Your annual benefit statement

Defined benefit scheme

The LGPS is a statutory, defined benefit scheme. It's built up using a fixed formula. This gives you a secure and guaranteed income every year when you stop working.

Every year you build up a pension based on a fraction of your salary. This is paid into your pension account. At the end of every year, it is added to your total from previous years and revalued to make sure it keeps up with the cost of living.

You can view the estimated value of your pension every year in your annual statement.

What your annual statement shows

The statement shows two estimates of the value of your pension:

• at the end of the year - if you were to take it now and as if you were entitled to an unreduced pension payment
• projected to your normal pension age.

You will receive a statement for each separate pension record.

Explanatory notes about this year’s statement (pdf format, 450Kb)

How to view your annual statement

Online

If you are a member of the Local Government Pension Scheme (LGPS), the annual statement is available online from 31 August. Find your latest statement by heading to My Oxfordshire Pension. Log in and select 'Documents', then 'My documents'.

By post

If you have registered to keep scheme communication by paper, we will post the statement to your home address. Ensure that you keep your contact details for the LGPS in Oxfordshire up to date.

Get an estimate of your pension benefits

As well as the estimate on your benefit statement, you can get estimates of your benefits on My Oxfordshire Pension. You can get projections for benefits:

• if you leave the scheme before you retire (active members only)
• if you retire or retire early (active and deferred members)
• your dependants will receive when you die (all members).

How to manage your pension online.

Working past your normal pension age or state pension age

If you are working past your normal or state pension age, we cannot add a date to provide a projected value. Your statement will show the same figures for both your projected figures and the current value. We will recognise your continuing time in the scheme when we come to finally work out your retirement figures.

Recent transfers into the LGPS pension

If you recently joined the Oxfordshire Fund, you may not see your transfer on your annual statement. We may not have finalised the transfer from your previous pension before the end of the scheme year (31 March). The value will be added to your statement for the next year.

If you are concerned about your transfer, contact Pension Services.