CARE calculation of pensionable pay in LGPS Annual Pension Benefit Statement
Hello, I am looking for your opinions please regarding whether my LGPS 2023 annual pension benefit statement that I have just received is correct. I think it is but would be grateful if you could kindly double check this for me please.
As way of background I was on long term sick for part of the year from 1st April 2022 to 31st March 2023 whilst I was recovering from major surgery and having follow up treatment and my take home pay was reduced to 50% for some months and this will likely account for the two different pensionable pay amounts that I see being used on the annual pension benefit statement.
On calculating my pay and membership benefits up to 31 March 2014 my pensionable pay has been used as if I had been in work the whole time (i.e. not had sick leave), i.e. my full time gross salary with no reductions.
For the CARE pensionable pay (i.e. post 2014) from 1 April 2022 to 31 March 2023 a lower amount has been used (by c.£7,000 lower) due because my gross pay for some months was reduced by 50% whilst on sick leave. I just want to check when calculating the benefits earnt under CARE this is the correct calculation.
I hope I’ve explained myself clearly enough but if not please let me know if you need more information. I also understand for the pre-2014 element it is slightly irrelevant as it's based on my final salary and I'm still over 10 years away from retiring but for the CARE element it will make a difference as 1/49th of the year's salary will go towards my pension and ideally of course it would be better if it was calculated without the deductions.
As I mention above I think they are probably correct in deducting it but thought I'd check.
Thank you very much for your help.
- All Categories
- 338.9K Banking & Borrowing
- 248.6K Reduce Debt & Boost Income
- 447.6K Spending & Discounts
- 230.8K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 171.1K Life & Family
- 244K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards