What's in a name?

For quite a few years now, your benefits have been known as preserved benefits. Recently, preserved benefits have become more widely known as deferred benefits in the pension industry. So, from now on, we will call your benefits with WYPF deferred benefits too. But rest assured, nothing else has changed with your benefits here at the WYPF. We're still looking after them as carefully as we always have done.

Cracking the millennium bug

There's been a lot in the news about the problems computers could cause in the year 2000. Because the WYPF is such a big pension scheme we use computers a lot. So to make sure that the year 2000 won't cause any problems for us we've been checking our computer systems very carefully.

The good news is that our computer system will continue to work normally when the new millennium comes.

Stock market worries?

Thank goodness for the LGPS! From time to time, there's news of trouble in one or other of the stock markets around the world. And the experts always predict that pensions will be badly affected.

But the good news is that whatever happens to the stock markets, your deferred benefits won't be affected. Your benefits are guaranteed by law and can't be affected by stock-market fluctuations.

If the worst should happen

If you should die before your deferred benefits are paid, your deferred lump sum will be paid as a death grant. In last year's For Your Benefit, we gave you the chance to tell us who you wanted your death grant to be paid to if the worst should happen. We had a good response and now have a nomination from about half of our deferred benefits holders. If you haven't made your nomination yet – or if you want to change your nomination – please get in touch and ask for a Death Grant Nomination form, or download one by clicking here.

When will my benefits be paid?

Your deferred benefits can be paid to you from your 60th birthday onwards. We'll write to you shortly before your 60th birthday to make the arrangements.

Your benefits can be paid earlier if you become ill and the illness means that you would be permanently unable to do the job you got your deferred benefits for. Your former employer may also agree to your deferred benefits being paid early if you are over age 50. But if you left the job you got the deferred benefits for before 1 April 1998 your employer can only consider claims on compassionate grounds.

Please contact your former employer if you wish to apply for your deferred benefits to be paid early.

Thinking of transferring?

Did you know that your deferred benefits can be transferred to another pension scheme? You'd need to think very carefully about transferring though.

Deferred benefits are a good deal, particularly when you think about the inflation-proofing that increases your benefits every year. And the full range of benefits provided for you and your family. If you do want to think about transferring, please get in touch.

Summer 1999