Greater Manchester Pension Fund Logo

Liam's example (joined before 1 April 2008)

Liam joined the LGPS back in 1988, and he is 52. Let's work through his pension statement to see what it shows and how we arrived at the figures...

Because of the date Liam joined, he has both final salary and career average benefits.

The 'About you' section of Liam's statement
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.
Liam only has one job with his employer. If he had more than one job, he 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.
The 'Summary of your benefits at 31 March 2018' section of Liam's statement
This shows how much Liam has built up so far towards his pension.
This is an estimate of Liam’s total pension at retirement, but based on current pay to show him its value in today's money.
Lump sums are only based on membership before April 2008. This is Liam's projected lump sum, but based on current pay to show him its value in today's money.
The 'Your current benefits at 31 March 2018' section of Liam's statement
This page shows Liam’s current benefits at 31 March 2018.
Liam's career average benefits are actual figures, as they have been based on his pay each year since April 2014.
We have added Liam’s final salary pension and career average pension to get his total current pension, at the top of the page.
Liam's final salary benefits are based on his membership before 1 April 2014, but his current pay, to give him an idea in today's money.
The 'Your projected benefits' section of Liam's statement
Liam's career average pension will be worked out each year as we go along, based on his pay for that year.
But to give Liam an idea of its value in today’s money, we have just projected his benefits based on him building up 1/49th of his current pay each year until normal pension age.
We need two things to work out Liam's final salary benefits...his membership before 1 April 2014 (which we know already), and his final pay. But we won't know his final pay until he approaches retirement. So for the purpose of this statement we have used his current pay to give him an idea of his benefits in today's money.
The 'More about career average benefits' section of Liam's statement
Liam hasn't worked any overtime this year, so his career average pay is the same as his final salary pay.
The 'More about final salary benefits' section of Liam's statement
Liam is full time. If he was part time, this would show the full time equivalent.
The 'Important choices at retirement' section of Liam's statement
Liam can take a bigger lump sum when he retires, by giving up some pension.
So he can take the standard package (as shown) or the maximum lump sum package (as shown) or anywhere in between!
The 'More about normal pension age' section of Liam's statement
If Liam does pay in until his normal pension age of 67, there will be no reduction in his career average benefits
And because normal pension age for his final salary benefits is still 65, he will get a percentage enhancement in this part of his benefits.
The 'Death in service - lump sum' section of Liam's statement
Here is the value of Liam’s lump sum death benefit.
This is the date that Liam 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 Liam has is linked to his pay, so changes each year as his pay changes.
The 'Death in service - pensions for dependants' section in Liam's statement
As with many members, we don't actually know whether Liam has a spouse. But to give him an example we show the value of a spouse's pension in all cases.
The value of the spouse's pension is linked to Liam's pay, so it changes each year as his pay changes.
Press the escape key to close pop up