Pre Retirement Presentation What does my Annual Benefit What age - - PowerPoint PPT Presentation
Your Pension Service Pre Retirement Presentation What does my Annual Benefit What age How is my Statement What does an can I retire 80 th of my pension mean? at? calculated salary mean? Information given is true as at time of writing
What age can I retire at? How is my pension calculated What does my Annual Benefit Statement mean? What does an 80th of my salary mean? Information given is true as at time of writing and cannot override current or future statutory legislation
paid?
Information given is true as at time of writing and cannot override current or future statutory legislation
✓ Watch pension grow each month ✓ Update contact details (address and email) ✓ Produce a variety of pension forecasts ✓ View annual benefits statements ✓ View nominated beneficiaries ✓ Main method of communication between YPS and member
Information given is true as at time of writing and cannot override current or future statutory legislation
Final Pay – Pre 2014 Benefits
Pensionable Service – Pre 2014 Benefits
Accrual Rate – Pre 2014 Benefits
Information given is true as at time of writing and cannot override current or future statutory legislation
If you joined the scheme pre 01/04/2014 will have some final salary pension.
Final Salary Final 365 days Full time equivalent Pensionable Service Pro rated Including transferred in service Accrual Rate Pre 1 April 2008 1/80 Post 01 April 2008 1/60
Pension 5/80 * £20,000 = £1250 6/60 * 20,000 = £2000 Total pension: £3250.00 Information given is true as at time of writing and cannot override current or future statutory legislation
(Career average revalued earnings pension)
Divided by
EQUALS
Members in the scheme post 01/04/2014 have CARE benefits. CARE Pension based on 1/49th of pensionable earnings, plus inflation. (Consumer Price Index)
Information given is true as at time of writing and cannot override current or future statutory legislation
Information given is true as at time of writing and cannot override current or future statutory legislation
Information given is true as at time of writing and cannot override current or future statutory legislation
Pension estimates for retirement can be done instantly via My Pension Online… Step 1: Log in to MPO Step 2: Select benefit calculators Step3: Select type of Retirement Step 4: Input your possible leaving date, and pay Step 5: Press calculate
Information given is true as at time of writing and cannot override current or future statutory legislation
Final Pay: Annual Full time pay, scaled up to full time equivalent for part time employees CARE PAY: Annual actual pay. Part time amount for part time employees
Information given is true as at time of writing and cannot override current or future statutory legislation
benefits come with automatic lump sum of 3x pension
total value of benefits
£12 as a tax free lump sum
Information given is true as at time of writing and cannot override current or future statutory legislation
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Information given is true as at time of writing and cannot override current or future statutory legislation
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Final salary benefits 65 CARE benefits SPA (Min 65)
benefits before your Normal Retirement Age
your CARE benefits, different reductions apply to both unless you have protections
Information given is true as at time of writing and cannot override current or future statutory legislation
Years Early Pension reduction Retirement grant
0% 0% 1 5.1% 2.3% 2 9.9% 4.6% 3 14.3% 6.9% 4 18.4% 9.1% 5 22.2% 11.2% 6 25.7% 13.3% 7 29.0% 15.3% 8 32.1% 17.3% 9 35.0% 19.2% 10 37.7% 21.1% 11 41.6% N/A 12 44.0% N/A 13 46.3% N/A
My Pension Online Benefit Projector will factor these in!
Information given is true as at time of writing and cannot override current or future statutory legislation
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Mrs Smith has been a member of the scheme from 01 October 2006 to 31 March 2030. She retires age 66. Her SPA is 67. Her pre 14 membership: adjusted as later than 65. Her post 14 CARE benefits: adjusted as earlier than 67.
Information given is true as at time of writing and cannot override current or future statutory legislation
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more years from membership of any public service scheme).
Final Salary CARE
Information given is true as at time of writing and cannot override current or future statutory legislation
Flexible Retirement
grade or less hours
reductions that may apply Redundancy/Efficiency Retirement
efficiency
from 55 Early Voluntary Retirement
required
rate unless protections apply Late Retirement
pension
‘Normal’ Retirement
Salary
Information given is true as at time of writing and cannot override current or future statutory legislation
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Information given is true as at time of writing and cannot override current or future statutory legislation
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free
Pension Online.
salary payment this WILL delay payment of your pension Information given is true as at time of writing and cannot override current or future statutory legislation
Death grant
day you start paying contributions
*Salary
guaranteed for 10 years from the day the pension was claimed
Survivors Benefits
There are two separate elements to your death benefits...
Information given is true as at time of writing and cannot override current or future statutory legislation
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you retire
payment
index linked by CPI each April)
Information given is true as at time of writing and cannot override current or future statutory legislation
Information given is true as at time of writing and cannot override current or future statutory legislation
Your AVC Pot
Your Tax Saving
Cost to You
Information given is true as at time of writing and cannot override current or future statutory legislation
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0800 032 6674 9am-5pm Monday-Friday
Information given is true as at time of writing and cannot override current or future statutory legislation
Contact us: www.yourpensionservice.org.ukAskPensions@Loc alpensionspartnership.org.uk Phone: 0300 323 0260 Information given is true as at time of writing and cannot override current or future statutory legislation
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This document has been prepared in order to provide the intended recipient with data and information regarding Local Pensions Partnership Ltd and its respective affiliates, subsidiaries and partners (together the “LPP Group”), subject to the following disclaimer. The document and its content is intended for its recipients and no other individual or entity may access, rely, or make decisions based on it or its contents and this disclaimer is repeated fully in respect of any such third party. This document includes information that may contain ‘forward-looking statements’ with respect to certain plans and current goals and expectations relating to LPP Group’s future financial condition, performance results, strategic initiatives and
nature, all forward-looking statements, projections and opinions are inherently predictive and speculative and involve known and unknown risk and uncertainty as they relate to future events and circumstances, which you hereby acknowledge and agree are beyond LPP Group’s control. The LPP Group members do not provide advice on legal, taxation or investment matters and this document, its contents and any statements (whether oral or written or in any electronic form) made by any member of the LPP Group pursuant or in relation thereto shall not be relied upon for any such or other purpose, including (but not limited to) any investment decisions. Without limitation to the aforesaid, you hereby acknowledge and agree that this document and its content are provided ‘as is’ without any representation or warranty (expressed or implied), and accordingly no member of the LPP Group or any of their respective employees, officers and directors shall be held liable howsoever as to the appropriateness, accuracy or completeness of the document or any of its contents.