Leavers between 1 April 2015- 31 March 2016
This page is relevant to members who have left the LGPS between 1 April 2015- 31 March 2016 only.
After you have left the LGPS the value of your pension account (in respect of your membership from 1 April 2014 only) is revalued up to your date of leaving in line with inflation. This revaluation is applied on the following 1 April in accordance with HM Treasury Revaluation Orders. The HM Treasury Revaluation order to be applied on the 1 April 2016 was -0.1%, which means a small reduction must be applied to your benefits built up in this employment.
Due to late notification on 2 June 2016 from the Department for Communities and Local Government (DCLG) that the reduction should be applied on a proportionate basis, it is not possible to provide you with a deferred benefit statement(s) for the finaincial year 2015.16 by the statutory deadline of 31 August 2016. This is because our software provider has been unable to implement the necessary changes to our pension administration system. You will receive a benefit statement in 2017.
The reduction to be applied to your benefits depends on when you left in the year (1 April 2015 to 31 March 2016). The table below shows the reductions applicable:
|Date left during the year||Proportioned reduction|
|1 April 2015 to 26 April 2015||-0.00%|
|27 April 2015 to 26 May 2015||-0.01%|
|27 May 2015 to 26 June 2015||-0.02%|
|27 June 2015 to 26 July 2015||-0.03%|
|27 July 2015 to 26 August 2015||-0.03%|
|27 August 2015 to 26 September 2015||-0.04%|
|27 September 2015 to 26 October 2015||-0.05%|
|27 October 2015 to 26 November 2015||-0.06%|
|27 November 2015 to 26 December 2015||-0.07%|
|27 December 2015 to 26 January 2016||-0.08%|
|27 January 2016 to 26 February 2016||-0.08%|
|27 February 2016 to 26 March 2016||-0.09%|
|27 March 2016 to 31 March 2016||-0.10%|
In future your total deferred benefits (including the benefits you may have built up before 1 April 2014) will be increased in line with the cost of living not HM Treasury Revaluation Orders and should the cost of living go down, your deferred benefits will not be reduced further. Your pension also continues to receive cost of living increases each year, once it is in payment.
Please remember you can securely view your pension record via ‘My Pension Online’ (the online self-service facility where you can view your LGPS pension details). You will need your email address and National Insurance number to register.