Retiring and estimates | Gloucestershire Pension Fund

Option A: Obtaining an instant, approximate valuation of your benefits

Use this option if you are looking for a quick indication of what your benefits might be.

2) Active members: Click on 'Benefit Calculators' then 'Active Member voluntary retirement calculator' and pick a date between your 55th* and 75th birthdays. (Note: this calculator can only be used for voluntary retirements and not where the reason for leaving is redundancy or ill health.)

Deferred members: Also click on 'Benefit Calculators' and select the calculator for deferred members.

3) Use the options available to adjust your lump sum options.

*Note: The minimum retirement age will change to age 57 in 2028, unless you are covered by certain protections in which case it will remain at 55.

Option B: Fund completed estimate of benefits

Use this option if you are planning to hand in your notice shortly and you wish to check your pension figures before you do so. To make your request, please contact us.

Note 1: It can take us up to 20 working days to provide figures under this option.

Note 2: We will only provide members with one estimate in any 12 month period.

Option A: Obtaining an instant, approximate valuation of your benefits

Use this option if you are looking for a quick indication of what your benefits might be.

1) Logon to the Engage portal.

2) Active members: Click on 'Benefit Calculators' then 'Active Member voluntary retirement calculator' and pick a date between your 55th* and 75th birthdays. (Note: this calculator can only be used for voluntary retirements and not where the reason for leaving is redundancy or ill health.)

Deferred members: Also click on 'Benefit Calculators' and select the calculator for deferred members.

3) Use the options available to adjust your lump sum options.

*Note: The minimum retirement age will change to age 57 in 2028, unless you are covered by certain protections in which case it will remain at 55.

Option B: Fund completed estimate of benefits

Use this option if you are planning to hand in your notice shortly and you wish to check your pension figures before you do so. To make your request, please contact us.

Note 1: It can take us up to 20 working days to provide figures under this option.

Note 2: We will only provide members with one estimate in any 12 month period.

Your LGPS pension is due from your Normal Pension Age. For all post-2014 benefits your Normal Pension Age is your State Pension Age. If you have pre-2014 benefits, your Normal Pension Age is typically 65 but in some cases this can be earlier.

You can visit the Government website to find out your State Pension Age .

Your voluntary retirement options are as follows:

If you leave your employment, you can take your benefits from any time between age 55* and 75. However, it is important to note that your benefits will be reduced if you take them early as you will be receiving them for longer. See the drop down down below called 'Early Retirement Reduction Factors' for the percentage decreases. Conversely, if you take them late, the benefits will be enhanced; OR
If you want to take your pension as above and carry on working sometimes this is possible using 'flexible retirement'. However, this is subject to your employer offering this provision and agreeing to your request.

*Note: From 6 April 2028, the earliest age which you can take your benefits will be increasing from age 55 to age 57 unless you are covered by certain protections (which are currently being finalised by Government). This will not apply to ill health retirements.

Your LGPS pension is due from your Normal Pension Age. For all post-2014 benefits your Normal Pension Age is your State Pension Age. If you have pre-2014 benefits, your Normal Pension Age is typically 65 but in some cases this can be earlier.

You can visit the Government website to find out your State Pension Age .

Your voluntary retirement options are as follows:

If you leave your employment, you can take your benefits from any time between age 55* and 75. However, it is important to note that your benefits will be reduced if you take them early as you will be receiving them for longer. See the drop down down below called 'Early Retirement Reduction Factors' for the percentage decreases. Conversely, if you take them late, the benefits will be enhanced; OR
If you want to take your pension as above and carry on working sometimes this is possible using 'flexible retirement'. However, this is subject to your employer offering this provision and agreeing to your request.

*Note: From 6 April 2028, the earliest age which you can take your benefits will be increasing from age 55 to age 57 unless you are covered by certain protections (which are currently being finalised by Government). This will not apply to ill health retirements.

If you are dismissed on the grounds of redundancy or business efficiency you are entitled to receive your LGPS main benefits, accrued up to the day of leaving, without reductions, subject to:

Being age 55 or over (age 57 or over from 6 April 2028, unless you covered by certain protections in which case the minimum age will remain 55)
Having 2 years or more of continuous membership in the LGPS.

However, note that reductions will apply to any APCs, ARCs or Share Cost APCs you had taken out.

You can gain an approximate idea of what benefits you would receive under redundancy by logging onto the Engage portal and navigating to 'Current pension'.

If you are dismissed on the grounds of redundancy or business efficiency you are entitled to receive your LGPS main benefits, accrued up to the day of leaving, without reductions, subject to:

Being age 55 or over (age 57 or over from 6 April 2028, unless you covered by certain protections in which case the minimum age will remain 55)
Having 2 years or more of continuous membership in the LGPS.

