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Deferred members: Annual Benefit Statements

Your LGPS journey, summarised annually

If you have left the employment linked to your LGPS pension, or opted out of the scheme, and had built up two or more years of membership when your membership ended, you will have a deferred pension benefit in the Gloucestershire Pension Fund.
Your Annual Benefit Statement (ABS) shows the current estimated value of your deferred LGPS benefits, including any inflationary increases that have been applied. It also shows the date from which your benefits can normally be paid in full (the date you reach your Normal Pension Age).

 

ABS guide for deferred members

This shows the value of your pension benefits when they become payable in full (without any reduction or enhancements applied), including the value of any automatic lump sum.   

If you left before 1 April 2014, your benefits will be due at age 65 (or earlier in some cases). 

If you left on or after 1 April 2014, your benefits from 1 April 2014 onwards are normally payable unreduced from age 65 or your State Pension Age, whichever is later. The State Pension Age may change in the future. If you also have benefits from before 1 April 2014, these benefits will have a different pensionable age, but they must be drawn at the same time as any post April 2014 benefits and therefore we have only provided a total value at a single date for simplicity. You can currently choose to claim your benefits from age 55 to 75 (with some exceptions), with reductions applied if you take them early, but this minimum age will increase to 57 from 6 April 2028. The Government has advised that protections will apply to some members, allowing the earlier date of age 55 to continue to apply, but we do not yet have details of which categories of members will be protected or how the protections will work. 

If you are considering claiming your benefits, we recommend using the calculation tool on our member portal, Engage, as the figures shown on this statement may not include any actuarial increases that apply to pre-2014 benefits with a protected retirement age. Engage also allows you to instantly see the impact of drawing benefits at different dates. 

If the ‘payable in full date’ has already passed, your deferred benefits can remain deferred until age 75, when they must be paid. However, if you left before 1 April 1998, please contact the fund as your benefits may need to be backdated and the figures quoted will be different to what is stated on this statement.

This shows the value of your pension benefits when they become payable in full (without any reduction or enhancements applied), including the value of any automatic lump sum.   

If you left before 1 April 2014, your benefits will be due at age 65 (or earlier in some cases). 

If you left on or after 1 April 2014, your benefits from 1 April 2014 onwards are normally payable unreduced from age 65 or your State Pension Age, whichever is later. The State Pension Age may change in the future. If you also have benefits from before 1 April 2014, these benefits will have a different pensionable age, but they must be drawn at the same time as any post April 2014 benefits and therefore we have only provided a total value at a single date for simplicity. You can currently choose to claim your benefits from age 55 to 75 (with some exceptions), with reductions applied if you take them early, but this minimum age will increase to 57 from 6 April 2028. The Government has advised that protections will apply to some members, allowing the earlier date of age 55 to continue to apply, but we do not yet have details of which categories of members will be protected or how the protections will work. 

If you are considering claiming your benefits, we recommend using the calculation tool on our member portal, Engage, as the figures shown on this statement may not include any actuarial increases that apply to pre-2014 benefits with a protected retirement age. Engage also allows you to instantly see the impact of drawing benefits at different dates. 

If the ‘payable in full date’ has already passed, your deferred benefits can remain deferred until age 75, when they must be paid. However, if you left before 1 April 1998, please contact the fund as your benefits may need to be backdated and the figures quoted will be different to what is stated on this statement.

Based on the information we hold on our records, we have identified which members are eligible for review under the McCloud remedy. The annual benefit statement states whether you have been identified as eligible or not. If you think you may be eligible, and we state that are records show you are not eligible, please use this calculator to check and contact us if it states you are eligible.

If we state that our records show you are eligible, then the figures shown the statement include the amount of any benefit that applies to you. In all cases for eligible members, there will either be no change to your benefits (by far the most common outcome) or an increase. No member will be worse off. Furthermore, any guarantee amount will vary depending on the date you draw your pension benefits.

Based on the information we hold on our records, we have identified which members are eligible for review under the McCloud remedy. The annual benefit statement states whether you have been identified as eligible or not. If you think you may be eligible, and we state that are records show you are not eligible, please use this calculator to check and contact us if it states you are eligible.

