Members Newsletter Deferred 2019 For more information visit the national Local Government Pension Scheme Members website: www.lgpsmember.org

Welcome to the latest newsletter for deferred your NPA is normally 65. In members of the Local Government Pension some cases, it may be earlier Scheme (LGPS). if certain protections apply. We’ve produced this newsletter jointly with other LGPS funds. If you left the scheme on or You should contact Isle of Wight Pension Fund if you need to after 1 April 2014, your NPA update your personal details or if you need more information is connected to your State about your pension benefits. Pension age, which could change in the future.

If you’re unsure when your NPA is, you should check your deferred benefit statement.

Can I take my benefits before my NPA? Changes to the scheme regulations mean you can now take your deferred benefits before your NPA, from the age of 55, as long as you’ve left the employment the benefits relate to. This has always been the case if you left on or after 1 April 2014, but now also applies if you left before 1 April 2014.

Will my benefits Frequently asked questions be reduced if I take them early? What are • you transfer them to an If you choose to take your deferred benefits? alternative pension scheme; deferred benefits earlier than When you leave the LGPS, or your NPA, they’ll normally be and before you retire, we • you take them earlier than reduced to take into account work out your pension your NPA at a reduced rate, that your pension will be paid benefits and hold them in the or after your NPA at an for longer. How much your pension fund for you. We call increased rate. deferred benefits are reduced these ‘deferred benefits’ and by will depend on how early we look after them until: Your NPA depends on when you take them. The reduction • your normal pension age you left the LGPS. If you left is based on the length of time (NPA); the LGPS before 1 April 2014, (in years and days) between

1 Deferred Members Newsletter 2019 Isle of Wight Pension Fund the date you take them and Can I take my increases since the date you your NPA. deferred benefits if left. I’m unable to work The early-retirement due to ill health? After your death, the reduction factors are set by If you are ill and cannot following people may receive the government and can vary work, you can ask your a pension. from time to time. The current former employer to pay • Your husband, wife or factors are shown in the table your deferred benefits registered civil partner below. early, without a reduction, • Any eligible children whatever your age. Contact • If you were a member Lump-sum your former employer if you of the LGPS on or after reduction (for Number membership would like to discuss this. 1 April 2008, an eligible of years Pension to 31 March Your health condition must cohabiting partner paid early reduction 2008) meet the rules set out in the (someone you live with as if 0 0% 0% regulations. you were married) 1 5.1% 2.3% 2 9.9% 4.6% How do my deferred Check how much your 3 14.3% 6.9% benefits keep their dependants could receive 4 18.4% 9.1% value against inflation? by logging in to our secure 5 22.2% 11.2% Every April, your deferred members’ website at 6 25.7% 13.3% benefits are adjusted in line www.isleofwightpensionfund.org 7 29.0% 15.3% with inflation. The pension 8 32.1% 17.3% increase applied to your It’s important to let us know 9 35.0% 19.2% benefits is measured by about any changes to your 10 37.7% 21.1% the Consumer Price Index marital status. 11 41.6% Does not apply (CPI) as at the previous 12 44.0% Does not apply September. For April 2019, How do I update my 13 46.3% Does not apply this is 2.4%. personal details? If you want to update the You can find more What happens personal details shown information about taking to my deferred on your annual statement your deferred benefits on the benefits if I die? (including your address), or national LGPS website: If you’re a deferred member you want to tell us about www.lgpsmember.org/arl/already- and you die, your eligible any other changes, please left-when.php dependants may be entitled fill in the relevant form (for to a lump-sum death grant instance, the ‘change of Can I take my and survivor’s pension. address’ form). You can find deferred benefits these on the fund’s website. later than my NPA? If you left the LGPS before Or, you can log in to your If you left the LGPS after 1 1 April 2008, the death grant online account through April 1998, you can choose would be the same as your ‘Member Self Service’ to to leave your benefits in the lump-sum retirement grant update some of your personal LGPS past your NPA, but shown on your statement details. we must pay these to you and includes any increases to when you reach 75. In this your pension since the date If your marital status case your benefits would be you left. changes, you should give increased for late payment. us your original marriage If you left before 1 April 1998 If you left on or after 1 April certificate, civil partnership you must take your benefits 2008, the death grant would certificate or decree absolute, when they’re due. be five times your deferred as appropriate, so that we pension, plus any pension can authorise the change.

