Annual update for deferred members July 2019
The Annual Benefit Statements for deferred members and pension credit members are now available through each member's online mypension account. These Statements show the value of the benefits built up as at 8 April 2019, within the Tyne and Wear Pension Fund or the Northumberland County Council Pension Fund, depending on your membership. If you are already registered to access your mypension online account, you will receive an email to let you know your Statement is available to view.
The deferred Statements show the benefits each member held at the date they left the Scheme, along with the current value of the benefits as at 8 April 2019. The pension credit Statements will show the benefits awarded to the member at the date the Pension Sharing order was granted by the Court, along with the current value of the benefits as at 8 April 2019. You can view a Annual deferred benefits statement 2019 sample. To view your personal Statement you need to login to your mypension account.
The information below is to assist deferred members and pension credit members to understand their pension entitlements. Any information which is different for Pension Credit members is specifically marked within each section.
Please note: If you also have an active membership in the Tyne and Wear Pension Fund or the Northumberland County Council Pension Fund, the Annual Benefit Statements for these records will be available online in late August.
If you have been in contact with us to request a paper Annual Benefit Statement, this information will be sent out in late July.
Transferring your benefits
Subject to certain restrictions, you can usually transfer your benefits in this Fund to another approved provider, including those offering the flexibilities resulting from Freedom and Choice.
For further details about transferring your benefits please visit our transferring your benefits page.
Beware of pension scams
Are you thinking of doing something with your pension pot?
If you are considering transferring your LGPS benefits you need to guard against Pension Liberation Fraud also known as Pension Scams. Significant tax penalties can apply to those who transfer and access benefits under age 55. We have warned our members about this in the past, and we will continue to do so.
For further information about Pension Liberation Fraud, please read our information included in our transferring your benefits page or read the Pension Regulator's leaflet Don't let a scammer enjoy your retirement
Freedom and Choice
On 6 April 2015 the Government introduced greater flexibility for pension savings in defined contribution schemes. These apply to individuals aged 55 and over and are known as Freedom and Choice.
Most of the changes do not affect how you can take your benefits from the LGPS. Further information is available on our Freedom and Choice section on our Transferring your benefits page.
My benefits if I die?
The Scheme provides benefits for your family. The exact benefits will depend on your circumstances at the time of your death, and the dates of your Scheme membership, if you are a deferred member. There may be a death grant and survivor's benefits due to your family.
If you are a pension credit member, any benefits payable in the event of your death may be different.
To find out further information, please read our page about death benefits.
Rejoining the LGPS
If you rejoin or have already rejoined the LGPS with another fund in England and Wales, (if you have not already done so) you must:
- tell us that you contribute as a current member in another Fund
- tell your current Fund's administering authority that you
- deferred benefits from this Fund or another LGPS Fund in England and Wales and / or
- membership within another public service pension scheme (even if you received a refund of contributions).
This is required to make sure that you are given the appropriate options on linking your benefits together. Failure to do so could lead to certain statutory rights not being applied.
For further information about your options on rejoining the LGPS please visit our re-joining the LGPS page.
Please note: If you are a pension credit member, you will not have the same options, as your benefits are not based on your own contributing membership, but have been awarded as a result of a Pension Sharing Court Order. It is only possible to join or rejoin contributing membership together if it is your own membership within the LGPS.
Pension Increase information
Public service pensions are reviewed each year in line with the provisions of the Pensions (Increase) Act 1971 and Section 59 of the Social Security Pensions Act 1975. You do not need to request any increases, as the Pension Fund staff will automatically apply any appropriate increases.
For further information about pension increase information please visit the LGPS Member's website.
Your choices at retirement
Your Statement will show your standard benefits package. However, when you retire and draw your pension benefits, you can choose to permanently reduce your pension to create or increase your lump sum value.
For further information about your choices please visit the LGPS National Member Website.
If you are a pension credit member, your benefits options may be different depending on the exact circumstances of your individual case.
Fund pooling
Tyne and Wear Pension Fund and Northumberland County Council Pension Fund, together with ten other pension funds have created an organisation to manage the Funds' investments. This organisation is known as Border to Coast, and the arrangements are to comply with new legislation.
In 2018 Border to Coast submitted a five year business plan to the Financial Conduct Authority, which is the body responsible for overseeing such matters. The plan details the management of the £43 billion of investments owned by the twelve partner funds. Border to Coast and the partner funds believe that this will result in better performance and reduced costs, as well as providing the partner funds with a more influential voice in the investment community.
Both the Tyne and Wear Pension Fund and Northumberland County Council Pension Fund responsibilities for paying pensions, collecting contribution income from employers and otherwise administering the pension scheme remain entirely unchanged. In other words, pooling investments will not affect you or your pension arrangements in any way.
For further information surrounding Fund pooling please visit our Pooling of investments.
Survey for Deferred Members
Please take a moment to fill in this survey. Your reply is very useful and will assist us to develop our services in the future.
If your pension membership relates to Tyne and Wear Pension Fund, you can complete our 2019 Deferred Member Survey (TWPF).
If your pension membership relates to Northumberland County Council Pension Fund, you can complete our 2019 Deferred Member Survey (NCCPF).
This survey will remain open until 30 August 2019.