Jill joined the LGPS back in 2008, and she is 49. Let's work through her pension statement to see what it shows and how we arrived at the figures...
Because of the date Jill joined, she has both final salary and career average benefits.
This year we have removed a lot of the personal information we hold about you from this statement to protect your data. Instead, we now show your new pension number which you can quote if you contact us.
Jill only has one job with her employer. If she had more than one job, she would get a separate statement for each pension.
This year we are launching My Pension – an online service that you can use to keep on top of your pension with GMPF. Simply use the activation key we have given you here to set up your account.
This shows how much Jill has built up so far towards her pension.
This is an estimate of Jill's total pension at retirement, but based on current pay to show her its value in today's money.
Because of the date Jill joined, her standard package of benefits is a pension but no automatic lump sum. But she can easily give up some pension to create a lump sum as explained later.
This page shows Jill's current benefits at 31 March 2018.
Jill's career average benefits are actual figures, as they have been based on her pay each year since April 2014.
Jill's final salary benefits are based on her membership before 1 April 2014, but her current pay, to give her an idea in today’s money.
We have added Jill’s final salary pension and career average pension to get her total current pension, at the top of the page.
Jill's career average pension will be worked out each year as we go along, based on her pay for that year.
But to give Jill an idea of its value in today’s money, we have just projected her benefits based on her building up 1/49th of her current pay each year until normal pension age.
We need two things to work out Jill's final salary benefits... her membership before 1 April 2014 (which we know already), and her final pay. But we won’t know her final pay until she approaches retirement. So for the purpose of her statement we have used her current pay to give her an idea of her benefits in today’s money.
Jill has worked some overtime during the year so her career average pay is a little higher than her final salary pay (see next page for final salary pay).
Jill is full time. If she was part time, we would show the full time equivalent.
Jill can take a bigger lump sum when she retires, by giving up some pension.
So she can take the standard package (as shown) or the maximum lump sum package (as shown) or anywhere in between!
If Jill does pay in until her normal pension age of 67, there will be no reduction in her career average benefits.
And because normal pension age for her final salary benefits is still 65, she will get a percentage enhancement in that part of her benefits.
Here is the value of Jill’s lump sum death benefit.
This is the date that Jill made a nomination. We no longer list your nominees on your statement but you can view and amend them at any time on your My Pension account.
The amount of cover Jill has is linked to her pay, so changes each year as her pay changes.
As with many members, we don't actually know whether Jill has a spouse. But to give her an example we show the value of a spouse's pension in all cases.
The value of the spouse's pension is linked to Jill's pay, so it changes each year as her pay changes.