If you notice any incorrect or missing personal information, please contact us.
Active members: Annual Benefit Statements
Your LGPS journey, summarised annually
For active members of the scheme, the Annual Benefit Statement (ABS) provides estimates of the LGPS benefits in the following scenarios:
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
If you notice any incorrect or missing personal information, please contact us.
There are two sections to the LGPS2014 Scheme – the Main Section and the 50:50 Section.
Unless you have made a written election to join the 50:50 Section, you should be in Main Section of the scheme.
Your projection of retirement benefits to your LGPS Normal Pensions Age (NPA) has been based on the section of the scheme that your employer has notified us you were a member of, as at the 31 March of that year.
There are two sections to the LGPS2014 Scheme – the Main Section and the 50:50 Section.
Unless you have made a written election to join the 50:50 Section, you should be in Main Section of the scheme.
Your projection of retirement benefits to your LGPS Normal Pensions Age (NPA) has been based on the section of the scheme that your employer has notified us you were a member of, as at the 31 March of that year.
- Your Normal Pension Date (NPD) is the date that you attain your NPA.
- Normal Pension Age (NPA) is the earliest age that you can normally retire without your benefits suffering a reduction for early payment.
- NPA under LGPS2008 was age 65.
- NPA under LGPS2014 is now defined as the latter of your State Pension Age (SPA), or age 65. This therefore means that for many members, their NPA has increased.
- If the Government make further changes to SPA, this will in turn affect your LGPS NPA.
- Benefits built up prior to 1 April 2014 are “protected” and will not suffer a reduction should you still decide to retire and receive your benefits from age 65.
- Some members may benefit from additional Transitional Protections from previous Regulations (known as the Rule of 85) which may mean that some or all of their LGPS benefits can be paid before their LGPS2014 NPA without suffering a reduction.
It is important to note that you can currently choose to retire voluntarily from age 55 (note: this will increase to age 57 from 2028) and receive immediate payment of your benefits. Subject to the protections mentioned above however, your benefits will be reduced if you choose to do so.
- Your Normal Pension Date (NPD) is the date that you attain your NPA.
- Normal Pension Age (NPA) is the earliest age that you can normally retire without your benefits suffering a reduction for early payment.
- NPA under LGPS2008 was age 65.
- NPA under LGPS2014 is now defined as the latter of your State Pension Age (SPA), or age 65. This therefore means that for many members, their NPA has increased.
- If the Government make further changes to SPA, this will in turn affect your LGPS NPA.
- Benefits built up prior to 1 April 2014 are “protected” and will not suffer a reduction should you still decide to retire and receive your benefits from age 65.
- Some members may benefit from additional Transitional Protections from previous Regulations (known as the Rule of 85) which may mean that some or all of their LGPS benefits can be paid before their LGPS2014 NPA without suffering a reduction.
It is important to note that you can currently choose to retire voluntarily from age 55 (note: this will increase to age 57 from 2028) and receive immediate payment of your benefits. Subject to the protections mentioned above however, your benefits will be reduced if you choose to do so.
Current Benefits
The benefits quoted represent an estimate of the total benefits earned assuming your membership of the scheme had ceased 31 March of that year and assuming that the benefits would subsequently be paid from your NPA without any reduction for early payment. The amounts shown DO NOT represent the benefits payable if you were to take the option of early payment of your benefits between age 55 and before your NPA. In such a case your benefits would be paid at a reduced rate (subject to Transitional Protections that may apply in some cases).
Death benefits
The benefits quoted represent an estimate of the Death Grant and partner’s pension payable to 31 March 2025.
Projection of benefits
The benefits quoted represent an estimate of the total benefits you would earn, assuming you remain an active member of the same section of LGPS2014 (explained above) and that you continue to receive CARE pay at the same level to that in the current year, until your NPA.
Standard Benefits Option and Alternative Maximum Lump Sum Option
We have provided details of a ‘Standard Benefits Option’, as well as an ‘Alternative Maximum Lump Sum Option’.
