Deferred Members
Annual Benefit Statements (ABS) for Deferred Members
We will be mailing the 2007 Annual Benefit Statements for deferred members during week commencing 8 October 2007. As a result of this, we expect to receive a very high volume of calls during this period. If you are attempting to contact the Pensions Helpline with any query, please remain patient and we will deal with your call as quickly as possible.
If you have not received your statement by 30 November 2007 please contact the Pensions Helpline.
Click below to see a sample of this year's statement.
Text of statement for Deferred Members
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Opting out of the LGPS April 2006 changes
Deferred Members who left the scheme between 1 April 1998 and 5 April 2006, can elect to opt out of the new rules and have their benefits calculated on the old rules. Please complete the PDF form below and return it to the Pensions Office. Please note you must do this by 1 April 2007. Late applications will not be accepted. Further information is available by contacting the Pensions Helpline on 0191 424 4141.
Deferred opt out letter (45KB)
Combining LGPS Membership - Final Pay Calculator
If you have deferred benefits in the Local Government Pension Scheme (LGPS) and you rejoin, you can normally either leave your deferred benefits separate, or transfer/combine your benefits. If you want to transfer/combine you must elect to do so while you are a contributing member of the LGPS in your new job and, normally, within twelve months of the day you rejoined or by 31 March 2005, if later. The Final Pay calculator will allow you to compare your current pensionable earnings with the pensionable earnings from your previous post, taking into account rises in the cost of living.
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Moving house?
It is essential that you keep the Tyne and Wear Pension Fund informed of your current address so we can inform you of any changes or articles concerning the scheme that may be of interest and to ensure that your retirement benefits can be processed at the appropriate time. If you have moved recently and have not informed us or you are planning to move please contact us.
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What happens to my deferred benefits?
Your benefits will remain deferred within the Tyne and Wear Pension Fund until they become payable or until you decide to transfer them. deferred benefits are fully inflation proofed. Each April the value of your benefits will increase in line with inflation. In this way, your pension always maintains its purchasing power.
Unlike Personal Pensions your benefits are guaranteed by law and can't be affected by stock-market fluctuations.
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When will my deferred benefits be paid?
Your deferred benefits can be paid to you from your 60th birthday onwards. We'll write to you shortly before your 60th birthday to make the arrangements.
However your benefits can be paid earlier if you become ill and the illness means that you would be permanently unable to do the job you got your deferred benefits for.
Your former employer may also agree to your deferred benefits being paid early if you are over age 50. But if you left the job you got the deferred benefits for before 1 April 1998 your employer can only consider claims on compassionate grounds.
Please contact your former employer if you wish to apply for your deferred benefits to be paid early.
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Transferring your benefits to another Scheme
Your benefits can be transferred to another employer's scheme provided that the scheme is fully approved by the Inland Revenue for this purpose. You could also transfer to a Personal Pension Plan, Section 32 Buy Out Bond or to a New Style Self Employed Pension Arrangement.
However you should think very carefully before you make a decision. Deferred benefits provide a wide range of benefits for you and your family, which are fully inflation proofed.
We strongly recommend that you seek independent financial advice before going ahead with the transfer of your benefits.
Warning - Beware of Pension Liberation Schemes
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Should you die before your benefits are paid
If you should die before your deferred benefits come into payment then a death grant equal to your deferred benefit lump sum (including pensions increase) would be paid to your nominated beneficiary or beneficiaries.
There will be a pension payable to your spouse if you married before leaving the scheme. Spouse's benefits may be payable even if you married after leaving the Scheme. Any dependant children would also qualify for a pension.
If you have not completed a death grant nomination form and you would like to do so or if you wish to revise your nomination please contact us.
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Pensions and Divorce
If you divorce and your pension is taken into account within the divorce settlement, the Pension Fund may charge you for dealing with your case.
Please click below to see a list of our changes.
Charges - Pensions and Divorce
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Data Protection Statement
To view our Data Protection Statement, please click below:
Data Protection Statement (10.68KB)