2 Deferred Members Newsletter 2019 Isle of Wight Pension Fund Early payment and continue in your local Why does this apply government employment. to the LGPS? of deferred The government believes benefits for The above changes are that the implication of this backdated to 17 April 2018. judgment for all public-service leavers before If you would like to apply pension schemes, including 1 April 1998 only for early payment of your the LGPS, is that surviving deferred benefits, please civil partners or surviving Last year we let you know contact us. same-sex husbands or wives about a change to the should receive benefits equal scheme rules if you left with to those that would be left to deferred benefits before Changes the widow of a male member 1 April 1998. of the scheme. We told you that the scheme to survivors’ rules had been changed benefits for When does to allow you to take your same-sex the change take benefits at age 55 (rather effect from? than 60), or your NPA. Your husbands, The change is backdated NPA will be between 60 and to the date that civil 65 depending on when you wives and civil partnerships and same-sex joined the scheme. You can partners marriages were introduced. find this information on your This is 5 December 2005 deferred benefit statement. A change has been made for civil partnerships and as a result of a Supreme 13 March 2014 for same-sex A further change to the Court judgment (Walker marriages. scheme rules now allows v Innospec) which found you to take your benefits at that Mr Walker’s husband This means that if a member any time from age 55 (rather was entitled to the same of the LGPS has died leaving than only at 55 or your NPA). benefits that would have a surviving civil partner or a Your former employer doesn’t been paid if Mr Walker had same-sex husband or wife, need to give permission for died and left a widow in an the survivor’s pension will you to take your benefits opposite-sex marriage. need to be reviewed and any between the age of 55 and extra amounts paid, if this your NPA. You must take applies. We are currently your deferred benefits at your reviewing the effect of this NPA (if you’ve not taken them change and will tell you if it before). applies to you.

Also, you no longer have to The change will automatically leave all local government be taken into account in employment to take your survivors’ benefits paid to deferred benefits. civil partners and same-sex husbands and wives in the This means that if you’re future. working in another local government employment (that is, a different employment to the one you were in when you built up your deferred benefits) you can now choose to take your deferred benefits

3 Deferred Members Newsletter 2019 Isle of Wight Pension Fund Ban on Cyber Rejoining cold calls security the LGPS A long-awaited ban on We take the security of your If you have the option pensions cold-calling came information very seriously. to join the LGPS again into force on 9 January Most pension records are (because you’re working 2019. (Cold-calling is when held electronically, and many for an employer who offers a company phones you to pension scheme members membership of the LGPS), try to market their services, can now access their own you may want to consider it, without you having asked pension records online. The as you will be able to build them to.) The ban was first Data Protection Act 2018, up further benefits for your announced in November along with guidance from The future. 2016 and is now law. Pensions Regulator, sets out Companies who break the rules that pension funds must If you rejoin the LGPS in a rules can be fined up to follow to make sure that they different pension fund, tell £500,000. have good cyber-security them about your existing (protection for computers and benefits with us. You may How does communications networks). be able to combine your the ban work? deferred benefits with your The ban applies to all We work closely with our new active pension record. pensions cold calls, unless suppliers to make sure both of the following apply. the systems that hold If you are worried about the • The caller is authorised your personal information cost of rejoining the LGPS, by the Financial Conduct are protected. We have you should consider the Authority or is the trustee or procedures in place to check 50/50 section of the LGPS. manager of an occupational that processes and people It offers half pension for or personal pension are kept up to date. We also half contributions while still scheme. regularly and thoroughly providing full death cover • The person receiving the test systems to make sure and ill-health protection for call agrees to calls or that they stay secure and your loved ones. You can find already knows the caller. that the risk of a security more information about the incident is reduced. We make 50/50 section on our website. Calls about your pension in sure that our suppliers have any other situation are illegal certificates which prove they and may even be a scam. meet the expected cyber-security standards and What do I do if I that the certificates are kept receive a cold call? up to date. If you receive an unwanted call from an unknown caller Brought to you by: about your pension, please don’t give out any personal Shropshire County information. Gather as much PensionFund information as possible and report it to the Information Northamptonshire Commissioner’s Office. Visit Pension Fund Cambridgeshire their website on www.ico.org.uk Pension Fund or call their helpline on 0303 123 1113.

Pension Fund

4 Deferred Members Newsletter 2019 Isle of Wight Pension Fund