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Approaching Retirement

The presenter was clear, concise and very professional. The best presenter I have seen in a long time. The tone was 100% and no jargon was used.

Attendee from recent session

This session is aimed at employees who may be thinking of retiring in the next few years. It will cover the different types of retirement, how benefits are calculated and will include a demonstration of My NILGOSC Pension Online and how to tailor your own pension projections. Topics covered include:

  • Scheme Background
  • Types of Retirement
  • How Your Pension is Calculated
  • Pension Claim Forms
  • Survivor Benefits
  • My NILGOSC Pension Online
  • Questions and Answers

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This session was held in January 2024. You always have the opportunity to leave feedback after attending one of our sessions using the Online Feedback Form.

Approaching Retirement Video Transcription (541KB, PDF)

Questions and Answers

When you receive your final retirement pack and are given the options for the standard or maximum lump sum, what are the points that you need to consider, what are the pros and cons of the different options?

You need to weigh up what is most important for you and your own circumstances. NILGOSC staff aren’t able to provide financial advice and if you are in any doubt we recommend seeking independent financial advice.

If you increase your lump sum and your annual pension is smaller, will your annual increase be a smaller amount as well?

The annual increase is percentage based, so yes, the same increase applied to a smaller amount will yield a smaller increase in pension. The best way to think about the increase is that it tries to maintain purchasing power. It Increases in line with the cost of living.

Is the rule of 85 still available?

Anyone who was a member during time when the ‘rule of 85’ was active will keep their protections in the new schemes. Your employer can pay to ‘extend’ the rule of 85 protections to people retiring below age 60, if they had protections under the old scheme rules.

I have two NILGOSC pensions. Can I take the deferred one out early (with reductions) and leave the other one and keep working until SPA before claiming payment of the active pension account?

Provided they are not relating to same employment, yes, you can take one without affecting the other.

Is there a cost to the employer under flexible retirement? If not, why is their consent needed?

There can be a cost, but not always. Employer consent is needed as they need to ensure normal business can operate with you working in a reduced capacity.

How will the McCloud court case affect pensions?

This judgement relates to two employment tribunal cases where it was found that the protections for older members when new public sector pension schemes were introduced in 2015, were unlawful on the grounds of age discrimination. This also affects the LGPS (NI) where the protection was by an ‘underpin’. From 1 October 2023, eligible younger members are also protected by the underpin. This does not apply to all members. The new underpin rules are also more detailed and it may mean that, in a few cases, a pension already in payment under the old rules may increase under the new rules.
The new rules will mean a significant amount of extra work and it will take time to review all the cases.
For more information, please visit our website: www.nilgosc.org.uk/pensioners/help-and-support/mccloud-court-case.

I have 6 years left to pay up to the 40 years in NILGOSC will it be in my interest to add to my monthly contribution?

Any increase in your contribution will yield an increase to your benefits at retirement. Which method of increasing your contributions and how much benefit you receive is entirely dependent on your circumstances.

If you have missed years of paying into NILGOSC pension and are paying AVCs does this add additional years?

No, the AVC fund is a defined contribution scheme. This is essentially a pot of money that is used to buy benefits at the point of retirement. It will not buy years of service.