Croeso i wefan Cronfa Bensiwn Dyfed
Welcome to the Dyfed Pension Fund website

Calculating your Benefits

Your pension benefits will be calculated on a Career Average Revalued Earnings (CARE) basis from 1 April 2014. However, if you became a member of the scheme before this date, the benefits that you have built up until 31 March 2014 will continue to be calculated on a Final Salary basis when you retire, using your pensionable pay at the point of retirement.

The combined value of your Final Salary and CARE benefits will then yield the pension benefits payable upon your retirement. You will also have the option to give up part of your pension to receive tax free cash (in addition to any automatic lump sum entitlement that you may have in respect of your pre 2008 scheme membership). This is known as Commutation. (Exchanging your Pension).

Further Protection

Protections are also in place if you are nearing retirement, to ensure that you will get a pension at least equal to that which you would have received, had the scheme not changed on 1 April 2014.

This applies if you were:

  • paying into the Scheme on 31 March 2012;
  • within 10 years of your Normal Pension Age (normally age 65) on 1 April 2012; and
    you haven’t had a disqualifying break in service of more than 5 years; and
  • you've not drawn any benefits in the LGPS before Normal Pension Age and you leave with an immediate entitlement to benefits. If you are covered by this protection, a calculation will be performed upon your retirement to check that the pension you have built up is at least equal to that which you would have received had the scheme not changed on 1 April 2014. You will then receive the 'best deal'.

What if I started in the Scheme on or after 1 April 2014?

The 'Final Salary' references made within this section will NOT apply, therefore reference should only be made to the CARE Benefits and Exchanging your Pension sections.

Please note

Your benefits may be actuarially reduced / increased if paid before / after your Normal Pension Age (NPA). NO reference has been made to the actuarial reduction / increase of benefits in this section.

  • Final Salary Benefits
  • CARE Benefits
  • Exchanging your Pension