Your annual benefit statement
On this page, you'll find everything you need to know about your annual benefit statement (ABS) - including how to access and understand your latest statement.
View your ABS Link opens in a new windowLog in or register for PensionPoint
Contents
How to access your annual benefit statement
Your latest annual benefit statement should be available to view by 31 August each year via your online PensionPoint account. Go to My documents > Scheme documents.
Only your statements dating back to 2020 are available in PensionPoint.
Annual benefit statement: breakdown
Select your scheme, then open the expandable boxes to view the key things you should check on your statement.
As an LGPS member, you do not need to take any action to claim your protection under the McCloud remedy. If you qualify, we will automatically apply the protection when you take your LGPS pension. Learn more about McCloud remedy.
If you are affected by McCloud remedy, you do not need to write to us or make any decision. If you are contacted by a third party organisation selling a service to help you claim additional pension, you should not engage with them.
This year’s statement has been produced on the basis that you are not eligible for the McCloud/Sargeant Remedy due to your period of service.
Your current benefits to date
Section 2 of your statement shows how much your pension is currently worth at 31 March. It shows the value of your pension as if you had left the scheme on 31 March.
Annual pension – the total amount of pension you would get each year.
Your estimated future benefits
Section 5 of your statement shows how much your pension could be worth at Normal Pension Age (NPA), if you carry on paying into the scheme and stay on the same hours and pay.
Total pension @ NPA – the total amount of pension you’re estimated to get each year.
Maximum lump sum – the maximum tax-free cash lump sum you’re estimated to get.
If you are affected by the age discrimination remedy (McCloud), your ABS will be combined with a new remediable service statement (RSS).
How do I access my ABS-RSS?
Your ABS-RSS will be uploaded to PensionPoint by 31 August 2024. Log in to your account and it will be available to view in the My documents section under Scheme documents.
Important: some members may not receive an ABS-RSS by 31 August 2024. If this applies to you, you will receive a separate communication on this matter.
What is included in my ABS-RSS?
It includes benefit estimates for your current FPS scheme and your legacy scheme. It also provides details of your contribution adjustment.
Can I choose my retirement benefits now?
No. The main purpose of your ABS-RSS is to provide you with an up-to-date estimate of your retirement benefit options. You can only decide which set of benefits you wish to take when you retire.
What action do I need to take now?
The only decision to make now is whether you want to settle your contribution adjustment or leave it until your retirement. If you choose to settle your contribution now, it must be within 12 weeks of receiving your ABS-RSS.
You will have this same option each year (when you receive your ABS-RSS) until you retire.
If you choose to settle your contribution adjustment now, you must complete the remedy contribution adjustment form, which is available on the forms and documents page of the LPPA website.
Find more information on contribution adjustments here.
For detailed information on your ABS-RSS, please visit the LGA website.
This year’s statement has been produced on the basis that you are not eligible for the McCloud/Sargeant Remedy due to your period of service.
Your current benefits to date
Your statement shows how much your pension is worth if you were to take out your deferred benefits on the date shown. If you have more than one deferred pension with us, you will have separate statements.
Total annual pension – the total amount of pension you would get each year.
If you are affected by the age discrimination remedy (McCloud), your ABS will be combined with a new remediable service statement (RSS).
How do I access my ABS-RSS?
Your ABS-RSS will be uploaded to PensionPoint by 31 August 2024. Log in to your account and it will be available to view in the My documents section under Scheme documents.
Important: some members may not receive an ABS-RSS by 31 August 2024. If this applies to you, you will receive a separate communication on this matter.
What is included in my ABS-RSS?
It includes benefit estimates for your legacy scheme in relation to your membership between 1 April 2015 and 31 March 2022 (known as the remedy period). It also provides details of your contribution adjustment.
Can I choose my retirement benefits now?
No. The main purpose of your ABS-RSS is to provide you with an up-to-date estimate of your retirement benefit options. You can only decide which set of benefits you wish to take when you retire.
What action do I need to take now?
The only decision to make now is whether you want to settle your contribution adjustment or leave it until your retirement. If you choose to settle your contribution now, it must be within 12 weeks of receiving your ABS-RSS.
You will have this same option each year (when you receive your ABS-RSS) until you retire.
If you choose to settle your contribution adjustment now, you must complete the remedy contribution adjustment form, which is available on the forms and documents page of the LPPA website.
Find more information on contribution adjustments here.
For detailed information on your ABS-RSS, please visit the LGA website.
This year’s statement has been produced on the basis that you are not eligible for the McCloud/Sargeant Remedy due to your period of service.
Your current benefits to date
Section 2 of your statement shows how much your pension is worth at 31 March. It shows the value of your pension as if you had left the scheme on 31 March.
Annual pension – the total amount of pension you would get each year.
Your estimated future benefits
Section 5 of your statement shows how much your pension could be worth at Normal Pension Age (NPA), if you carry on paying into the scheme and stay on the same hours and pay.
Total pension @ NPA – the total amount of pension you’re estimated to get each year.
