They are an active member with underpin protection?
Members do not need to do anything. When they take their pension, NILGOSC will compare the pension that they have built up from 1 April 2015 to 31 March 2022 in the career average scheme with the pension they could have built up had the final salary scheme continued. If the final salary pension would […]
Do the figures on my online statement reflect any changes resulting from the McCloud remedy?
The current pension value shown in the ‘Pension breakdown’ section of your online statement includes a provisional McCloud addition, if applicable. However, the breakdown figures within the calculation sections do not.
Will my pension and lump sum be reduced if I take flexible retirement?
If you take flexible retirement before your normal pension age, your benefits may be reduced as they will be paid early, unless your employer agrees to waive some or all of the reduction, or you meet the Rule of 85. If you take flexible retirement after your normal pension age, your benefits will be increased […]
I received a hard copy statement in the post. Do the figures on my statement reflect any changes resulting from the McCloud remedy?
If you have received a hard copy of your statement in the post, there is a box in section 2 labelled ‘Provisional McCloud Addition’. If you have a provisional McCloud addition, we have shown the value in this box and included it in all of your accrued and estimated benefits. The majority of protected members […]
How do I check my State Pension forecast?
The UK Government recently launched the ‘Check your State Pension Forecast’ digital service – Check your State Pension forecast – GOV.UK (www.gov.uk). Here you can find out how much state pension you could get and when you can get it. It also tells you how to check for and fill any gaps in your National […]
NILGOSC doesn’t know I have other public service pension scheme membership that could qualify me for underpin protection?
If you have membership in another public service pension scheme before 1 April 2012 you will need to tell us, when we ask you for this information. If you are protected, when you take your pension, we will work out whether you are due any increase because of the underpin. NILGOSC has over 50,000 records […]
I have underpin protection – will I have pension tax charges?
If your pension is increased because of underpin protection, the increase is excluded for annual allowance purposes. You may still have a tax charge, but it’s based on your pension excluding the underpin addition. It is possible that a few members may have retired before 1 October 2023 under the old underpin rules, had an […]
I have underpin protection and I die?
Death grants – underpin protection does not change the death grant if you die as an active member, as the death grant is a multiple of your pay and not the pension that you have built up. If you die after taking your pension, then the death grant is calculated based on your annual pension. […]
I have underpin protection and I get divorced or my civil partnership is dissolved?
When you get divorced or a civil partnership is dissolved, the Court takes the value of your pension into account in any settlement. If your pension includes an underpin amount, then that increase is included and, if your pension is shared, part of that increase will be passed to your former spouse or civil partner. […]
I have underpin protection and my pension in the Remedy period includes pension debits or extra pension?
When you take your pension, NILGOSC will check the pension that you have built up from 1 April 2015 to 31 March 2022. We will compare the career average pension built up with what you could have built up in the final salary scheme, had it continued. If the final salary pension is higher, the […]
I have underpin protection and I re-join the LGPS (NI)?
If you were a deferred member and you re-join the LGPS (NI) on or after 1 October 2023 you can choose to combine your two periods of membership within 12 months of re-joining. Only your employer can choose to extend the 12-month period, NILGOSC cannot do this. There is a lot to consider when you […]