Annual update for deferred members June 2024

Annual update for deferred members June 2024

The 2024 Annual Benefit Statements for deferred members are now available through each member's online mypension account.

The Annual Benefit Statements include information on:-

·      The value of deferred benefits at date of leaving,

·      The value of deferred benefits at 8 April 2024,

·      Exchanging pension for lump sum and the values at 8 April  2024 (assuming payment is made at the normal retirement date),

·      The Death Grant amount which may be payable in the event of a member's death,

·      Survivor benefits which may be payable, depending on the member's circumstances at the time of death.  

Members who have requested a paper copy of this information will receive this information by 31 August 2024.

Registering for mypension

If you would like to register for mypension online services a full Registration Guide is available under the mypension section of our website.

Pension Increase information

Local Government Pensions are increased each April in line with the Consumer Price Index (CPI), also known as the 'Cost of Living Increase.' The pensions increase this year is 6.7% and is effective from 8 April 2024.

Please note: The first increase to a pension after leaving will normally only be a proportion of the full increase. More information about how pensions are increased can be found at https://www.lgpsmember.org/faqs/how-are-pension-increases-calculated/.