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NILGOSC News: Members

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 […]

Does my pension increase each year?

If you are in receipt of a redundancy or efficiency pension it will be increased each year in April in line with the Pensions Increase Orders.

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.

Will purchasing additional pension change my 85 year rule date?

No.  Purchases of additional pension have no effect on your 85 year rule date.

Can I give up some additional pension at retirement to buy additional lump sum?

Yes, it is possible to give up additional pension at retirement to provide extra lump sum, subject to tax limits.

If I choose to buy additional pension now, can I buy more at a later date?

Yes, as long as the total amount does not exceed £8,131 per year (2023/24 limits).  It should be remembered that the cost of any later purchases of additional pension will depend on your age at that time.

Could the monthly payments change?

It is possible that your monthly payments could change in the future.  The actuary may change the rates or the government could change the method of increase.  These changes would affect both new applicants and members who are already buying additional pension.  These changes will normally apply from 1 April following the change and we […]