Active Members' Annual Benefit Statements 2015
Submitted by Administrator on August 25, 2015 - 12:32pm
Annual Benefit Statements are currently being posted to the home addresses of active members of the LGPS as at 31 March 2015.
Your 2015 Annual Benefit Statement shows the pension benefits that you built up in the LGPS up to and including 31 March 2015, as well as a projection of your future benefits, assuming that you continue contributing to the LGPS until your Normal Pension Age (NPA). Your NPA is the age at which you would retire and take your benefits without any reduction for early payment.
Unfortunately, some members will experience a delay in receiving their 2015 Statement. This is because the Fund is urgently working to resolve issues with employers about the data used to produce their statements.
This year’s new-look statement reflects the changes to the LGPS from 1 April 2014 - primarily, the change from a Final Salary scheme to a Career Average Revalued Earnings (CARE) scheme.
If you joined the LGPS before 1 April 2014, your statement will show a summary of pension benefits which includes both Final Salary and CARE benefits. If you joined the LGPS after 31 March 2014, your statement will only show a summary of CARE benefits.
It is very important when your receive your statement, to check that all of the details are correct. If you identify any inaccuracies, please contact your employer. The section, 'Your Employers Contact Details' is on the front page of the statement.
The following documents will accompany your 2015 statement:
- Explanatory notes to help you understand the changes to the LGPS from April 2014 and reflected in your 2015 Statement, and
- A leaflet about the possible dangers of transferring your benefits from the LGPS to an alternative pension arrangement, and
- Your annual newsletter, Beeline.
Please be aware that your Annual Benefit Statement provides an illustration of benefits payable at retirement and is not legally binding on the Fund.
The future production of your Annual Benefit Statement
All public sector organisations must streamline their costs to ensure their services are cost effective and Merseyside Pension Fund is no exception. This includes making use of electronic technology to share information.
From 2016 onwards, the Fund will only post printed statements to those members who write to us at the following address, confirming their name, address, National Insurance number and expressing their wish to continue having printed statements posted to them:
Merseyside Pension Fund,
43 Castle Street,
In the absence of this written request. all future Annual Benefit Statements will only be available to view online through the ‘MyPension’ facility.