your deferred benefits statement 2013

Here is your pensions statement for your deferred benefits with Greater Manchester Pension Fund. This year we’ve tried to cut down the amount of notes to keep things clear and simple – we hope you like the new version.

We’ve also included some inserts, including a warning about a scam called pension liberation, and a reminder to keep us up to date with your email address and mobile number. So do read these too.

And did you know we have a free online service called GMPF online? It allows you to see a cut down version of your pension records - see our website to find out more or to sign up.

We hope you find this pack useful, and if you need to know more, you can always visit our website, or get in touch with us – all the contact details are on the back page.

About youYour name:

Employer:

Last day of membership:

Original pay:

Your National Insurance number:

Your email address:

Your phone number:

Your date of birth:

NotesIf you have these deferred benefits because you opted out of the LGPS, then you won’t be able to draw these benefits until you leave this employment. If you have opted out, you can normally opt back in (in writing) at any time.

This is the pay your deferred benefits were originally based on.

This is the date you left this employer, split your benefits with the same employer - for example following a pay reduction, or opted out of the scheme.

This statement only shows your deferred benefits with this employer.

If you also have other deferred benefits or still pay into the fund you will get separate forecasts for each one.

Your unique membership number if you need to contact us.

Retirement date

Transfers to other pension schemesIt may also be possible to transfer your deferred benefits into another type of pension, such as a personal/stakeholder pension, or another occupational scheme. You may want to get independent advice before doing this.

Your deferred benefits

Pension: (per year)

Pension: (per year)

Lump sum: (one off payment)

Lump sum: (one off payment)

Your standard package of pension benefits consists of both a one off tax free lump sum and a pension - an income for your lifetime...

Here’s how we have worked out your pension...

Plus

And here’s how we have worked out your lump sum...

£

£

£

£

The original value of your deferred benefits was:

After inflation the current value of your deferred benefits is:

Membership BEFORE

April 2008x

Pay ÷ 80

Membership FROM

April 2008x

Pay ÷ 60

Membership BEFORE

April 2008x

Pay ÷ 80 x 3

Your options at retirement We have shown the standard package of benefits here. But if you like, just before you retire, you can choose to give up some pension to boost your lump sum. If you choose this option, every £1 of pension will give you an extra £12 of lump sum. In the same way every £1,000 of pension you give up will give you an extra £12,000 of lump sum, and so on. There are limits on the size of the tax free lump sum you can take, so this limits how much pension you can give up. We will work this out for you close to retirement, and let you know.

Early payment on health groundsAt any age, if you become permanently too ill to carry out the job you used to do for your former employer, you can apply to them to pay your benefits early. They will seek the opinion of a specially qualified doctor in reaching their decision. And as you left on or after 1 April 2008, the doctor will assess your capacity for any type of work.

Please note: If you draw your deferred benefits early on health grounds, you won’t be given any extra years (as a current member would), and the ‘inflation proofing’ increases already described won’t apply until your 55th birthday, unless you are too ill to work at all.

Inflation proofingEach year we hold your deferred benefits, we increase them in line with prices. The increase in the consumer prices index this time is 2.2%.

Your death benefitsIf you die before you draw your deferred benefits, we will pay out a one off lump sum, as shown here...

Lump sum life cover: (one off payment) £

Dependants’ pensionsIf you also leave dependants, they can be entitled to pensions in their own right. Dependants can include:

Your husband or wife

Your civil partner

Your nominated cohabiting

partner

or or plus

Please remember this is

only a forecast and is not legally binding and your

actual benefits may be different.

Eligible dependent

children

Partners’ pensions

Need a lump sum nomination form?Get one by visiting our website at www.gmpf.org.uk, or by calling our helpline on 0161 301 7000.

Partners Pensions nomination form

NOV2012

The amount varies depending on how many children you have, and whether we are also paying pensions to other dependants as well.

Need a partner’s pensions nomination form?Get one by visiting our website at www.gmpf.org.uk, or by calling our helpline on 0161 301 7000.

Lump sum life cover

Can we help you?Here are the ways you can find out more or get in touch with us. If you do contact us, please quote your National Insurance number.

Please let us know if you move house or if this didn’t come to the right address...

Visit our website to find out more or to contact us by email:

Or call our friendly helpline on:

www.gmpf.org.uk

0161 301 7000Or call in at our offices: GMPF, Concord Suite, Manchester Rd, Droylsden, M43 6SF.