Put simply, the Standard Benefits Option provides an estimate of the “Maximum Pension with Minimum Lump Sum” option available to you. This is the default option applicable to scheme members.
Alternatively, the Maximum Lump Sum Option provides an estimate of the “Maximum Lump Sum with Minimum Pension” option available to you.
HMRC legislation allows you to elect to “give up” part of your annual pension, to provide a total lump sum of up to 25% of the capital value of your benefits. The LGPS provides that for each £1 of annual pension you elect to “give up”, you will receive an additional £12 lump sum. Please note that the calculation does not take into account any Additional Voluntary Contributions (AVCs) that you may be paying.
At retirement, you can elect to take a combination of benefits anywhere between the Standard and the Maximum Lump Sum option.
The Contingent Survivor’s Pension is unaffected by this option and remains the same irrespective of whether you elect to increase your lump sum.
Current Benefits
The benefits quoted represent an estimate of the total benefits earned assuming your membership of the scheme had ceased 31 March of that year and assuming that the benefits would subsequently be paid from your NPA without any reduction for early payment. The amounts shown DO NOT represent the benefits payable if you were to take the option of early payment of your benefits between age 55 and before your NPA. In such a case your benefits would be paid at a reduced rate (subject to Transitional Protections that may apply in some cases).
Death benefits
The benefits quoted represent an estimate of the Death Grant and partner’s pension payable to 31 March 2025.
Projection of benefits
The benefits quoted represent an estimate of the total benefits you would earn, assuming you remain an active member of the same section of LGPS2014 (explained above) and that you continue to receive CARE pay at the same level to that in the current year, until your NPA.
Standard Benefits Option and Alternative Maximum Lump Sum Option
We have provided details of a ‘Standard Benefits Option’, as well as an ‘Alternative Maximum Lump Sum Option’.
Put simply, the Standard Benefits Option provides an estimate of the “Maximum Pension with Minimum Lump Sum” option available to you. This is the default option applicable to scheme members.
Alternatively, the Maximum Lump Sum Option provides an estimate of the “Maximum Lump Sum with Minimum Pension” option available to you.
HMRC legislation allows you to elect to “give up” part of your annual pension, to provide a total lump sum of up to 25% of the capital value of your benefits. The LGPS provides that for each £1 of annual pension you elect to “give up”, you will receive an additional £12 lump sum. Please note that the calculation does not take into account any Additional Voluntary Contributions (AVCs) that you may be paying.
At retirement, you can elect to take a combination of benefits anywhere between the Standard and the Maximum Lump Sum option.
The Contingent Survivor’s Pension is unaffected by this option and remains the same irrespective of whether you elect to increase your lump sum.
Final Salary benefits to 31 March 2014 (i.e. under LGPS2008 Regulations)
Benefits prior to 31 March 2014 are calculated using the “Final Salary Pay” and your “Final Salary Membership" details to 31 March 2014 shown on the statement.
For the purposes of calculating benefits, Final Salary pay is always expressed as a whole-time equivalent. If you are a part-time member, the Final Salary Pay is therefore likely to be higher than the pay you actually received.
The Final Salary Pay used in your ABS has been provided by your employer as representing the whole-time equivalent pay (as defined under the LGPS2008 Regulations) relating to the period 1 April of last year to 31 March this year.
The actual Final Salary Pay that will be used to calculate your pre-2014 benefits upon your eventual leaving/retirement, will normally be the whole-time equivalent Final Salary pay (as defined under the LGPS2008 Regulations) attributable to the last 365 days prior to your end date.
Alternatively, protections are available to provide that benefits may be calculated on the whole-time equivalent pay attributable to either of the two years prior to the final year, should that provide a higher whole-time equivalent figure.
Additionally, and only in specific circumstances where a member has suffered a reduction in the rate of their pay within 10 years of the date of their ending membership, a member may be able to elect for their benefits to be based on the average whole-time equivalent pay attributable to any 3 consecutive years ending with 31 March and falling entirely within 13 years of the date of leaving. There are very specific requirements and timescales applicable to the availability and use of this provision. Further information can be found in the scheme guides available on our website.
