Job transfers within the Local Government Pension Scheme
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1 Job transfers within the Local Government Pension Scheme
2 Job Transfers & TUPE transfers Since 01/04/2014, a member of the LGPS will hold a separate pension account for each scheme employment they are eligible to pay contributions in. Scheme employment an employment which a person is entitled to be a member of the Scheme LGPS Regulations 2013 Following a change of post or employer, the Clwyd Pension Fund will assess all pension accounts and provide the member with all relevant combining options. The options available will depend upon THREE different factors.
3 Things for consideration. JOB 1 (FCC) JOB 2 (FCC) LENGTH OF SERVICE IN JOB 1 FINAL PAY IMPLICATIONS AGE AT DATE OF TRANSFER Section
4 1) Length of service in JOB 1 Can I choose to combine/separate? ANY MEMBER WITH UNDER 2 YEARS SERVICE IN JOB 1 MUST HAVE BOTH THEIR PENSION ACCOUNTS COMBINED a) JOB 1 (-2 years) JOB 2 31/08/16 01/09/2016
5 1) Length of service in JOB 1 Can I choose to combine/separate? ANY MEMBER WITH OVER 2 YEARS SERVICE IN JOB 1 HAS THE OPTION TO COMBINE THEIR PENSION ACCOUNTS b) OR KEEP BOTH SEPERATE JOB 1 (+2 years) JOB 2 31/08/16 01/09/2016
6 Final Salary Scheme I was a member before 31/03/2014 Annual Pension = Final Pay x Service x Accrual Rate last 12 months (years and days) (1/60 ths or 1/80 ths ) Automatic Tax Free Lump Sum = Final Pay x Pre 2008 Service x Accrual Rate last 12 months (years and days) (3/80 ths )
7 Final Pay Full Time Equivalent Pay Average of the last 12 months of employment Member retires on 31 st August 2017 Final Pay Period (12 months) = 1 st September 2016 to 31 st August 2017 Full Time Equivalent Pay at 1 st September ,000 Pay Increase at 1 st January ,500 Final Pay Calculation 01/09/ /12/ ,000 x 4 months /12 months = 8,000 01/01/ /08/ ,500 x 8 months /12 months = 17,000 25,000
8 16/17 15/16 14/15 CARE scheme (post 01/04/2014) Actual Pensionable Pay x 1/49 TH ( + Inflation CPI ) = Pension Pot Opening Balance Actual Pens Pay Accrual Rate CARE Pay CARE Pay to date + CPI (Inflation) Pension Pot ,600 x 1/49 th % ( 4.80) ,129 x 1/49 th % (- 0.88) ,000 x 1/49 th % ( 13.86)
9 Final Salary Scheme Scenario 1 01/04/08 31/03/14 31/08/16 Reduced if drawn before 65 years old 6 years service Final Pay 20,000 Annual Pension = Final Pay x Service x Accrual = 20,000 x 6 x 1/60 th = 2,000 Scenario 2 01/04/08 31/03/14 31/08/22 6 years service Final Pay 25,000 Annual Pension = Final Pay x Service x Accrual = 25,000 x 6 x 1/60 th = 2,500
10 2) Pay, affects on any final salary pension a) 01/04/08 31/03/14 31/08/16 Reduced if drawn before 65 years old 2008 to 2014 Annual Pension 2,000 plus inflation to 31/08/22 (future promotions) b) 01/04/08 31/03/14 31/08/ to 2014 Annual Pension 2,500
11 3) Age Under age 55 and +2 years service 31/08/16 31/08/16 Final salary benefits will be based on final pay at Benefits may be reduced if drawn before state pension age
12 3) Age Over age 55 and +2 years service 31/08/16 31/08/16 31/08/16 Final salary benefits will be based on final pay at Benefits may be reduced if drawn before state pension age
13 A few more things to consider Final pay Future inflation increases Death grant lump sum Redundancy/Efficiency Rule of 85
14 Death grant lump sum Active members Lump sum of 3 times your annual pensionable pay Deferred members Lump sum equal to 5 times the deferred pension is paid. ONLY ONE amount for lump sum death grant is payable The greater of all active lump sums vs all deferred lump sums is payable if member holds separate pension accounts
15 Redundancy / Business Efficiency Pension and lump sum payable unreduced if +55 years old Combined Benefits Benefits paid include the value of BOTH JOB 1 and JOB 2. If aged +55 pension would be payable immediately and would include the value of both jobs. Separate Benefits Benefits paid would NOT include the value of JOB 1. If aged +55 pension would be payable immediately but would include the value of ONLY JOB 2, and NOT JOB 1
16 Rule of 85 Active before 01/10/2006 Certain protections may apply in full from age 60. Combined Benefits These protections will include BOTH JOB 1 and JOB 2 Separate Benefits These protections continue to apply to your JOB 1 only.
17 Endless scenarios, and no member is the same
18 Clwyd Pension Fund process Notified of leaver (JOB 1) and new position (JOB 2) by payroll in a perfect world +55 y/o Pensions write to members asking if you wish to draw your pension benefits or not (combining options follow) - 55 y/o Notify member that Clwyd Pension Fund are aware that member has transferred posts Previous LGPS membership If you already hold previous LGPS membership you may have options to combine your new membership with your existing membership. Further details of the options available will be sent to you shortly.
19 Final notes for consideration Transferring previous pensions Once a scheme employment begins members may transfer other pensions into the LGPS within the first 12 months of starting this job. To do so members can complete a transfer authority form which will be sent out with your starter letter (can also can be found via our website). Not responding to your combining options Following a TUPE/job transfer combining options may be provided. Members will be notified in the letter how long the have to respond If no response is received, both jobs will AUTOMATICALLY be combined
20 A Typical Scenario JOB A 01/09/16 JOB B JOB C JOB D JOB E (Aura) JOB E starts on 01/09/2017, has options to draw JOB D (+55 years) Member may elect to defer JOB D If JOB D is deferred, JOB E has option to combine with JOB A, JOB B or JOB D If member elects to combine JOB E with either JOB A or JOB B; JOB D shall then have the option to combine with JOB C as this employment is still active.
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