Claiming your Deferred Pension Benefits
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If you leave before age 65 and your scheme membership totals three months or more, or you have transferred other pension rights into the LGPS, you will be entitled to deferred benefits within the LGPS. Your deferred pension will be calculated as described in the section on Retirement Benefits using the length of your membership up to the date that you left the scheme and your final pay at leaving.
Unless you decide to transfer your deferred benefits to another pension scheme, the earliest date your benefits can be paid is age 60. If you do not satisfy certain conditions at this point your benefits may be subject to a reduction and you would therefore have the option to defer payment until the reduction no longer applies. To request an individual estimate of the current value of your deferred benefits please e-mail: info@berkshirepensions.org.uk or telephone 0845 602 7237.
Early Retirement Reduction Factors
If you do not satisfy certain conditions at this point your benefits are paid they may be subject to a reduction and you would therefore have the option to defer payment until the reduction no longer applies. The early retirement reduction factors are as follows:
|
Number of Years Early |
Pension Reduction
|
Pension Reduction
|
Lump Sum Reduction |
|
|
0% |
0% |
0% |
|
1 |
6% |
5% |
|
|
2 |
11% |
|
5% |
|
|
16%
|
15%
|
7%
|
|
|
20% |
19% |
9% |
|
|
|
|
12% |
|
|
28% |
27% |
14% |
|
7 |
|
30% |
16% |
|
|
|
|
18% |
|
|
38% |
36% |
20% |
|
10 |
41% |
39% |
|
How Do I Claim my Pension?
We will contact you automatically approximately one month before your 60th birthday to confirm the retirement options available to you. It is therefore important that you keep us notified of any future changes in your address.
Can I receive my Deferred Pension Early?
Deferred benefits may also be put into payment earlier, and in full, in the event of permanent ill health. You can also elect to receive deferred benefits early from the age of 55 but you must have your former employer's consent. Benefits paid early may be subject to a reduction to take account of their early payment and the fact that your pension will be paid for longer.
Payment of your Deferred Pension on Ill-Health Grounds
Premature payment of deferred benefits is possible if your health breaks down before normal retirement age, provided your former employing authority is satisfied that, had you remained in their employment, you would have been retired on the grounds of permanent ill-health.
If you would like to investigate this further please put your request in writing to the Berkshire Pension Fund, Minster Court, 22-30 York Road, Maidenhead, Berkshire, SL6 1SF. On receipt of your correspondence we will forward your request to your previous employer.