However, note that reductions will apply to any APCs, ARCs or Share Cost APCs you had taken out.

You can gain an approximate idea of what benefits you would receive under redundancy by logging onto the Engage portal and navigating to 'Current pension'.

Flexible retirement is when a member, at a specific point in time, begins drawing their pension they've built up, while continuing to work for the same employer but on reduced hours and/or a reduced grade. To be eligible for flexible retirement, your employer must agree to your request.

If your employer does agree, the benefits that we will put into payment will reflect the value of pension accrued up to the date you began drawing the pension.

If you draw your pension before your Normal Retirement Age (NRA) then you will incur reductions to your pension unless your employer agrees to waive the reduction in accordance with their discretions' policy. Waiving such a reduction will normally result in costs to your employer.

Furthermore, if you wish to draw your pension between the ages of 55 and 59, then your employer may also need to pay costs to the Fund as part of agreeing to any request.

Your employer should be able to provide you with information about their policy concerning flexible retirement and whether they may waiver reductions. The Fund can provide your with an estimate if you are interested in exploring this approach and your employer allows flexible retirement in at least some circumstances.

Flexible retirement is when a member, at a specific point in time, begins drawing their pension they've built up, while continuing to work for the same employer but on reduced hours and/or a reduced grade. To be eligible for flexible retirement, your employer must agree to your request.

If your employer does agree, the benefits that we will put into payment will reflect the value of pension accrued up to the date you began drawing the pension.

If you draw your pension before your Normal Retirement Age (NRA) then you will incur reductions to your pension unless your employer agrees to waive the reduction in accordance with their discretions' policy. Waiving such a reduction will normally result in costs to your employer.

Furthermore, if you wish to draw your pension between the ages of 55 and 59, then your employer may also need to pay costs to the Fund as part of agreeing to any request.

Your employer should be able to provide you with information about their policy concerning flexible retirement and whether they may waiver reductions. The Fund can provide your with an estimate if you are interested in exploring this approach and your employer allows flexible retirement in at least some circumstances.

If you are dismissed from your employment on the grounds of ill health, you may be able to receive immediate payment of your pension benefits.

To receive pension benefits this way the following must apply:

You have 2 years or more of continuous LGPS service.
Your employer, upon the advice of an independent medical practitioner, deems that you meet the criteria for one of three tiers below.

Levels of ill-health retirement

Tier 1 - if you are assessed as being unlikely to be capable of obtaining gainful employment* in your lifetime, benefits can be paid in full, as if you worked to your Normal Pension Age.
Tier 2 - if you are assessed as being unlikely to be capable of obtaining gainful employment* within 3 years of leaving, but are likely to be capable of undertaking such employment before your Normal Pension Age, ill health benefits are based on the pension you have already built up in your pension account at your date of leaving the scheme plus 25% of the pension you would have built up.
Tier 3 - if you are assessed as being likely to be capable of obtaining gainful employment* within 3 years of leaving, or before your Normal Pension Age if earlier, ill health benefits are based on the pension you have already built up in your pension account at leaving. Payment of these benefits will be stopped after 3 years, or earlier if you are in gainful employment or become capable of such employment, provided you have not reached your Normal Pension Age by then.

*Gainful employment means paid employment for not less than 30 hours in each week for a period of not less than 12 months. It is assessed on capability grounds rather than on a basis of an individual's skills or the economic conditions.

How do I receive these benefits?

Ill health retirement is an employer-driven process. The Fund acts on the instruction of the employer and therefore you need to speak with them to see an assessment should be arranged.

If your employer determines that you qualify they will send the necessary information for us to be able to calculate your pension entitlement and then write to you. Once we have received all necessary information back from you, we will put the pension into payment. Further detail concerning our timeframes and amounts due will be communicated with you at this point in time.

If you are dismissed from your employment on the grounds of ill health, you may be able to receive immediate payment of your pension benefits.

To receive pension benefits this way the following must apply:

You have 2 years or more of continuous LGPS service.
Your employer, upon the advice of an independent medical practitioner, deems that you meet the criteria for one of three tiers below.

Levels of ill-health retirement

Tier 1 - if you are assessed as being unlikely to be capable of obtaining gainful employment* in your lifetime, benefits can be paid in full, as if you worked to your Normal Pension Age.
Tier 2 - if you are assessed as being unlikely to be capable of obtaining gainful employment* within 3 years of leaving, but are likely to be capable of undertaking such employment before your Normal Pension Age, ill health benefits are based on the pension you have already built up in your pension account at your date of leaving the scheme plus 25% of the pension you would have built up.
Tier 3 - if you are assessed as being likely to be capable of obtaining gainful employment* within 3 years of leaving, or before your Normal Pension Age if earlier, ill health benefits are based on the pension you have already built up in your pension account at leaving. Payment of these benefits will be stopped after 3 years, or earlier if you are in gainful employment or become capable of such employment, provided you have not reached your Normal Pension Age by then.

