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If your Independent Financial Advisor has asked for your LGPS pension value, refer to the following information for consideration
Please note it is Wiltshire Pension Fund's Data Protection policy not to send any personal information from members' records to third parties.
Any information requested by Independent Financial Advisors can be provided by the member via their online account on My Wiltshire Pension Portal. If members have any issues accessing their account please contact us so we can help.
About the Scheme
the LGPS is a Statutory, Defined Benefit Scheme
governed by the Local Government Pension Scheme Regulations 2013, the Local Government Pension Scheme (Transitional Provisions, Savings and Amendment) Regulations 2014 and relevant earlier regulations
the scheme was formerly contracted out of the State Additional Pension and is a member of the public sector transfer club
Members are entitled to make one free guaranteed CETV request from the LGPS administering authority in any 12 month period and, if they wish to go ahead with a transfer, the election to proceed must be made at least 12 months before their Normal Pension Age (NPA) in the LGPS or, if they are a Pension Credit member, at least 12 months before their NPA.
The Wiltshire Pension Fund is only able to make Cash Equivalent Transfer Value payments when we are satisfied that a transfer has met the Pensions Regulators' Guidance.
If a member is already in receipt of a pension from another period of membership with the LGPS, section 93 of the Pensions Schemes Act 1993 does not allow a CETV to be paid in respect of another period of membership. In addition, members can only transfer benefits from the LGPS if they've left the scheme and haven't already drawn benefits from the LGPS (either in their current employment or any earlier employment).
We will only send a guaranteed transfer value when we receive a formal application from the member. A member may do this by logging into their My Wiltshire Pension (opens new window) account. This can also provide the member with a non-guaranteed estimated CETV and allow access to their historic Annual Benefit Statements. Discharge forms will only be provided with the guaranteed CETV. Members are also able to provide retirement projections. We will not be able to provide information about a member without a current written authorisation from the member and a copy of all correspondence will always go to the member
The LGPS is a statutory scheme; changes to the scheme can only be made through legislation laid down by Government. The scheme was contracted out of the earnings related part of the state scheme until 5 April 2016 and re-values GMP at the full rate. The following shows the scheme basis, accrual rates and NPA for each set of regulations with a link to the full regulations.
Basis
Effective
Accrual
NPA
Earliest retirement without reduction
Final Salary
1 April 1988
Pension 1/80th; Lump sum 3/80ths
Between age 60 and 65 when notional membership amounts to 25 years
Over age 60 plus 25 years membership
Final Salary
1 April 1999
Pension 1/80th; Lump sum 3/80ths
65
Over age 60 when age and membership together adds up to 85 or more
Final Salary
1 April 2008
Pension 1/80th; Lump sum 3/80ths
65
Over age 60 when age and membership together adds up to 85 or more if in scheme before 1 December 2006, otherwise age 65
CARE (but see below)
1 April 2014
1/49th of Actual Pensionable Pay per year
Equal to new State Pension Age
65 unless has transitional protection if a member before 1 April 2014
Anyone who was a member on 31 March 2014 and remained a member on 1 April 2014 will have transferred to the CARE Scheme. These members retain a final salary link for their pre-1 April 2014 membership. The final salary used is the final pay at date of leaving the scheme. Final pay is the average pay based over a year rather than actual rate of pay on leaving and means the best in the last three years of working.
Anyone joining the scheme from 1 April 2014 joins the current scheme. The earliest retirement date for a member to retire voluntarily is age 55 but an early retirement reduction will apply.
Please note the transfer commutation factors are set by the Government Actuary's Department. They are subject to change.
The scheme is funded by employer and member contributions as well as investments.
Frequently asked questions
There is no charge or penalty for transferring out of the scheme. Where a request is for transfer to a scheme where GMP or protected rights cannot be accepted it is possible to transfer only the non-protected rights. It is also possible to transfer all rights to such a scheme provided the transferring member is aware of the rights being given up.
Members have the right to transfer their accrued LGPS benefits to another scheme including a scheme that offers flexible benefits. However, if the total value of their LGPS benefits across all LGPS is £30,000 or more then they are required to take independent advice (but not for AVCs), from an authorised independent adviser who is registered with the Financial Conduct Authority (FCA).
If the total value of their LGPS benefits is £30,000 or less (or in respect of a transfer of AVCs), we will always recommend that members seek independent financial advice before deciding to transfer any LGPS pension benefits.
