Each Summer, Merseyside Pension Fund meets its statutory requirement to produce Benefit Statements for former members of the Local Government Pension Scheme (LGPS) whose pension benefits are retained in the Scheme until they become payable or are transferred out of the Fund.
The 2016 Deferred Members’ Annual Benefit Statements have now been uploaded to the Fund’s secure password-protected online website, MyPension for registered users to view.
Members who left the LGPS with a deferred pension from 1 April 2015 will receive notice of their deferred pension details at a later date.
A Deferred Members’ Annual Benefit Statement displays the value of a deferred member's benefits when they left the Scheme and the current value that takes account of any annual inflationary increases since the member left their LGPS employment or ceased contributing to the Scheme. However, on 11 April 2016, there was no annual inflationary increase to the value of your local government pension.
This is because, each year, the Fund increases local government pensions according to the government’s method for increasing public sector pensions - in line with the previous September’s inflation figure, as measured by the Consumer Prices Index (CPI). CPI in September 2015 was -0.1%, the first time since 2010, that a negative percentage had been recorded. Despite this, the value of your deferred benefits was not reduced in April 2016. Instead, the current value of your deferred benefits remain the same as in April 2015. Merseyside Pension Fund has no discretion in applying or not applying a pension increase as the Local Government Pension Scheme is subject to annual increases contained within the Pension Increase Act 1974.
These statements have been produced using information supplied to Merseyside Pension Fund by your former LGPS employer and cannot be guaranteed as accurate. They are produced on the understanding that they are not legally binding on Merseyside Pension Fund.
You can read more information about how to access your 2016 Annual Statement by clicking here.