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Annual Benefit Statement

Each year we will send you a statement showing you an estimate of your benefits. Your statement will also include information about the changes to the LGPS, topical pension issues, a summary of the accounts and a general review of the Norfolk Pension Fund.

Please NEEDS LINK click here to view a sample Annual Benefit Statement.

Annual Meeting and Pension Clinics

Each year you will be invited to an Annual Meeting and also our Pension Clinics. The Pension Clinics give you an opportunity to speak to a Norfolk Pension Fund team member face-to-face about your pension. If you are unable to attend a Pension Clinic, but would like to discuss your pension at a convenient time, please contact us to make an appointment.

Pre-Retirement Course

All Scheme members approaching retirement have the opportunity to attend our NEEDS LINK Pre-Retirement Course, to help plan for the financial and lifestyle issues surrounding retirement.

Annual Benefit Statements

Each year we will send you a statement showing you the current value of your deferred benefits. Your statement will include information about the changes to the Scheme, topical pension issues, a summary of the accounts and a general review of the Norfolk Pension Fund.

Please NEEDS LINK click here to view a sample Annual Benefit Statement.

Primetime

NEEDS LINK Primetime is the newsletter we will send to you each year to keep you up to date with what is happening with the Norfolk Pension Fund. 

Retired Members Forum

Each year in your November payslip, we will send you an invitation to our Retired Members Forum which gives you the opportunity to meet Norfolk Pension Fund team members face-to-face and get an update on our latest news.

P60s

A P60 is a certificate showing the pension paid and the tax deducted during the previous tax year. We will send you a P60 in May each year.

Payslips

We only send a payslip if:

• the amount we pay you changes by more than £1
• your tax code has changed
• your address has changed
• your bank details have changed
• or we have a message for you.

You can also register on this website to see your payslip online.

Pension increase notification

We will write to you every April with details of your pension increase.

Don’t forget to keep in touch with us and let us know if you:

• change address
• change your bank or building society
• accept another job where you can join the LGPS
• change your marriage/relationship status
• wish to change your nomination of beneficiary for death grant

A pension is a source of regular income to live on when you retire.

Watch a short video describing what a pension is.

Qualifying workplace pension

As a result of automatic enrolment legislation, all employers have to offer their employees access to a workplace pension scheme that meets certain minimum standards. The LGPS meets these minimum standards and is, therefore, a qualifying workplace pension scheme.

National Employment Savings Trust (NEST)

NEST is the Government's workplace pension scheme set up for automatic enrolment.

Where an employer does not provide access to a workplace pension of its own they can use NEST to meet their workplace pension duties, no matter how large or small their organisation. They can use NEST on its own or alongside a scheme they already have in place.

Personal pensions

Personal pensions are provided by insurance companies and banks and are popular with the self-employed who do not have access to a workplace pension.

Some employers offer personal pension plans to their employees and pay contributions into it.

Personal pensions offer investors a choice of investment funds to choose from. These investments are used to buy a pension at retirement.

Stakeholder pensions

Stakeholder pensions are essentially low cost personal pension plans.

Given the changes to workplace pension schemes under automatic enrolment the future of employer sponsored stakeholder schemes are uncertain, as many will require amendment in order to meet the employer workplace pension duties.

Company (occupational) pensions

An occupational or company pension is another term for a workplace pension scheme. It is usually used to describe schemes run by private sector employers.

Pension schemes, whether they are work based or personal pensions, allow members to take part of their benefits as a tax free lump sum when they retire.

The LGPS can pay a tax free cash sum on retirement. This is, however, dependant on your period of membership in the scheme which will determine whether the lump sum is paid automatically or if it is paid through giving up some of your pension.

An annuity converts your money purchase pension into an income for the rest of your life.

Annuities are sold by life insurance companies and you can add different options and get different types depending on your needs and circumstances.

The LGPS pays pensions straight from the Scheme, so you will not be required to buy an annuity if you join the Scheme.

In a CARE scheme, for active members, the pensionable pay for each year of membership is used to calculate a pension amount for that particular year. That pension amount is then revalued each year in line with inflation (it should be remembered that while your CARE pension might be expected to increase each year, the pension amount could be reduced should there be negative inflation).  The rate of increase to CARE pensions is set by the government and has typically been the annual CPI increase in the previous September.   However, this is not guaranteed and can be changed by government. These individual pension amounts are then added together to arrive at the total pension payable from the scheme. For Deferred and Pensioner members, your pension is increased with inflation each year. Again, this has typically been increased by the September CPI figure in the previous years, though that can be subject to Government change.

For more information visit the section 'How a CARE scheme works'.

You build up a pension fund using your contributions and your employer's contributions (if they make any) plus investment returns (if any) and tax relief.

When you retire you can take a tax free lump sum from your fund and use the rest to secure an income - usually in the form of an annuity.

Unlike LGPS there are no guarantees on how much you will receive. Most private sector employers offer their employees a defined contribution arrangement.

Annual Benefit Statement

Each year we will send you a statement showing you an estimate of your benefits. Your statement will also include information about the changes to the LGPS, topical pension issues, a summary of the accounts and a general review of the Norfolk Pension Fund.

Please NEEDS LINK click here to view a sample Annual Benefit Statement.

Annual Meeting and Pension Clinics

Each year you will be invited to an Annual Meeting and also our Pension Clinics. The Pension Clinics give you an opportunity to speak to a Norfolk Pension Fund team member face-to-face about your pension. If you are unable to attend a Pension Clinic, but would like to discuss your pension at a convenient time, please contact us to make an appointment.

Pre-Retirement Course

All Scheme members approaching retirement have the opportunity to attend our NEEDS LINK Pre-Retirement Course, to help plan for the financial and lifestyle issues surrounding retirement.

Annual Benefit Statements

Each year we will send you a statement showing you the current value of your deferred benefits. Your statement will include information about the changes to the Scheme, topical pension issues, a summary of the accounts and a general review of the Norfolk Pension Fund.

Please NEEDS LINK click here to view a sample Annual Benefit Statement.

Primetime

NEEDS LINK Primetime is the newsletter we will send to you each year to keep you up to date with what is happening with the Norfolk Pension Fund. 

Retired Members Forum

Each year in your November payslip, we will send you an invitation to our Retired Members Forum which gives you the opportunity to meet Norfolk Pension Fund team members face-to-face and get an update on our latest news.

P60s

A P60 is a certificate showing the pension paid and the tax deducted during the previous tax year. We will send you a P60 in May each year.

Payslips

We only send a payslip if:

• the amount we pay you changes by more than £1
• your tax code has changed
• your address has changed
• your bank details have changed
• or we have a message for you.

You can also register on this website to see your payslip online.

Pension increase notification

We will write to you every April with details of your pension increase.

Don’t forget to keep in touch with us and let us know if you:

• change address
• change your bank or building society
• accept another job where you can join the LGPS
• change your marriage/relationship status
• wish to change your nomination of beneficiary for death grant