Normal Pension Age
Normal Pension Age is linked to your State Pension Age for benefits built up
from April 2014 (but with a minimum of age 65) and is the age at which you can
take the pension you have built up in full. If you choose to take your pension
before your Normal Pension Age it will normally be reduced, as it’s being paid
earlier. If you take it later than your Normal Pension Age it’s increased because
it’s being paid later.
You can use the Government’s State Pension Age calculator (www.gov.uk/
calculate-state-pension) to find out your State Pension Age.
Remember that your State Pension Age may change in the future and this would
also change your Normal Pension Age in the LGPS for benefits built up from
April 2014. Once you start drawing your pension any subsequent change to your
State Pension Age will not affect your Normal Pension Age in the LGPS.
If you were paying into the LGPS before 1 st April 2014 your final salary benefits
retain their protected Normal Pension Age - which for most is age 65. However
all pension benefits drawn on normal retirement must be taken at the same date
i.e. you cannot separately draw your final salary benefits (built up before April
2014) at age 65 and your benefits built up in your pension account (built up from
April 2014) at your Normal Pension Age (which for your benefits built up from
April 2014 is linked to your State Pension Age but with a minimum of age 65).
Pension Account
Each scheme year the amount of pension you have built up during the year
is worked out and this amount is added into your active pension account.
Adjustments may be made to your account during the scheme year to take
account of any transfer of pension rights into the account during the year, any
additional pension you may have decided to purchase during the year or which is
granted to you by your employer, any reduction due to a Pension Sharing Order
or qualifying agreement in Scotland (following a divorce or dissolution of a civil
partnership) and any reduction due to an Annual Allowance tax charge that you
have asked the scheme to pay on your behalf. Your account is then revalued to
take account of the cost of living. This adjustment is carried out in line with the
Treasury Revaluation Order index which, currently, is the rate of the Consumer
Prices Index (CPI).
You will have a separate pension account for each employment. That pension
account will hold the entire pension built-up for that employment.
In addition to an active member’s pension account there are also:
• a deferred member’s pension account;
• a deferred refund account;
• a retirement pension account;
• a flexible retirement pension account;
• a deferred pensioner member’s account;
• a pension credit account; and
• a survivor member’s account.
These accounts will be adjusted by any debits for any Pension Sharing Order
or qualifying agreement in Scotland (following a divorce or dissolution of a civil
partnership) and for any Annual Allowance tax charge that you have asked the
scheme to pay on your behalf. These accounts are currently increased each April
in line with the Consumer Prices Index (CPI).
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SouthYorkshirePensionsAuthority
SouthYorkshirePensionsAuthority
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