*Gainful employment means paid employment for not less than 30 hours in each week for a period of not less than 12 months. It is assessed on capability grounds rather than on a basis of an individual's skills or the economic conditions.

How do I receive these benefits?

Ill health retirement is an employer-driven process. The Fund acts on the instruction of the employer and therefore you need to speak with them to see an assessment should be arranged.

If your employer determines that you qualify they will send the necessary information for us to be able to calculate your pension entitlement and then write to you. Once we have received all necessary information back from you, we will put the pension into payment. Further detail concerning our timeframes and amounts due will be communicated with you at this point in time.

If you left your pension some time ago and your are now reaching retirement age, you will be able to take your pension from deferred status.

To qualify, you need to be at least age 55 (age 57 from 6 April 2028, unless you are protected) and to have left the employment within which you built up the pension (i.e. you haven't just opted out).

To receive an approximate of the benefits you will receive, log onto the Engage portal.

If you want to receive an estimate of benefits or a quote, please contact us.

We will write to all members, where we hold an up to date address, shortly before their normal pension age to offer them their pension.

If you left your pension some time ago and your are now reaching retirement age, you will be able to take your pension from deferred status.

To qualify, you need to be at least age 55 (age 57 from 6 April 2028, unless you are protected) and to have left the employment within which you built up the pension (i.e. you haven't just opted out).

To receive an approximate of the benefits you will receive, log onto the Engage portal.

If you want to receive an estimate of benefits or a quote, please contact us.

We will write to all members, where we hold an up to date address, shortly before their normal pension age to offer them their pension.

If you choose to voluntarily take your benefits before your Normal Pension Age, these benefits will normally be reduced. Your benefits will first be calculated as usual and then reduced by the percentage stated in the table below.

The reduction is based on the period between the date your benefits are paid and your normal pension age. The earlier you take your pension, the bigger the reduction.

The current reduction factors are outlined below:

Number of years before Normal Pension Age	Pension reduction	Lump sum reduction (for membership to 31 March 2008)
0	0%	0%
1	4.9%	1.7%
2	9.3%	3.3%
3	13.5%	4.9%
4	17.4%	6.5%
5	20.9%	8.1%
6	24.3%	9.6%
7	27.4%	11.1%
8	30.3%	12.6%
9	33.0%	14.1%
10	35.6%	15.5%
11	39.5%	N/A
12	41.8%	N/A
13	43.9%	N/A

Note: Reductions do not apply in the case of redundancy (age 55) and ill health retirements.

If you choose to voluntarily take your benefits before your Normal Pension Age, these benefits will normally be reduced. Your benefits will first be calculated as usual and then reduced by the percentage stated in the table below.

The reduction is based on the period between the date your benefits are paid and your normal pension age. The earlier you take your pension, the bigger the reduction.

The current reduction factors are outlined below:

Number of years before Normal Pension Age	Pension reduction	Lump sum reduction (for membership to 31 March 2008)
0	0%	0%
1	4.9%	1.7%
2	9.3%	3.3%
3	13.5%	4.9%
4	17.4%	6.5%
5	20.9%	8.1%
6	24.3%	9.6%
7	27.4%	11.1%
8	30.3%	12.6%
9	33.0%	14.1%
10	35.6%	15.5%
11	39.5%	N/A
12	41.8%	N/A
13	43.9%	N/A

Note: Reductions do not apply in the case of redundancy (age 55) and ill health retirements.

How much I am entitled to receive?

Reduction factors apply on a sliding scale depending on how early you take your pension. We recommend that you log onto the Engage portal so that you try out different dates and see what impact this has on your benefits.

Under what circumstance may the normal pension age be less than 65?

If you meet the rule of 85. If you were a member between 1 April 1998 and 30 September 2006, you may be entitled to retirement age protection on some of your benefits. The way the rule of 85 applies can be complex but if you use the Engage portal to calculate figures, it will take any protection under this provision into account.

How much I am entitled to receive?

Reduction factors apply on a sliding scale depending on how early you take your pension. We recommend that you log onto the Engage portal so that you try out different dates and see what impact this has on your benefits.

Under what circumstance may the normal pension age be less than 65?

If you meet the rule of 85. If you were a member between 1 April 1998 and 30 September 2006, you may be entitled to retirement age protection on some of your benefits. The way the rule of 85 applies can be complex but if you use the Engage portal to calculate figures, it will take any protection under this provision into account.