If we state that our records show you are eligible, then the figures shown the statement include the amount of any benefit that applies to you. In all cases for eligible members, there will either be no change to your benefits (by far the most common outcome) or an increase. No member will be worse off. Furthermore, any guarantee amount will vary depending on the date you draw your pension benefits.

To ensure that you continue to hold the correct details for you, it is very important that you inform Gloucestershire Pension Fund immediately should you change your address. You can do this in one of the following ways by:

Logging onto the Engage portal and changing your address via the section ‘Details and Settings’.

Emailing us at pensions@gloucestershire.gov.uk.

Calling us on 01452 328888.

Or by post, to Gloucestershire Pension Fund, Shire Hall, Westgate Street, Gloucester, GL1 2TG.

For us to update your address via email, phone or post, you will need to provide us with your name, NI Number, Date of Birth, your old address and new address, and answer any additional security questions we may ask.

To ensure that you continue to hold the correct details for you, it is very important that you inform Gloucestershire Pension Fund immediately should you change your address. You can do this in one of the following ways by:

Logging onto the Engage portal and changing your address via the section ‘Details and Settings’.

Emailing us at pensions@gloucestershire.gov.uk.

Calling us on 01452 328888.

Or by post, to Gloucestershire Pension Fund, Shire Hall, Westgate Street, Gloucester, GL1 2TG.

For us to update your address via email, phone or post, you will need to provide us with your name, NI Number, Date of Birth, your old address and new address, and answer any additional security questions we may ask.

If you re-join the LGPS (or have already re-joined since 1 April 2014) in another Fund in England and Wales, then you must (if you have not already done so) notify the new Fund in which you are an active member that you have a deferred benefit with us.

If your left our Fund on or after 1 April 2014, then the standard default, automatic position is for your pension benefits to be transferred from us to the other Fund. 

If you left our Fund on or before 31 March 2014, then the standard default, automatic position is for your pension benefits to be kept separate.

In either scenario, it is possible to elect to take the alternative approach (as long as you do this within the required timescales). Please speak to your new Fund for the further details.

If you re-join the LGPS (or have already re-joined since 1 April 2014) in another Fund in England and Wales, then you must (if you have not already done so) notify the new Fund in which you are an active member that you have a deferred benefit with us.

If your left our Fund on or after 1 April 2014, then the standard default, automatic position is for your pension benefits to be transferred from us to the other Fund. 

If you left our Fund on or before 31 March 2014, then the standard default, automatic position is for your pension benefits to be kept separate.

In either scenario, it is possible to elect to take the alternative approach (as long as you do this within the required timescales). Please speak to your new Fund for the further details.

Gloucestershire Pension Fund has regulatory responsibilities to ensure that only pays out the right amount of money due, for the correct period of time, to the correct person. To this end, we will share basic information held about you with appropriate third parties to identify if you die (and we are not notified) and for purposes of identifying prevention and detection of fraud. 

For further information on how we use your data, please see our privacy notice .

Gloucestershire Pension Fund has regulatory responsibilities to ensure that only pays out the right amount of money due, for the correct period of time, to the correct person. To this end, we will share basic information held about you with appropriate third parties to identify if you die (and we are not notified) and for purposes of identifying prevention and detection of fraud. 

For further information on how we use your data, please see our privacy notice .

 

ABS FAQ for deferred members

All LGPS deferred members can currently choose to take early payment of their deferred benefits at any time from age 55* (with an appropriate reduction to account for early payment**) without requiring their former employer’s consent.

*The earliest payment date will change to age 57 from 6 April 2028 (although some transitional protections may apply).

**Appropriate reduction to account for early payment 
If you choose to take your deferred benefits earlier than your Normal Pension Age (NPA) they will normally be reduced to take account of the fact that your pension will be paid for longer. How much your deferred benefits are reduced by depends on how early you take them. The reduction is based on the length of time (in years and days), between the date you take them and the date your deferred benefit would ordinarily be due for payment without a reduction for early payment (i.e. your NPA). If you are unsure when your NPA is you should check your Annual Benefit Statement. 
The early reduction factors are set by the Government and can vary from time to time. The current factors can be found on the national LGPS member website .