Pensions from any Final Salary part of the scheme when in payment or in deferment are revalued yearly by CPI and cannot fall below zero. The CARE part of the pension is revalued yearly by Treasury Orders.
Where the Treasury Order revaluation is below zero a negative revaluation will be applied to current members' pension accounts accrued that year and to those of any member who left within the year it applies to. Pensions in payment are not devalued but will have no increase.
As we do not know future revaluation and pensions increase rates the Fund will not provide projections beyond the current year.
The amount of contributions payable by a member is determined by regulations. Members pay a percentage of their pay based on their pensionable earnings. Employers' contributions are not based on individual member's contributions but are determined by the scheme actuary following the triennial scheme valuation. We will not provide a breakdown of the contributions paid by a member or employer as the contributions merely fund the scheme and are not used to calculate any benefits payable.
The scheme regulations allow the member to give up pension to provide a bigger tax free lump sum at retirement at the rate of £1 of pension for an additional £12 of lump sum. The scheme allows a member to take up to 25% of the capital value of their accrued rights as tax free cash.
There are no discretionary increases either in deferment or in payment.
In the event of a member's death, pensions are payable to eligible partners. Eligibility depends on the regulations in force at the time the member left the scheme.
If the member left the scheme after 31 March 2009 a partner is a legally married husband or wife (including same sex spouse), a civil partner or cohabiting partner.
If the member left between 1 April 1998 and 31 March 2009 a partner is a legally married husband or wife, or a civil partner
If the member left before 1 April 1998 a spouse is an opposite sex, legally married husband or wife.
You can find out the deaths benefits payable in the event of a member's death in the What if I die as a member? section.
Benefits payable on death depend on when the member left the scheme. The following table gives information about death grants and who could get a survivor's pension.
The actual calculation of a survivor's pension depends on multiple factors. In general terms up to 31 March 2008 a spouse's pension would be around half of the members and after that it would be 1/160 of the membership times final pay.
Effective Date
Death Grant payable if death in deferment
Death Grant payable if death of a pensioner
Death Grant payable if death in service
Survivor's pensions payable
Left Scheme before 31 March 1988
Not applicable
Widows and children's pensions payable only
Left Scheme before 31 March 2008
Equivalent to the lump sum that would have been payable if not for death
5 times the annual pension in payment less any pension paid out
Not applicable
Widows, widowers based on post 5/4/88 membership (plus any pre 6/4/88 bought back), children's pensions. From 5/12/2005, civil partners based on post 5/4/88 membership (plus any pre 6/4/88 bought back
Left scheme before 31 March 2014
5 times the retirement pension that would have been paid if not for death
10 times the annual pension in payment less any pension paid out
Not applicable
Widows, widowers, children's. Civil partners based on post 5/4/88 membership (plus any pre 6/4/88 bought back). Co-habiting partner's pensions based on post 5/4/88 membership (plus any pre 6/4/88 bought back)
Left scheme after 31 March 2014
5 times the retirement pension that would have been paid if not for death
10 times the pre commutation pension less any commuted lump sum and any pension paid to the member
3 times actual annual pay based on average of last 3 months pay uprated to 12 months.
Widows, widowers, children's. Civil partners based on post 5/4/88 membership (plus any pre 6/4/88 bought back). Co-habiting partner's pensions based on post 5/4/88 membership (plus any pre 6/4/88 bought back)
In accordance with the LGPS, we allow current members to make AVC payments via Prudential. A scheme member can not take a drawdown of their AVC. AVC's can be transferred at any time before the age of 75. The member does not need to have left the scheme. However, AVC payments must stop before a transfer can take place. A new AVC contract can be taken out once the transfer has been completed. Anyone who is not a current member of the Scheme, but still holds an AVC fund, can also transfer anytime up to age 75.
If a member wishes to transfer their AVC fund value, they should make a request to us in writing providing details of the receiving scheme. Members aged 55 or over can take UFPLS (i.e. taking 25% of the AVC value tax free and the rest taxable). For information about UFPLS please ask the member to contact their relevant AVC provider. You should note that a member also has the option to take all their AVC fund value tax free at retirement along with their main scheme benefits.
Members can change their AVC investment choices with their chosen AVC provider at any time. Members have access to their AVC accounts via the provider's website's. It is also possible to transfer funds from one provider to another. You can find more information on AVC's on our member section of our website.