Maximum lump sum – the maximum tax-free cash lump sum you’re estimated to get.
If you are affected by the age discrimination remedy (McCloud), your ABS will be combined with a new remediable service statement (RSS).
How do I access my ABS-RSS?
Your ABS-RSS will be uploaded to PensionPoint by 31 August 2024. Log in to your account and it will be available to view in the My documents section under Scheme documents.
Important: some members may not receive an ABS-RSS by 31 August 2024. If this applies to you, you will receive a separate communication on this matter.
What is included in my ABS-RSS?
It includes benefit estimates for your current PPS scheme and your legacy scheme. It also provides details of your contribution adjustment.
Can I choose my retirement benefits now?
No. The main purpose of your ABS-RSS is to provide you with an up-to-date estimate of your retirement benefit options. You can only decide which set of benefits you wish to take when you retire.
What action do I need to take now?
The only decision to make now is whether you want to settle your contribution adjustment or leave it until your retirement. If you choose to settle your contribution now, it must be within 12 weeks of receiving your ABS-RSS.
You will have this same option each year (when you receive your ABS-RSS) until you retire.
If you choose to settle your contribution adjustment now, you must complete the remedy contribution adjustment form, which is available on the forms and documents page of the LPPA website.
Useful links
For more help understanding your ABS-RSS and your options, visit the NPCC website. You’ll find useful information including:
This year’s statement has been produced on the basis that you are not eligible for the McCloud/Sargeant Remedy due to your period of service.
Your current benefits to date
Your statement shows how much your pension is worth if you were to take out your deferred benefits on the date shown. If you have more than one deferred pension with us, you will have separate statements.
Total annual pension – the total amount of pension you would get each year.
If you are affected by the age discrimination remedy (McCloud), your ABS will be combined with a new remediable service statement (RSS).
How do I access my ABS-RSS?
Your ABS-RSS will be uploaded to PensionPoint by 31 August 2024. Log in to your account and it will be available to view in the My documents section under Scheme documents.
Important: some members may not receive an ABS-RSS by 31 August 2024. If this applies to you, you will receive a separate communication on this matter.
What is included in my ABS-RSS?
It includes benefit estimates your legacy scheme in relation to your membership between 1 April 2015 and 31 March 2022 (known as the remedy period). It also provides details of your contribution adjustment.
Can I choose my retirement benefits now?
No. The main purpose of your ABS-RSS is to provide you with an up-to-date estimate of your retirement benefit options. You can only decide which set of benefits you wish to take when you retire.
What action do I need to take now?
The only decision to make now is whether you want to settle your contribution adjustment or leave it until your retirement. If you choose to settle your contribution now, it must be within 12 weeks of receiving your ABS-RSS.
You will have this same option each year (when you receive your ABS-RSS) until you retire.
If you choose to settle your contribution adjustment now, you must complete the remedy contribution adjustment form, which is available on the forms and documents page of the LPPA website.
Useful links
For more help understanding your ABS-RSS and your options, visit the NPCC website. You’ll find useful information including:
Remember, most of the figures on your statement are estimates only and may be slightly different from your final retirement figures.
ABS glossary
Use the glossary below to help you understand your annual benefit statement.
| Terms | Definition | Resources |
|---|---|---|
| Annual Allowance (AA) | Learn more | |
| Annual Benefit Statement (ABS) | Learn more | |
| Additional Pension Contributions (APC) | APCs are additional contributions you can pay on top of your regular pension contributions | Learn more |
| Additional Regular Contributions (ARC) | Learn more | |
| Additional Voluntary Contributions (AVC) | Learn more | |
| Accrual | How much pension you have built up. | |
| Added Years | A contract to buy extra years’ service. This is a contract you would have opened separately. | |
| Aggregation | If you have more than one pension record in the same fund you will be given the option to combine your pots into one. | |
| Benefit Crystallisation | A test at the date of taking your pension to check against the lifetime allowance. | |
| Career Average Revalued Earnings (CARE) | Learn more | |
| Cash Equivalent Transfer Value (CETV) | Learn more | |
| Cash Equivalent Value (CEV) | Learn more | |
| Consumer Price Index (CPI) | Learn more | |
| Co-habiting / living together / sharing a home | A cohabiting partner is a partner you are living with for a period of two years of more, as if you were a married couple, are free to marry each other and are financial interdependent on each other. | |
| Commutation | You can swap some of your pension to increase or create a tax free lump sum at retirement, up to 25% of your pension pot. | |
| Concurrent | Two or more records that have been active at the same time. | |
| Death grant gratuity | A lump sum that may be payable on the event of your death. | |
| Deferred benefit / frozen / preserved | Your benefits will become deferred if you no longer contribute to the scheme and have met the vesting period, and do not claim your pension. They will be payable from age 55 with reductions. | |
| Eligible retirement date | The date you can take your benefits without any reductions. | |
| Estimate / forecast / projection | An estimate of the benefits you could receive at a certain date of your choice. These are estimated figures and are not guaranteed. |
