Annual Benefit Statements

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Annual Benefit Statements are issued once a year and the last statement issued was applicable for service up to 31^st March 2007.

The statement gives you an illustration of what your benefits are worth based on your full-time equivalent pay as at the end of the financial year in question.

This statement does not take account of any changes to the Local Government Pension Scheme after the run date, because this will not affect service accrued prior to that date. Any changes will be reflected in the next statement issued.

The benefit statement is only intended to provide an approximate idea of how your benefits are accumulating. You should not make a decision to retire on the basis of information on an Annual Benefit Statement.

Should you come to a point where you wish to retire or leave the Scheme, we will calculate your benefits using an actual figure from the payroll system as at the date of leaving and you will need to contact the Pensions Department separately. It would be prudent to give at least three months notice, in order to give yourself time to consider your options.

We have assumed that the “Pensionable Pay” used in the calculations represents a normal twelve-month period to the end of the applicable financial year. The “Pensionable Pay” figure is calculated from information on contributions and working hours (stated as a percentage) which is supplied to us by your employer. If this, or any other information on the statement is incorrect please let us know so that we can correct it.

If your contributions are less in this financial year because of long-term absence e.g. maternity, illness, strike, the full time pay will reflect this. It will not affect the final pay used to calculate your benefits, it only affects this statement.

If you are purchasing additonal service, this will be reflected in the service show on your benefit statement. However, the amount included will only be that purchased up to the date of the statement in question.

If you would like to discuss any aspect of your benefit statement, please contact us on 01225 756172 or 01225 713284 or email us at pensionenquiries@wiltshire.gov.uk.

The next Annual Benefit Statement will be sent to you during the Summer of 2008 and will be based on pension benefits up to 31March 2008. This statement will not therefore reflect any details of the new Scheme which began on the 1^st April 2008. The first time you will notice a difference will be in the following statement issued in the summer of 2009.

Below are examples to clarify some aspects of the statement:

Example 1:

How to calculate the percentage hours on your statement

To calculate your part-time percentage hours quoted, divide your contract hours by your whole time equivalent.
So, if you work 18.50 hours a week: 18.50 hr / 37 hours = 50% (half time)
Or, if you work 28.00 hours a week: 28.00 hr / 37 hours = 75.68%
If you work term time this calculation is slightly different due to the amount of weeks you work per year.

Example 2:

How to clarify the service on your statement if you work part-time hours

As stated above, if you work part-time, the service shown on your statement will not reflect the amount of time you have actually worked.
For example: If you had worked full time for a year, this would count a one years pensionable service but if you work 18.5 hours a week for one year, the service you have built up in the pension scheme would be 6 months i.e. half the time or50%.
If you had worked 28 hours per week for one year the service you have built up in the pension scheme would be 276 days.

www.wiltshirepensionfund.org.uk

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