Annual Benefit Statements

Pensionable Pay The final pay figure that would normally be used to calculate your LGPS benefits is your pensionable pay received over the last 365 days of your employment. The final pay shown in your annual benefit statement is based on the pension contributions you paid from 1 April 2010 to 31 March 2011.

Contractual Hours If you work part time, your hours will be shown as your contractual hours worked out of a full-time equivalent week. For example, if you work 30 hours per week out of a possible 37, this will be shown as 30.00/37.00.

Contractual Weeks If you work term time only, your total contractual weeks worked will be shown out of a full-time equivalent year. For example, if you are contracted to work 46.10 weeks per year out of a possible 52.143, this will be shown as 46.10/52.143.

LGPS retirement date This is the day before your 65th birthday. The normal retirement age within the LGPS is 65. However, you are eligible to claim a reduced pension from age 60 onwards, and in some cases you may be eligible to receive your pension benefits before the age of 65 at an unreduced rate. Please contact the Pension Team to find out more about when you can retire.

Your LGPS Pensions Built up to 31 March 2011

Total 80ths membership This is the service you have built up to 31 March 2008.

Total 60ths membership This is the service you have built from 1 April 2008 to 31 March 2011.

Total 80ths pension This is your annual pension amount based on your service up to 31 March 2008.

Total 60ths pension This is your annual pension amount based on your service from 1 April 2008 to 31 March 2011.

Total lump sum based on pre 1 April 2008 service only A tax-free cash lump sum payable based on your service built up to 31 March 2008.

Maximum tax-free lump sum Under current regulations it is possible to elect to convert part of your pension into additional tax-free cash on retirement. You are allowed to exchange £1 of annual pension for an additional £12 of tax-free cash up to a maximum of 25% of the capital value of your total 'pension pot'. You will be provided with details of how this option applies to you before your benefits come into payment at retirement.

PLUS a smaller LGPS pension The figure quoted here is the annual pension you would receive if you elected to convert the maximum 25% of the capital value of your total 'pension pot'. This figure is based on your pension calculated up to 31 March 2011.

Survivor's pension This is the amount of annual pension which would become payable in the event of your death to your legally married spouse, civil partner or nominated cohabiting partner. This figure is the current value at 31 March 2011.

Lifetime Allowance (LTA) The LTA is the total capital value of all your pension arrangements, but not your state pension, which you can build up without paying extra tax. The LTA covers any pension benefits you may have in all tax-registered pension arrangements - not just the LGPS.
The LTA for the tax year 2010/2011 was £1,800,000.00. The figure quoted is the value of the LTA that you have used up in respect of your Berkshire pension entitlement as at 31 March 2011 (both the monetary and percentage figures have been provided).

Total 60ths membership This is the service you have built from 1 April 2008 to age 65.

Total 80ths pension This is your annual pension amount based on your service up to 31 March 2008.

Total 60ths pension This is your annual pension amount based on your service from 1 April 2008 to age 65.

Total lump sum based on pre 1 April 2008 service only A tax-free cash lump sum payable based on your service built up to 31 March 2008.

Maximum tax-free lump sum Under current regulations it is possible to elect to convert part of your pension into additional tax-free cash on retirement. You are allowed to exchange £1 of annual pension for an additional £12 of tax-free cash up to a maximum of 25% of the capital value of your total 'pension pot'. You will be provided with details of how this option applies to you before your benefits come into payment at retirement.

PLUS a smaller LGPS pension The figure quoted here is the annual pension you would receive if you elected to convert the maximum 25% of the capital value of your total 'pension pot'. This figure is based on your pension calculated up to age 65.

Survivor's pension This is the amount of annual pension which would become payable in the event of your death to your legally married spouse, civil partner or nominated cohabiting partner. This figure is the current value at age 65.

Your LGPS Death Benefits

Death in service grant: This is the value of the tax-free lump sum which would become payable to your estate or nominated beneficiary(ies) at your date of death (for the purposes of this estimate we have used the date of 31 March 2011). The amount of lump sum payable is equal to three times your final annual pay, no matter how long you have been a member of the Scheme. If you are a part-time employee, the pay figure used is the actual pay you receive and is not increased to its full-time equivalent rate in the same way as when retirement benefits are calculated.

Survivor's pension: This is the amount of annual pension which would become payable in the event of your death to your legally married spouse, civil partner or nominated cohabiting partner.

Your nomination details: You can choose who you would like to receive any death grant payable, by completing an expression of wish form. If you have already completed an expression of wish form, your nominated beneficiary(ies) will appear in this section. If this section appears blank, we do not currently hold a nomination on file for you. If you have not already made a nomination or would like to change your existing beneficiary(ies), please complete and return the expression of wish form .

Your Employment History held with the Berkshire Pension Fund

Employer: This is the name of the organisation you have been employed with throughout your membership of the Berkshire Pension Fund. This will also include any service that has been transferred in from other organisations or local authorities outside of Berkshire.

Period from/to: The start and end dates of your period of employment.

Time with employer: The calendar length of service worked during your period of employment.

% of whole-time: The percentage of contracted hours and weeks worked during your periods of employment.

Period of LGPS membership (years/days): The actual length of service in years and days which are counted towards the calculation of your pension benefits. Your employment history will also include previous service which you may have elected to transfer in from a former pension provider.

IMPORTANT:

A note about AVC contributions

Your annual benefit statement does not include any details of Additional Voluntary Contributions (AVCs) that you may be paying through our in-house AVC provider, Prudential. You should receive a separate annual statement from Prudential each year showing the value of your AVC fund. However, if you would like further information regarding your AVC funds held with Prudential, please contact them directly on 0845 607 0077 or visit www.pru.co.uk/localgovavc.

A note about multiple employments