We all accepted voluntary redundancy and everyone else has got their retirement pack – why haven’t I?
There are a number of reasons why your retirement pack has not been issued. NILGOSC may not have received the paperwork from your employer or NILGOSC may require further information from your employer. A member’s record is thoroughly checked before final payment of benefits is made and sometimes queries arise which may delay issuing the […]
Why does my retirement pack show my benefits as lower than in my annual benefit statements?
Each year, we issue you with an estimate of your accrued benefits to 31 March of that year, based on the pensionable salary your employer has provided at 31 March and the membership history we hold for you. If we subsequently discover that any of this information is incorrect, we must correct it on our […]
If I accept the voluntary redundancy with a date of leaving in 3 months time, can I pay anything now into the Scheme to increase my benefits?
You will not be able to make regular Additional Pension Contributions to the Scheme to purchase additional pension, as the minimum term permitted is one year. However, you could make a lump sum payment. In addition, you may be able to make Additional Voluntary Contributions through our current AVC provider, Prudential, provided that the contributions […]
Can I keep on paying into the Scheme if I take voluntary redundancy?
No. The Local Government Pension Scheme (Northern Ireland) is an occupational scheme administered by NILGOSC on behalf of your employer, so when you cease to be employed by that authority, you are no longer eligible to pay into the Scheme.
How much tax will I pay on my pension?
Your pension is classed as taxable income and the rate of tax you pay will depend on other income and allowances you have. NILGOSC will tax your pension at basic rate, currently 20 per cent, until we receive official notification of the rate that applies to you from HM Revenue and Customs (HMRC).
What happens to my pension if I take up another job?
If you get a job outside of Local Government with an employer that does not participate in the Scheme, your Scheme pension will not be affected. Please note that a compensatory pension awarded under the Local Government Compensation Regulations can be abated and it is essential that you advise NILGOSC of your re-employment irrespective of […]
When will my benefits be paid?
We aim to pay any lump sum within ten working days of receipt of all relevant documentation. Your employer needs to forward us information about your pay and employment and you need to complete and return forms relating to your retirement benefits. If you have paid AVC contributions there may be a slight delay as […]
What is the earliest age I can take voluntary redundancy and be entitled to immediate payment of my pension benefits?
If you are aged 55 or over and you have met the two year qualifying period at the date of the redundancy, you will be entitled to receive your pension benefits immediately. If you are under age 55 and you have met the two year qualifying period at the date of the redundancy, your benefits will […]
My employer has issued a letter asking for expressions of interest for voluntary redundancy. Do I need to contact NILGOSC?
No. At this stage, there is no obligation for you to request voluntary redundancy and your employer has no obligation to make you redundant if you put in a request. If you make a request and your employer is considering the redundancy, it will ask for quotations on your behalf.