer Reference

These reference numbers are used to identify your pension record and employment. Please quote your pension reference in any correspondence with us.

Job title

This is provided by your employer. Please note that our system has a character limit, which may result in this field being cut short if the character limit is exceeded.

Date Joined LGPS

This date was provided by your employer and relates to this pension record only. The date joined fund shown may not include any previous pensionable service that has been aggregated or transferred into this employment.  It also does not show whether you have other records in the Fund.

Section of Scheme

This will show as MAIN unless you have elected to join the 50/50 section of the Scheme.

Actual Pensionable Pay for 20XX/20YY

This is the pensionable pay you received between 1 April 20XX and 31 March 20YY, as provided by your employer. If you joined the Fund or changed employment after 1 April 20XX, the figure shown will only cover your earnings since the date of starting or changing employment.

Full-time equivalent Final Salary

This is the full-time equivalent pensionable pay provided by your employer and used to calculate the value of any pre-2014 pension benefits you have with us.

This section shows a summary of the benefits you had accrued as at the date of the statement, based on the pay information shown above, as provided by your employer. If you had left employment on this date, the figures shown would represent the estimated annual pension and automatic lump sum accrued to that point.

Please note: These figures do not represent the amount payable if you were to claim your benefits on this date because the pension is only in full when you reach your normal pension age. For an estimate based on a specific retirement date, please use the member portal, Engage, or contact the Fund.

This section also provides an estimate of the death-in-service lump sum and any potential survivor benefits that may be payable in the event of your death.  If the estimated survivor pension is shown as £0 but you do have an eligible partner then we may not hold the correct partnership status for you. Please inform the Fund if your partnership status is incorrect.

You can review or update your expression of wish nomination through Engage.

This section shows a summary of the benefits you had accrued as at the date of the statement, based on the pay information shown above, as provided by your employer. If you had left employment on this date, the figures shown would represent the estimated annual pension and automatic lump sum accrued to that point.

Please note: These figures do not represent the amount payable if you were to claim your benefits on this date because the pension is only in full when you reach your normal pension age. For an estimate based on a specific retirement date, please use the member portal, Engage, or contact the Fund.

This section also provides an estimate of the death-in-service lump sum and any potential survivor benefits that may be payable in the event of your death.  If the estimated survivor pension is shown as £0 but you do have an eligible partner then we may not hold the correct partnership status for you. Please inform the Fund if your partnership status is incorrect.

You can review or update your expression of wish nomination through Engage.

This section provides an estimate of your benefits if you continue contributing to the scheme in your current employment and working pattern on your current earnings until your Normal Pension Age (NPA).

The projected figures shown include the estimated annual pension and any automatic lump sum payable at that date. If you would like an estimate of the maximum lump sum that could be taken at retirement, please register for the member portal, Engage, where you can generate estimates for a range of retirement dates.

We recommend using the calculation tool on Engage as the figures shown on this statement may not include any actual increases that apply to pre-2014 benefits with a protected retirement age.

If the estimated survivor pension is shown as £0, we may not hold the correct partnership status for you. Please inform the Fund if your partnership status is incorrect.

This section provides an estimate of your benefits if you continue contributing to the scheme in your current employment and working pattern on your current earnings until your Normal Pension Age (NPA).

The projected figures shown include the estimated annual pension and any automatic lump sum payable at that date. If you would like an estimate of the maximum lump sum that could be taken at retirement, please register for the member portal, Engage, where you can generate estimates for a range of retirement dates.

We recommend using the calculation tool on Engage as the figures shown on this statement may not include any actual increases that apply to pre-2014 benefits with a protected retirement age.

If the estimated survivor pension is shown as £0, we may not hold the correct partnership status for you. Please inform the Fund if your partnership status is incorrect.

Video: Annual Benefit Statements explained

This video walks you through your Annual Benefit Statement (ABS), helping you understand each section and the key information it contains.

Having trouble seeing the video?  Click here to watch it on YouTube 

 

ABS FAQ for active members

If you commenced continuous membership in Gloucestershire Pension Fund with your employer before 1 April 2014, then you had 12 months from the date you commenced within which to elect to aggregate your previous LGPS benefits. No elections can be made after this time. 

Alternatively, however, if you commenced membership in Gloucestershire Pension Fund with your employer on or after 1 April 2014, then generally speaking, you have 12 months from the date you commenced within which to elect NOT to aggregate your previous LGPS benefits.

The LGPS Regulations in this scenario state that your membership must be aggregated unless you have elected not to do so within the statutory 12-month timeframe. However, we are primarily reliant upon you, the scheme member, to inform us that you have previous LGPS membership. If you do not inform us and it subsequently becomes apparent that you have previous LGPS membership for which you have not made a positive election within the 12 months window to retain in your old LGPS Fund, you may lose the option to do so and the membership may be aggregated automatically, even if this is not what you wish to happen.

