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Pensions Section Tel: 01443 680611
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What is a Preserved Benefit ? A Preserved Benefit is a pension benefit that is retained in the Local Government Pension Scheme because you left the scheme before becoming entitled to receive your pension. These benefits consist of an annual pension and a tax-free lump sum. While secured in the local government scheme the benefits are guaranteed to be fully index-linked until they are paid to you. This means their value will be protected as prices rise. How Do I Qualify For Preserved Retirement benefits? You only need three months membership in the Local Government Pension Scheme (LGPS) to qualify for preserved benefits. This includes any periods transferred-in from other pension arrangements and also applies if you have less than three months but have transferred benefits from another pension arrangement. If you do not meet these requirements you can find your options here How Are The Benefits Calculated? The calculation of your benefits is based on your length of service and your final years pay. The service is generally the number of years you have contributed to the scheme (adjusted for part-time employees) plus any service purchased with additional contributions and any service credited to you from previous membership of another pension scheme. (for part-time staff service is adjusted according to the number of hours worked each week. Pensionable pay will be the pay of an equivalent full time post). Your annual pension and tax-free lump sum are calculated as follows: Final Years Pay X 1/80
X Service = Annual Pension Final Years Pay X 3/80
X Service = Tax-free Lump Sum
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