All LGPS deferred members can currently choose to take early payment of their deferred benefits at any time from age 55* (with an appropriate reduction to account for early payment**) without requiring their former employer’s consent.

*The earliest payment date will change to age 57 from 6 April 2028 (although some transitional protections may apply).

**Appropriate reduction to account for early payment 
If you choose to take your deferred benefits earlier than your Normal Pension Age (NPA) they will normally be reduced to take account of the fact that your pension will be paid for longer. How much your deferred benefits are reduced by depends on how early you take them. The reduction is based on the length of time (in years and days), between the date you take them and the date your deferred benefit would ordinarily be due for payment without a reduction for early payment (i.e. your NPA). If you are unsure when your NPA is you should check your Annual Benefit Statement. 
The early reduction factors are set by the Government and can vary from time to time. The current factors can be found on the national LGPS member website .

By logging onto your Engage portal, you can instantly obtain an estimate of retirement benefits at a time of choosing from age 55*.

Alternatively, in addition to providing the Annual Benefit Statements each year, we will provide one estimate in any twelve months where the expected date of retirement (i.e. date from which you wish your benefits to be payable from) is within the next 12 months. Please bear this in mind before contacting the team for information. 

If you are interested in receiving an estimate of the benefits due, and the date is within the next 12 months, please contact us. Please ensure that you confirm your Name, NI Number and/or Date of Birth in any written communication. We will aim to send the information to you within 6 weeks of the date the request is received. 

*The earliest payment date will change to age 57 from 6 April 2028 (although some transitional protections may apply).

By logging onto your Engage portal, you can instantly obtain an estimate of retirement benefits at a time of choosing from age 55*.

Alternatively, in addition to providing the Annual Benefit Statements each year, we will provide one estimate in any twelve months where the expected date of retirement (i.e. date from which you wish your benefits to be payable from) is within the next 12 months. Please bear this in mind before contacting the team for information. 

If you are interested in receiving an estimate of the benefits due, and the date is within the next 12 months, please contact us. Please ensure that you confirm your Name, NI Number and/or Date of Birth in any written communication. We will aim to send the information to you within 6 weeks of the date the request is received. 

*The earliest payment date will change to age 57 from 6 April 2028 (although some transitional protections may apply).

You should contact us in writing or by email approximately six weeks prior to the date you are looking to claim payment from. We will then send information of the options available to you together with the forms you will need to complete and return to claim payment of your benefits. 

You should contact us in writing or by email approximately six weeks prior to the date you are looking to claim payment from. We will then send information of the options available to you together with the forms you will need to complete and return to claim payment of your benefits. 

You can apply for early payment of your deferred benefits on medical grounds at any age, without reduction if, because of your health, you would be permanently incapable of the job you were working in when you left the LGPS. 

For more information on retiring on the grounds of ill health, see our retiring and estimates page.

Note: The decision regarding the early release of deferred benefits on the grounds of permanent ill health is one that your ex-employer is required to make under the Regulations (not Gloucestershire Pension Fund).

If you wish to make a request for early payment of your deferred benefits on the grounds of permanent ill health, you must therefore make your application in writing directly to your ex-employer.

You can apply for early payment of your deferred benefits on medical grounds at any age, without reduction if, because of your health, you would be permanently incapable of the job you were working in when you left the LGPS. 

For more information on retiring on the grounds of ill health, see our retiring and estimates page.

Note: The decision regarding the early release of deferred benefits on the grounds of permanent ill health is one that your ex-employer is required to make under the Regulations (not Gloucestershire Pension Fund).

If you wish to make a request for early payment of your deferred benefits on the grounds of permanent ill health, you must therefore make your application in writing directly to your ex-employer.

See our dedicated death benefits page for further information.

See our dedicated death benefits page for further information.