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Will the value of my benefits increase now I am receiving pension?
Yes, the value of your annual pension is index linked. The pensions increase rate is determined each September and applied to the pension the following April. There may be a zero increase if inflation is negative or zero in the previous September. Pensions increase is set by the HM Treasury.
Yes, The Clwyd Pension Fund can pay your pension into a foreign bank account via Xafinity Paymaster who will convert your money into the relevant currency.
No. The old age State pension is administered by the Department for Work and Pensions (DWP).
Your tax code is issued by the local income tax office. If you need to find out if your tax code is correct, you should contact the tax office directly on 0845 300 0627.
Pensions are based on membership accrued (pro-rated for part-time and term-time members) and full-time equivalent pay at retirement
Yes. The Clwyd Pension Fund sends you newsletters, P60s and Pensions Increase letters each year.
A death grant may be payable to your Beneficiaries or to your Estate depending on how long you have been a pensioner for.
A full explain can be found in the ‘Guaranteed Minimum Pension’ section of the website.
Your pension is normally paid on the 28th of each month. However, if the 28th falls on a Bank Holiday or weekend, your pension will be paid on the last working day before the 28th.
Your P60 is issued each May. You should keep your P60 in a safe place as you may need it to prove how much pension you received in the last 12 months if you claim benefits such as housing benefit or income support.
Employees who entered an occupational pension scheme after 5 July 1948 were subject to a modification of their pension scheme.
You will only receive a payslip if there is a difference in the value of your pension by £5 or more.
Updated on: 14-Jul-2010 14:09:21