Career Average (CARE) pension from 1 April 2014
The CARE pension from 1 April of last year to 31 March this year is calculated using the CARE pay information provided by your employer for the year. This is then added to any CARE pension you already have built up in relation to this employment prior to 1 April last year.
Similarly, the Projection of Retirement benefits to your LGPS Normal Pensions Age (NPA) has been calculated by projecting forward the 2024/2025 CARE pay provided by your employer, until your NPA. Again, this includes any CARE pension you already have built up in relation to this employment prior to 1 April last year.
Final Salary Membership
This is the total membership built up in the LGPS prior to the introduction of LGPS2014 and on which your Final Salary benefits are calculated.
- Final Salary: 80th membership – this is generally membership of the LGPS relating to periods before 1 April 2008.
- Final Salary: 60th membership – this is generally membership of the LGPS relating to periods between 1 April 2008 and 31 March 2014.
If you are paying or have paid extra contributions to purchase Additional Membership (Added Years), then the membership and benefits quoted will include the additional membership purchased to the date of the calculation (i.e. 31 March his year or NPA).
Any years of membership purchased by converting AVCs into a period of membership will also be included.
Final Salary benefits to 31 March 2014 (i.e. under LGPS2008 Regulations)
Benefits prior to 31 March 2014 are calculated using the “Final Salary Pay” and your “Final Salary Membership" details to 31 March 2014 shown on the statement.
For the purposes of calculating benefits, Final Salary pay is always expressed as a whole-time equivalent. If you are a part-time member, the Final Salary Pay is therefore likely to be higher than the pay you actually received.
The Final Salary Pay used in your ABS has been provided by your employer as representing the whole-time equivalent pay (as defined under the LGPS2008 Regulations) relating to the period 1 April of last year to 31 March this year.
The actual Final Salary Pay that will be used to calculate your pre-2014 benefits upon your eventual leaving/retirement, will normally be the whole-time equivalent Final Salary pay (as defined under the LGPS2008 Regulations) attributable to the last 365 days prior to your end date.
Alternatively, protections are available to provide that benefits may be calculated on the whole-time equivalent pay attributable to either of the two years prior to the final year, should that provide a higher whole-time equivalent figure.
Additionally, and only in specific circumstances where a member has suffered a reduction in the rate of their pay within 10 years of the date of their ending membership, a member may be able to elect for their benefits to be based on the average whole-time equivalent pay attributable to any 3 consecutive years ending with 31 March and falling entirely within 13 years of the date of leaving. There are very specific requirements and timescales applicable to the availability and use of this provision. Further information can be found in the scheme guides available on our website.
Career Average (CARE) pension from 1 April 2014
The CARE pension from 1 April of last year to 31 March this year is calculated using the CARE pay information provided by your employer for the year. This is then added to any CARE pension you already have built up in relation to this employment prior to 1 April last year.
Similarly, the Projection of Retirement benefits to your LGPS Normal Pensions Age (NPA) has been calculated by projecting forward the 2024/2025 CARE pay provided by your employer, until your NPA. Again, this includes any CARE pension you already have built up in relation to this employment prior to 1 April last year.
Final Salary Membership
This is the total membership built up in the LGPS prior to the introduction of LGPS2014 and on which your Final Salary benefits are calculated.
- Final Salary: 80th membership – this is generally membership of the LGPS relating to periods before 1 April 2008.
- Final Salary: 60th membership – this is generally membership of the LGPS relating to periods between 1 April 2008 and 31 March 2014.
If you are paying or have paid extra contributions to purchase Additional Membership (Added Years), then the membership and benefits quoted will include the additional membership purchased to the date of the calculation (i.e. 31 March his year or NPA).
Any years of membership purchased by converting AVCs into a period of membership will also be included.
