What happens if I get divorced or my civil partnership is dissolved?
If you get divorced or your civil partnership is dissolved your ex-partner is no longer entitled to survivor’s benefits. If your Scheme benefits are subject to a Pension Sharing Order or Earmarking Order your benefits will be reduced in accordance with the Court Order or Agreement. If you remarry, enter into a new civil partnership […]
What happens if I am separated from my spouse or civil partner?
While you are separated, your spouse or civil partner continue to be entitled to survivor’s benefits. You may wish to update your Expression of Wish form so that NILGOSC is aware of your wishes for payment of any death grant and/or AVC fund value.
How does the pension I am building up keep up with the cost of living?
On 6 April each year the CARE pension that you have built up to the 31 March the previous year is revalued in line with Orders made by the Department of Finance. This ensures that your pension keeps up with the cost of living. The benefits built up in the Scheme are revalued based on […]
Will Councillors’ pensions increase?
The Scheme provides statutory pension increases. This means that if you retire on or after age 55, your pension will be increased each year in line with cost of living increases. Ill-health pensions are increased each year in line with inflation regardless of age, with the exception of some deferred members who have their pension […]
What if Councillors want to take AVCs as cash?
If you pay Additional Voluntary Contributions (AVC’s) via the Scheme you may elect to take up to 100% of the accumulated fund in your AVC account as a tax-free lump sum if you draw it at the same time as your Scheme pension benefits, provided when added to the Scheme lump sum it does not […]
Can Councillors exchange part of their pension as a lump sum?
You can exchange part of your annual pension for a one off tax-free cash payment. You can take up to 25% of the overall capital value of your pension benefits as a lump sum and you will receive £12 lump sum for each £1 of pension given up, providing the total lump sum does not […]
How is my pension calculated if I have membership before 1 April 2015?
Any pension that you have built up until 31 March 2015 was added to your pension account when the new Scheme came into force on 1 April 2015. This amount will then become the opening balance of your pension account for the 2015/16 year (Year 1). The pension you have built up before 1 April 2015 […]