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Deferred
Deferred pension statement

Your annual statement

You should receive your annual deferred pension statement by the end of August 2017.

My reduced pension and maximum one-off tax-free lump sum shown on my 2017 statement are lower than on last year’s. Why is that?

For this to have happened you will have left the pension scheme after 1 April 2014. Your pension built up before 1 April 2014 has a protected Normal Pension Age, which for almost all is age 65. Any benefits you built up in the career average scheme from April 2014 have a Normal Pension Age linked to your State Pension Age (but with a minimum age of 65).

On your deferred benefit statement we show you the estimated value of your benefits if you choose to take the maximum one-off tax-free lump sum and a reduced pension at your Normal Payment Age linked to your State Pension Age. In most cases this is later than your 65th birthday and we add late retirement increases to the benefits you built up before 1 April 2014 because they are being paid later than your previous Normal Payment Date.

The increases are worked out using factors provided by the Government Actuary’s Department (GAD). Since we sent the 2016 deferred benefit statements out, GAD have issued new late retirement uplift factors. They are lower than they were before. This means that the benefits we show you may be lower than we stated last year.

If you are interested to know more about how your deferred benefits work you can find out more here.