There are different calculations for working out the value of your deferred pension depending on when you were a member of the scheme:
The pension you build up during each or any of the above periods is calculated separately and added together to get your total pension.
Career Average Pay is the average pay you received over your LGPS membership. In calculating your average pay, the pay you received each year while in the pension scheme is revalued so it keeps up with the cost of living. Your revalued pay for each year is added together with the total divided by your membership to get your Career Average Pay. This figure is then used to work out your benefits in the old career average scheme up to 31 March 2015
The Fund will publish our unaudited Annual Accounts for the financial year 2020/21 on 28 June 2021
Deferred members of the NESPF are now able to view their online Pension Statement for 2021.
The topic of pensions might seem confusing, but the end goal is simple – saving for retirement can lead to a better financial future later in life.
We delve into the background of the pension scheme to take a closer look at the LGPS and what it offers.