This section provides a detailed breakdown of the elements of your Career Average (CARE) pension built up during the last year, as well as any Career Average (CARE) pension you may have prior to 1 April last year, in relation to this employment.
This section provides a detailed breakdown of the elements of your Career Average (CARE) pension built up during the last year, as well as any Career Average (CARE) pension you may have prior to 1 April last year, in relation to this employment.
Information of your membership history is only provided to 31 March 2014. This is because benefits built up in LGPS2014 from 1 April 2014 are no longer based on length of membership, but directly on each year’s cumulative CARE Pensionable Pay instead.
Your Final Salary LGPS2008 benefits to 31 March 2014, however, are still calculated on the length of membership (in years and days).
If you have any queries regarding the membership shown to 31 March 2014, then please read the rest of this section as this may answer your question for you. If, after having read this information, you still feel that the details to 31 March 2014 shown are incorrect, then please contact us.
Percentage/Proportion of whole-time hours column
- If during a period you were employed on a part-time basis, the hours held on your record are generally shown as a percentage of whole time.
Part-time example: member working 18.5 hours per week and full-time equivalent hours of post = 37 per week
Hours held on pension record = 50% (i.e. (18.5 hours / 37) x 100)
- If during a period you were employed on a term-time only basis, the hours are further averaged over the whole year (i.e. over a 52 1/7 week period (52.14)).
Term-time example: member working 18 ½ hours per week, Term Time for 44.4 weeks per year
(18 ½ hours / 52.14 weeks) x 44.4 weeks = 15.75 hours average per week
Hours held on pension record = 42.5676% (i.e. (15.75 hours / 37) x 100)
- If during a period shown you were employed on a Claim/Timesheet basis, your hours are normally averaged over a period not exceeding the twelve-month period of the relevant financial year. However, in some circumstances the averaging period may be less.
Claim/Timesheet example: member worked a total of 300 hours in the year 1st April 2013 to the 31st March 2014
average weekly hours = 5.75 hours average per week
Hours held on pension record = 15.5405% (i.e. (5.75 hours / 37) x 100)
Period of membership years/days column
This is the length of membership used to calculate the amount of your benefits. This is the length of the period shown (calendar length years/days column), multiplied by the percentage of full time worked during that period.
- Example: Part time member who worked 18 ½ hours per week (i.e. 50% of whole time) for 1 year 200 days
Period of Membership would be: 283 days (i.e. 1 year 200 days x 50%)
Information of your membership history is only provided to 31 March 2014. This is because benefits built up in LGPS2014 from 1 April 2014 are no longer based on length of membership, but directly on each year’s cumulative CARE Pensionable Pay instead.
Your Final Salary LGPS2008 benefits to 31 March 2014, however, are still calculated on the length of membership (in years and days).
If you have any queries regarding the membership shown to 31 March 2014, then please read the rest of this section as this may answer your question for you. If, after having read this information, you still feel that the details to 31 March 2014 shown are incorrect, then please contact us.
Percentage/Proportion of whole-time hours column
- If during a period you were employed on a part-time basis, the hours held on your record are generally shown as a percentage of whole time.
Part-time example: member working 18.5 hours per week and full-time equivalent hours of post = 37 per week
Hours held on pension record = 50% (i.e. (18.5 hours / 37) x 100)
- If during a period you were employed on a term-time only basis, the hours are further averaged over the whole year (i.e. over a 52 1/7 week period (52.14)).
Term-time example: member working 18 ½ hours per week, Term Time for 44.4 weeks per year
(18 ½ hours / 52.14 weeks) x 44.4 weeks = 15.75 hours average per week
Hours held on pension record = 42.5676% (i.e. (15.75 hours / 37) x 100)
- If during a period shown you were employed on a Claim/Timesheet basis, your hours are normally averaged over a period not exceeding the twelve-month period of the relevant financial year. However, in some circumstances the averaging period may be less.
