Deferred Newsletter

Newsletter 2024 

Welcome to the 2024 edition of the City and County of Swansea Pension Fund newsletter, which has been produced for all members who have a deferred benefit held with the City and County of Swansea Pension Fund.   

 I hope that you find it informative, however should you have any comment, please do not hesitate to contact the Pension Section at the address or email at the end of this newsletter. 

Annual Benefit Statement 2024 

Your Annual Benefit Statement is now available to view on our online portal, “My Pension Online”. Please login at https://pensions.swansea.gov.uk/ and check the “My Documents” section from your dashboard. If you have previously requested to have paper copies of your statement posted to your home, that should arrive by 31 May. If you would like paper copies in future, please write to us either through the post or email saying that you would like paper copies of correspondence in future. Our details are at the end of this Newsletter. 

My Pension Online 

Member Self Service – My Pension Online provides members of the City and County of Swansea Pension Fund with the opportunity to securely access their pension information at any time. Active, deferred or pensioner members of the Scheme can review and update basic details such as address, email, and death grant nominees. 

If you would like to register for ‘My Pension Online’, please visit the website: https://pensions.swansea.gov.uk/ 

Revaluation Increase  

Your deferred benefits are increased each year in line with the Consumer Price Index (CPI) which measures price inflation. 

The Consumer Price Index to September 2023 was 6.7% and the increase will be applied from 8^th April 2024. 

Accessing your Deferred Pension Benefit Early 

You can choose to take your deferred benefits from age 55 onwards. You do not need your former employer’s consent to take your pension early. However, reductions will apply for early access. 

Taking your deferred benefits from your Normal Pension Age 

If you do not take your deferred benefits early, they will normally be paid from your Normal Pension Age. You can choose to delay payment beyond that age, depending on when you left the scheme. 

If you are eligible to take your deferred benefits after your Normal Pension Age your pension benefits will be increased. You must take your deferred benefits by age 75. 

If you left the LGPS before 01/04/1998, you must take your benefits from your Normal Pension Age, which will be between 60 and 65 due to the Rule of 85. We will contact you when your pension is due for payment. 

If you left the LGPS between 01/04/1998 – 31/03/2008 or after 01/04/2014 you can choose to claim your pension any time from age 55 to 75. 

If you left the LGPS between 01/04/2008 – 31/03/2014, you can choose to claim your benefits after age 65, but you must notify us in writing before your 65^th birthday that you would like the choice to claim your pension late. Making the election does not bind you to claiming your pension late, but it gives you the flexibility to have your pension when you choose. Pensions must be paid before your 75^th birthday. 

Ill Health 

If you become permanently incapable of work by reason of ill health at any age, you can contact your previous LGPS employer to ask whether your LGPS benefits can be paid immediately. 

McCloud Remedy  

When public service pension schemes changed from final salary schemes to career average schemes in 2014 and 2015, older members were protected from the changes.  

In 2018, the Courts found that younger members had been discriminated against because the protection did not apply to them. Changes made to the LGPS from 1 October 2023 removes the discrimination found in the court case. These changes are called the McCloud remedy.  

Not all LGPS members are affected by the changes. You can find more information on the national LGPS website, including a short video. Please visit www.lgpsmember.org/mccloud-remedy/ 

If you are affected, you do not need to write into the pension fund or make any decisions. If you are contacted by a third party organisation selling a service to help you claim additional pension, you should not engage with them.  

As a member of the LGPS, you do not need to take any action to claim your protection under the McCloud remedy. If you qualify, the Pension Fund will automatically apply the protection when you take your LGPS pension. 

Moving House 

Please notify the Pension Section if you have a change of address, please do not rely on the sharing of this information between Council Departments as this is deemed a breach of your personal data. We cannot take a change of address over the telephone. 

Death in Deferment 

If you die while a deferred member of the LGPS, the person dealing with your affairs must inform the City and County of Swansea Pension Fund immediately. 

A death grant that will be paid if you die while a deferred beneficiary depends on your date of leaving. 

Leaving with Deferred Benefits on or before 31 March 2008 

If you left the Scheme on or before 31 March 2008, the death grant would be 

3 x the up-to-date value of your deferred pension 

Leaving with Deferred Benefits on or after 1 April 2008 

If you left the Scheme on or after 1 April 2008, the death grant would be 

5 x the up-to-date value of your deferred pension. 

If you have not already done so please provide or amend your nominees using our online portal, “My Pension Online”. You can also return a completed Death Grant Expression of Wish Form to the Pension Section. You will find a form on our website www.swanseapensionfund.org.uk  

Transferring your benefits 

If you have left Local Government employment and have deferred LGPS benefits and are more than one year before your Normal Pension Age, you can decide to either leave them in the Scheme, where they will be further increased with inflation each year, or transfer them to a new Employer’s scheme or into a personal pension plan, including an Overseas pension scheme. 

You cannot transfer your benefits if you leave less than one year before your Normal Pension Age (equal to State Pension Age or at least age 65). 

Re-employed in local government  

If you re-join the LGPS with a new employer, you can elect for the pension rights you have built up to be added to your new pension account in the Scheme. You only have 12 months from re-joining the LGPS to opt to transfer previous LGPS membership, unless your employer allows you longer. 

Address and Contact Details