This section provides you with the information that you will need if you are either approaching your retirement, or already in receipt of your LGPS pension.
Making the necessary arrangements for your retirement can be a testing and stressful time, but the Dyfed Pension Fund aim is to make the transition as smooth as possible. The Fund encourages members to make an appointment with one of our dedicated Pension Officers to explain the process and the options available to you, and also to help you complete the necessary paperwork.
The Dyfed Pension Fund is unable to provide you with any financial advice, therefore it may be worth seeking Independent Financial Advice when making various decisions concerning your retirement.
How Do I Retire?
If you wish to retire from age 55 or if you believe that you may be eligible to retire on the grounds of ill health, you should contact your Employer in the first instance. If after careful consideration you decide to proceed, your Employer will then liaise directly with the Dyfed Pension Fund and the process will begin. You are able to request an Estimate of your benefits from the Fund if you are within 6 months of your proposed retirement date.
Alternatively, if you have registered to the My Pension Online service, you will be able to project the value of your benefits at your proposed retirement date, at any time.
What information is needed to process my retirement?
Your Employer will provide the Dyfed Pension Fund with all the necessary paperwork. Upon receipt of this information, the Fund will liaise directly with you. You will be sent your retirement options and you will then need to return your declaration as soon as possible, for your benefits to be processed in a timely manner.
You will be asked to provide a copy of your Birth Certificate, and if applicable, a copy of your Marriage Certificate, Civil Partnership Declaration or Decree Absolute (if divorced or your civil partnership has been dissolved). You are also required if married or a declared civil partner, to provide a copy of your spouse or civil partner's birth certificate. If a widow or widower, you should provide a copy of your spouse's / civil partner's death certificate.
Your Bank / Building Society account details are required for all payments to be made. You are able to pay any tax-free lump sum into a different account to that of your annual pension. You will be given the option to submit separate account details within your retirement pack.
If you have any queries concerning your options on retirement, please contact the Dyfed Pension Fund.
Payment Advice Slips
Payment Advice slips are issued to all non users of the My Pension Online service in April to illustrate the increase applied under the Pensions (Increase) Act 1971.
Subsequent Payment Advice Slips are only issued where there is a variance of at least £5.00 from your previous month’s payment.
Your annual pension is subject to PAYE – Income Tax, and the Dyfed Pension Fund is obligated to comply with the coding issued by HM Revenue & Customs (HMRC).
When you retire, your former Employer should forward your P45 to the Fund. The tax code shown on the P45 will be applied on a temporary Month One basis until we receive new coding from HMRC.
If your tax code is not known immediately, an 0T code (no tax free allowance) will be applied as a temporary measure.
All income tax code queries should be raised directly with the HMRC:
Tel: 0300 200 3300
In resolving your query, you will be required to provide your Surname, National Insurance Number and the Dyfed Pension Fund reference no. 615 / D6065C.
Local Government Pension Scheme (LGPS) benefits are fully protected against inflation and attract revaluation by way of the Pensions (Increase) Act 1971.
Your annual pension is revalued each April and is currently based on the Consumer Price Index (CPI). This is automatically applied to ill-health and Survivor pensions, but will only be applied to any other pension benefit in payment from age 55.
Pensioners aged between 50 and 55 will qualify at age 55 and will receive the accumulative effect of revaluation since their retirement date to age 55.
Once revaluation has been applied, the Dyfed Pension Fund will send you a statement by the end of April to show the revalued value of your annual pension. Alternatively, if you have registered to the My Pension Online service, you will NOT receive a statement as you are able to view these details online.