Thinking of transferring?

Did you know that your deferred benefits could 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.

Pensions increase by 1.7% in 2002

Every year the government issues a legal document called a Pensions Increase (Review) Order. The order tells public-sector pension schemes like WYPF about the annual increase to pensions.

This year, the increase is 1.7%. As usual, the increase is based on the rise in the cost-of-living in the year up to last September. The increase is applied from 8 April this year. Your deferred benefits get this increase too.

It means they are guaranteed against inflation, right from the day you left the pension scheme. And that's very valuable. Your deferred benefit statement this year shows the value of your benefits after we add this year's 1.7% increase.

Nominating someone for your death grant

Last year we reminded you for the first time about the nomination you made telling us who you would like us to pay your death grant to, if the worst should happen.

Since then we have updated the nominations for nearly 35,000 of our members. We'll remind you about your nomination on your statement every year from now on.

If at anytime you want to change it, just ask us for a Death Grant Nomination form, or download the form from our website. The address is www.wypf.org.uk

When will I get my benefits?

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

We can also pay your benefits earlier if you become ill and the illness means 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.

WYPF Best Value report published

WYPF's service has been highly commended by the Audit Commission's Best Value inspection service. Like all local authority services, WYPF is now subject to full Best Value review every five years, with planned continual improvements closely checked in the intervening years. The report from our first review has officially recognised WYPF as a 'good service' that should keep getting better.

Best Value reports give services a 'star rating' that starts from no stars for a poor service and goes up to three stars for an excellent service. We were awarded a two-star Best Value rating.

The report, which was published late last year by the Audit Commission's Best Value inspection service was the culmination of over two years' work by our staff, Bradford Council staff and the Best Value Inspection Service themselves. The report said that the continual improvement plans that we had in place were likely to keep us towards the top as far as our quality of service is concerned, and should make sure we stay one of the most cost-effective pension funds to run.

WYPF Chairman, Councillor Bob Sowman, said, "This is a great result for WYPF, particularly as it comes from a very robust process like Best Value. It's a good testimony to the commitment and dedication of all the staff at WYPF."

Spring 2002