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

Upcoming Sessions

We plan to run an Approaching Retirement training session in Mid-2022. Dates are still to be confirmed.

Register your interest.

Previous Sessions

This session was run on Monday 27 April 2021. You can leave feedback using our Online Feedback Form.

Questions and Answers

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.

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.

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.

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.

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’. The Government is currently working on a solution and, if you are affected, you do not need to do anything as your benefits will be corrected to remove the inequality in due course.
For more information, please visit our website: www.nilgosc.org.uk/pensioners/help-and-support/mccloud-court-case.

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.

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.