Claim/Timesheet example: member worked a total of 300 hours in the year 1st April 2013 to the 31st March 2014
average weekly hours = 5.75 hours average per week
Hours held on pension record = 15.5405% (i.e. (5.75 hours / 37) x 100)
Period of membership years/days column
This is the length of membership used to calculate the amount of your benefits. This is the length of the period shown (calendar length years/days column), multiplied by the percentage of full time worked during that period.
- Example: Part time member who worked 18 ½ hours per week (i.e. 50% of whole time) for 1 year 200 days
Period of Membership would be: 283 days (i.e. 1 year 200 days x 50%)
If we have been notified that you are paying or have paid Additional Regular Contributions (ARCs) [LGPS2008] or Additional Pension Contributions (APCs) [LGPS2014] to purchase additional or lost pension, then the benefits quoted will include the pension purchased to the date of the calculation (i.e. 31 March this year or NPA).
If we have been notified that you are paying or have paid Additional Regular Contributions (ARCs) [LGPS2008] or Additional Pension Contributions (APCs) [LGPS2014] to purchase additional or lost pension, then the benefits quoted will include the pension purchased to the date of the calculation (i.e. 31 March this year or NPA).
Spouse's/Partner's benefits
The contingent partner pension is the amount of pension that will be paid to your legal spouse/registered civil partner or, subject to certain qualifying conditions, an eligible co-habiting partner in the event of your death.
The partner pension payable to a surviving spouse or civil partner is based on your total period of membership in the scheme. A partner pension payable to an eligible cohabiting partner will not include any pre 6 April 1988 membership. The partner’s pension shown on the attached statement has been based on the partnership status detailed on the statement. A partner pension will be payable where a legal marriage/civil partnership exists or, subject to certain qualifying conditions, to an eligible co-habiting partner.
For more information, please see our dedicated death benefits page.
In the event of your death, your co-habiting partner will be required to provide the required information to verify that the conditions for payment are met. The pension would normally be payable to your spouse/registered civil partner/eligible co-habiting partner for life.
Children’s benefits
In the event of your death, there may also be children’s pensions payable to any eligible child (generally payable to eligible children until age 18 or under certain circumstances to age 23, where the child has remained in continuous full-time education).
Further details can be found on our dedicated death benefits page.
Spouse's/Partner's benefits
The contingent partner pension is the amount of pension that will be paid to your legal spouse/registered civil partner or, subject to certain qualifying conditions, an eligible co-habiting partner in the event of your death.
The partner pension payable to a surviving spouse or civil partner is based on your total period of membership in the scheme. A partner pension payable to an eligible cohabiting partner will not include any pre 6 April 1988 membership. The partner’s pension shown on the attached statement has been based on the partnership status detailed on the statement. A partner pension will be payable where a legal marriage/civil partnership exists or, subject to certain qualifying conditions, to an eligible co-habiting partner.
For more information, please see our dedicated death benefits page.
In the event of your death, your co-habiting partner will be required to provide the required information to verify that the conditions for payment are met. The pension would normally be payable to your spouse/registered civil partner/eligible co-habiting partner for life.
Children’s benefits
In the event of your death, there may also be children’s pensions payable to any eligible child (generally payable to eligible children until age 18 or under certain circumstances to age 23, where the child has remained in continuous full-time education).
Further details can be found on our dedicated death benefits page.
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 the 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 the 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 ABSs are packed automatically by machine so it is not possible to collate the statements in one envelope.
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 ABSs are packed automatically by machine so it is not possible to collate the statements in one envelope.
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 Assurance).
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 Assurance).
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 and is detailed in the ‘Transfers In received as CARE “In Year”’ column.
For all ABSs issued after the year in which the transfer payment has been received, the CARE pension credited from the transfer would be included in the ‘CARE Benefits built up to Close of Previous Year’ column.
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 and is detailed in the ‘Transfers In received as CARE “In Year”’ column.
For all ABSs issued after the year in which the transfer payment has been received, the CARE pension credited from the transfer would be included in the ‘CARE Benefits built up to Close of Previous Year’ column.
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.