Service Description: The Pensions Team is highly skilled and experienced. We pride ourselves on our friendly approachability and our desire to help. If you have a specific query which you cannot find the answer to on this web page, please do not hesitate to contact the pensions office by telephone, or indeed make an appointment to see a member of staff.
Also known as:- Pensioners Payroll, Teachers Pensions
Answer: •VALUE OF LGPS BENEFITS at 31/03/0211 shows what your pension was worth at that date. If you were to stop paying in and your pension became deferred, this is what you would have built up so far. •If you are aged 60 or over, you can retire and claim your pension early. If you do this, your pension will probably be reduced. The figures for 31 March 2010 give an idea of what your pension would be if you claimed it then. It shows the possible effects of reductions that might be made for early payment. •LGPS BENEFITS payable from age 65 gives an idea of what your pension would be if you were to continue working as you are now and claim it at 65. In reality, your hours and pay are likely to change in the future, so your pension will be different. •ON 1st APRIL 2008, the scheme changed. Your statement shows membership before and after this date because it is worked out differently. •TOTAL PENSION is the TOTAL amount of pension you will receive. (60th and 80th added together) •SCHEME RETIREMENT GRANT is the lump sum that will be paid with the pension •You can give up some of your pension to increase your lump sum. Each £1 of pension that you give up will give you a £12 tax free lump sum. •MAX RETIREMENT GRANT WITH CONVERSION is the maximum lump sum you can receive and •RESIDUAL PENSION is the reduced pension this will provide.