The Scheme is the Local Government Pension Scheme (LGPS). The LGPS is a national pension scheme administered locally by about 100 local authorities on behalf of hundreds of local councils and associated bodies across the UK. If you are able to join it is a valuable part of your pay and reward package.
Here are some of the reasons why you might want to join the Scheme:
Secure benefits
The Scheme provides you with a guaranteed future income. Unlike some schemes your pension is not affected by share prices and stock market fluctuations.
Once you take your pension it will go up in line with inflation, protecting you from rising prices.
Protection for you in case you have to take your benefits early through ill health.
Pensions for surviving dependents if you die.
Life cover for three years pay from the moment you join
A low cost to you
Your employer pays significant amounts of money into the Scheme. The employer contribution paid by Mole Valley District Council is currently 17.1%.
You can get tax relief on your contributions – including extra amounts you pay to top up your benefits.
You can take a lump sum when you retire, which in most cases will be tax free.
There are no hidden fees or charges – you simply pay a percentage of your pay.
Flexibility
For times when things are difficult you can choose to pay half contributions and, during that time, add half pension into your account but you can still keep the full value of your life and ill health cover.
Who can join?
You can join if you:
are under age 75, and
work for an employer that allows you to join the Scheme.
Most employees who are allowed will join the scheme automatically. If you have a contract of employment that is for less than 3 months you need to elect to join the scheme as your membership is not automatic.
How do I join?
If you are not already a member and you want to join you should speak to the HR team.
If you are not already a member and you subsequently meet the automatic-enrolment criteria then you will automatically join the LGPS from the pay period in which this occurs.
Alternatively, if you have opted-out of the LGPS in the past you may be re-enrolled back into the Scheme again in the future. This process happens every three years and if you meet the eligibility criteria, you will be automatically re-enrolled in the scheme and given the option to remain in the scheme or to opt.
What if I am already a member of another pension scheme?
You can also be a member of the Scheme if you are already contributing to a personal pension or stakeholder arrangement.
Refunds
You must have less than three months’ Scheme membership to qualify for a refund of your contributions and have not transferred in benefits from another pension scheme. You will then be treated as having never joined the Scheme. Otherwise you will have to claim your refund from the pension fund.
Only your own contributions are refundable, those paid by your employer are not. There will be deductions to account for tax and National Insurance
How much does it cost?
It depends upon how much you are paid but it will be between 5.55% and 12.5% of your pay
Contribution rates – these are updated annually
How can I increase my pension?
You can pay more to top up your pension.
There are two ways you can currently increase your pension from the scheme
1. Buying extra pension
2. Paying Additional Voluntary contributions ( AVC’s )
AVCs
If an MVDC employee wishes to enquire about AVC’s they will need to contact The Prudential directly on the number below.
The Prudential provide an in house AVC facility for Surrey County Council.
MVDC does not match AVC contributions (if an employee wishes to pay in effectively AVCs are viewed as a private pension and MVDC will not contribute).
The Prudential can be contacted on 0345 6000 343 or email avc.admin@prudential.co.uk
When calling, the employee should state that they work for MVDC and quote reference: L023
You can access a copy of an application form for the Local Government AVC Scheme via www.pru.co.uk/rz/localgov
How to contact Surrey Pensions
Website: https://www.surreypensionfund.org/
Phone: 0300 200 1031
Email: myhelpdeskpensions@surreycc.gov.uk
Address:
Surrey County Council,
Surrey Pension Team, 2nd Floor Dakota,
11 De Havilland Dr,
Weybridge,
KT13 0YP
How to access the Pensions Portal
You can access your pensions statement (and guidance on understanding your statement), information on AVCs, pensions newsletters and other documents via the Surrey Pensions Portal.
If you have not registered for the ‘My Pension Portal’ you can do this by following the instructions below:
1) Go to https://mypension.surreycc.gov.uk
2) Click on ‘Request One’ and input your Surname, NI Number, Date of Birth and Email Address.
3) You should then receive an email with instructions on how to complete the registration process (including creating a unique username and password).
If you are having any difficulties registering or logging into the pension portal, please call our technical line on 0300 200 1034