If you commenced continuous membership in Gloucestershire Pension Fund with your employer before 1 April 2014, then you had 12 months from the date you commenced within which to elect to aggregate your previous LGPS benefits. No elections can be made after this time. 

Alternatively, however, if you commenced membership in Gloucestershire Pension Fund with your employer on or after 1 April 2014, then generally speaking, you have 12 months from the date you commenced within which to elect NOT to aggregate your previous LGPS benefits.

The LGPS Regulations in this scenario state that your membership must be aggregated unless you have elected not to do so within the statutory 12-month timeframe. However, we are primarily reliant upon you, the scheme member, to inform us that you have previous LGPS membership. If you do not inform us and it subsequently becomes apparent that you have previous LGPS membership for which you have not made a positive election within the 12 months window to retain in your old LGPS Fund, you may lose the option to do so and the membership may be aggregated automatically, even if this is not what you wish to happen.

You have 12 months from the date you commenced continuous membership of Gloucestershire Pension Fund with your employer, within which to elect to transfer your previous pension benefits.

No elections can be made after this time.

You have 12 months from the date you commenced continuous membership of Gloucestershire Pension Fund with your employer, within which to elect to transfer your previous pension benefits.

No elections can be made after this time.

The LGPS Regulations require that each employment is held separately in the scheme and your employer(s) has/have notified us that you have more than one employment.

The LGPS Regulations require that each employment is held separately in the scheme and your employer(s) has/have notified us that you have more than one employment.

Yes. These statements are issued separately to the annual benefit statements in respect of current active membership. 

Yes. These statements are issued separately to the annual benefit statements in respect of current active membership. 

If you die in service, a lump sum death grant is normally payable, consisting of three times the relevant rate of CARE pensionable pay at the date of death. 

This payment is made either to your nominated beneficiary or your estate.

Please note: Generally, if you also have deferred or pensioner membership for a previous employment within this or any other LGPS Fund in England or Wales, then the death grant actually due will be the greater of the death grant payable in respect of this employment, or any death grant payable in respect of that membership.

If you die in service, a lump sum death grant is normally payable, consisting of three times the relevant rate of CARE pensionable pay at the date of death. 

This payment is made either to your nominated beneficiary or your estate.

Please note: Generally, if you also have deferred or pensioner membership for a previous employment within this or any other LGPS Fund in England or Wales, then the death grant actually due will be the greater of the death grant payable in respect of this employment, or any death grant payable in respect of that membership.

If you wish to nominate a beneficiary or beneficiaries for payment of any death grant in the event of your death, then please login into your Engage portal account and add or change your nominees there.

Alternatively, please complete and return the Expression of Wish Form for Death Grants .

Note: Even if you have made a nomination, the Administering Authority has absolute discretion over who receives any death grant and will use your Expression of Wish as part of the data gathering necessary at that time. 

If you wish to nominate a beneficiary or beneficiaries for payment of any death grant in the event of your death, then please login into your Engage portal account and add or change your nominees there.

Alternatively, please complete and return the Expression of Wish Form for Death Grants .

Note: Even if you have made a nomination, the Administering Authority has absolute discretion over who receives any death grant and will use your Expression of Wish as part of the data gathering necessary at that time. 

Your ABS does not take into account any Earmarking Orders that may have been placed.

As the Earmarking Order only comes into effect when you retire and begin to receive your pension benefits it is possible that your circumstances may change. Therefore, the full benefits before the Earmarking Order comes into effect are always shown.

Your ABS does not take into account any Earmarking Orders that may have been placed.

As the Earmarking Order only comes into effect when you retire and begin to receive your pension benefits it is possible that your circumstances may change. Therefore, the full benefits before the Earmarking Order comes into effect are always shown.

If you have had a Pension Sharing Order placed, your benefits are affected from the time the order is processed.

Therefore, the benefits shown on ABS take the Pension Sharing Order into account.

If you have had a Pension Sharing Order placed, your benefits are affected from the time the order is processed.

Therefore, the benefits shown on ABS take the Pension Sharing Order into account.

No. Your AVC fund is treated separately and is not included in this statement.

You should receive a separate statement directly from your in-house provider (either Phoenix or Prudential).

No. Your AVC fund is treated separately and is not included in this statement.

You should receive a separate statement directly from your in-house provider (either Phoenix or Prudential).

Generally speaking, the additional CARE pension purchased in respect of a transfer of benefits into the scheme is credited in the financial year that the transfer payment is received into the Fund.

Similarly, if a transfer has not been received until after 31 March of a certain year, this will not be shown until the following year's ABS.

Generally speaking, the additional CARE pension purchased in respect of a transfer of benefits into the scheme is credited in the financial year that the transfer payment is received into the Fund.

Similarly, if a transfer has not been received until after 31 March of a certain year, this will not be shown until the following year's ABS.