Annual benefit statement – No longer paying in (deferred)
Welcome to the Annual Benefit Statement (ABS) page for Deferred Members.
Here you will find information about your statement, which eligible members receive each year, by the end of August.
The ABS is our principle means of communication with our Deferred members.
Your ABS is a key document that allows you to make informed decisions, and plan for retirement. It contains details such as your accrued pension to date, your Death Grant Nomination, and personal information such as marital status and your address.
Your ABS is currently posted to your home address, it is therefore essential that you inform us, using this form, if you change your address. If you do not update your address, you will not receive a current ABS.
If you have Additional Voluntary Contributions (AVCs), they are not shown on the Cheshire Pension Fund ABS as your AVC provider sends a separate statement annually.
FAQs –
What is an ABS?
An ABS is a statement which provides information on your LGPS pension, in this case, your Cheshire Pension Fund Pension.
It provides you with details of your accrued pension to date, your pay, who your Death Grant Nomination(s) are, and helps you to plan and think about what you need to do for retirement.
Why should I look at my ABS?
Your ABS provides you with details about how much pension you have accrued to date. It allows you to think about what you need for your retirement, whether that is next year, 10, 20 or even 40 years away. It’s never too soon to start thinking about the type of lifestyle you’d like to lead, when you retire.
Your ABS also provides you with details about your pay, it’s important to check these and ensure that they are correct. If you think they are not, you should contact your employer in the first instance.
Do I have to do anything with my ABS?
Check the details on the statement are correct. For example, your pay figures– do they look right? Also, your address and personal details, are they up to date? Is your death grant nomination correct? Ensure that these are all correct.
You can also start to build a picture of what your retirement will be like, based on your pension income, if it’s not what you would like, you can start to plan now for how you can increase this amount.
Why isn’t my current pension value the same as the contributions I have paid in?
As a Defined Benefit scheme, your LGPS pension is calculated based on your salary and how long you’ve paid in. The annual pension is not a one-off amount. It will be paid to you each year in retirement for the rest of your life. Currently the average length that a pension is paid, is 20 years.
Your contributions, your employer’s contributions and money made from investments the Fund makes on your behalf are used to fund the pension benefits paid to you at retirement.
I pay Additional Voluntary Contributions (AVCs) are they included in the ABS?
No. If you pay AVCs you will receive a separate statement from your chosen in-house AVC provider.
I have paid Additional Pension Contribution (APCs) are they included in the ABS?
Yes, APCs paid between 1 April 2021 – 31 March 2022, are shown in ‘additional pension bought’ (section four). If you paid an APC in previous years, the additional pension will be included in the ‘previous years closing balance’ shown in section four.