Planning Your Retirement - THE LOCAL GOVERNMENT PENSION ...

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Trivial PensionsAt State <strong>Retirement</strong> Age or later,should the value of your annualpension plus any other pensionsbe no more than 1% of LifetimeAllowance, it may be possible toconvert your LGPS pension to aone-off payment. The conversionrate depends on your age, sex andmarital status at state retirementage. Under no circumstances canpensions in excess of this amountbe commuted. Any decision tocommute is final and means thatthere is no further liability on theFund to pay any dependants’benefits in the event of your death.PayslipsThe Fund does not normally senda payslip to you every month as,for the majority of pensioners, theamount paid each month does notalter significantly. You will receivea pay advice when you first retire,thereafter you will receive one inApril giving details of any pensionincrease, May including form P60,and in December. You will alsoreceive a pay advice in any monthwhen your net pay varies by morethan £1 from the previous month.My Pension OnlineMy Pension Online allows registeredusers to view details of any relevantmembership(s) of the LocalGovernment Pension Scheme(LGPS) administered by MerseysidePension Fund and calculate yourown pension estimates. By usingthis free service, registered users canalso view recent pension payslips.If you wish to register for this service,please contact the Fund.Payment OverseasIf you decide to emigrate, yourpension can still be paid monthlyinto a bank account anywherein the world. All overseastransactions are dealt with byCitibank who make a small chargefor currency conversion andtransmission of the payment.Any QueriesAny queries you have regardingpayments should be directed tothe Payroll Section at the Fund.After youRetireWhat if I get anotherjob after I retire?If you get another job there will beno change to your pension. It willcontinue to be paid, as usual, unlessyou were granted Compensatoryadded Years of Membershipthrough a redundancy/efficiencyof the service retirement, in whichcase your benefits may be affected.39
Protectionfor yourFamilyWhat benefits willbe paid if I die afterretiring on pension?If you die after retiring onpension, your benefits will nolonger be payable. <strong>Your</strong> widow,widower, civil partner, cohabitingpartner, next-of-kin or persondealing with your Estate mustimmediately inform the Fund ofyour date of death as otherwisean overpayment could occur.The followingbenefits may thenbe payable:A lump sum death grantA lump sum death grant will bepayable if the death occurs inthe first ten years on pensionand is the amount by which theannual pension multiplied by tenexceeds the pension paid to thedate of death. You should ensurethat you have completed an upto date death grant expressionof wish form so that the Fundmay consider your wishes whenmaking payment of the deathgrant. Forms are available from yourPension Liaison Officer or the Fund.A Survivor’s pensionFollowing your death a survivor’spension will be payable to yourwidow, widower or surviving civil,or nominated cohabiting partner.The survivor’s pension ispayable for the lifetime of yourwidow, widower, civil partner ornominated cohabiting partner.A widow’s pension is basedon 1/160 th of your final yearspensionable pay for each yearof membership. However, if youmarried after your retirement,the widow’s pension will be basedonly on membership you had inthe Scheme since 5 April 1978.40
Page 1: Planning Your RetirementThe Local G
Page 4 and 5: Introduction
Page 6 and 7: Planning YourRetirement
Page 8 and 9: LGPSRetirementBenefitsYour LGPS ret
Page 10 and 11: Final PayThe other important elemen
Page 12 and 13: If you work Whole-Time: On retiring
Page 14 and 15: Options onRetirementTaking a bigger
Page 16 and 17: If you are buying extraLGPS pension
Page 18 and 19: Increasesto YourPensionYour LGPS pe
Page 20 and 21: Your StatePensionIn addition to you
Page 22 and 23: Can I retire early?If you have at l
Page 24: If you choose to retire before age6
Page 27 and 28: EarlyRetirementthroughRedundancyor
Page 29 and 30: Ill HealthRetirementWhat happens if
Page 31 and 32: Examples of calculating increased m
Page 33 and 34: TaxMatters
Page 35 and 36: information promptly it could delay
Page 37 and 38: Income Tax andyour PensionYour LGPS
Page 39: How yourRetirementBenefits willbe P
Page 43 and 44: Help withPensionProblemsIf you are
Page 45 and 46: GlossaryAdditional VoluntaryContrib
Page 47: Consumer Prices IndexThis shows the
Page 50: London Road be ready to turn righta

Planning Your Retirement - THE LOCAL GOVERNMENT PENSION ...

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