Can I receive my pension benefits as a one-off lump sum?
If the value of your pension from the Local Government Pension Scheme (NI) is within the HMRC limits you may, when it is due for payment, be able to have it paid as a one-off taxable lump sum instead of a monthly pension. This is known as Trivial Commutation. In March 2014 the HMRC limits […]
Will my pension increase each year?
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 the cost of living. Increases are only paid to people who are younger than age 55 if the person: is receiving a pension as a widow, widower, civil […]
What if I want to take my AVCs as cash?
If you pay additional voluntary contributions (AVCs) via the Scheme you may elect at retirement to take up to 100% of the accumulated fund in your AVC account as a tax-free lump sum provided that when added to the Scheme lump sum it does not exceed 25% of the overall value of your Scheme benefits […]
Can I give up part of my annual pension for a lump sum?
You can exchange part of your annual pension for a one-off tax-free cash lump sum. You can take up to 25% of the overall capital value of your pension benefits as a lump sum and you will receive £12 of lump sum for each £1 of pension you give up. The overall capital value of […]
How do I use the Pension Account Calculator?
Box 1 – ‘Your Details’To help you understand the different terms used in the Calculator, hover over the text to see more information. ‘Pensionable Pay’Drag the slider to choose the pay figure you wish to use. This will be the actual amount you would expect to earn in a Scheme year, including pay for all […]
Why is the value of my survivors’ pension not shown on the statement?
We will not display a survivor’s pension if your partnership status is currently ‘single’, ‘divorced’ or ‘widowed’. If our records do not show a current partnership status, we have recorded your status as ‘unknown’ and will treat you as ‘married’. Please complete an LGS24 – Change of Circumstances Form (2.16MB PDF) or telephone us on 0345 3197 […]
Why is the annual pension payable to my spouse, civil partner or eligible cohabiting partner different in Section 2 and Section 5?
If you die as an active member of the Scheme, any pension payable to your spouse, civil partner or eligible cohabiting partner is based on the benefits that you would have built up in the Scheme until your normal pension age. Therefore, the figure shown in the death benefits section has been increased to reflect this. As […]
Can my cohabiting partner receive pension benefits?
If you and your partner live together but are not married or in a civil partnership you are known as co-habiting partners. When you die, your co-habiting partner may be eligible for a pension if the conditions below are met. You must be able to marry or form a civil partnership with your partner; and […]
What happens to my benefits if I die before I receive them?
If you die before receiving your benefits, survivors’ pensions may be payable along with a Lump Sum Death Grant of approximately three times your annual pensionable pay. Please see Section 5 on your statement for further details. You can advise us who you would like to receive any death grant using your My NILGOSC Pension Online account […]
I have joined a different pension scheme. Can I transfer my benefits to my new scheme?
You may be able to transfer the value of your pension to another occupational pension scheme, personal pension, stakeholder pension scheme or a buy-out insurance policy. If you are thinking of transferring your benefits, particularly to a personal pension or money purchase arrangement, you may be required to take independent financial advice on transfers and […]