Generally, pensions in respect of service from 6 April 1997 will increase at least in line with inflation, while pensions in respect of service before that date are not increased. However, some employers in the LSF allowed for increases that are in excess of statutory requirements.

If you require specific details about your own pension, please contact a member of the administration team.

The LSF deducts any income tax due directly from your monthly pension and pays it to HMRC. This will depend upon the tax code notified to us by HMRC.

If you think you are paying the wrong amount of tax, you need to contact HMRC, by getting in touch with the relevant tax office. Please note that when you reach State pension age, you may start to receive a State pension, which could result in a change of tax code.

As a retiree, the death benefits paid from the Fund will depend on the benefit structure that was chosen by your employer. However, generally speaking, the following benefits are payable: Your pension from the Fund is guaranteed for five years in payment. Should you die within the first five years of receiving your pension, the remaining term would be paid, with an offset of any spouse’s pension payable, as a lump sum benefit.

Your spouse and, in some cases, eligible children may also receive a pension.

Any lump sums payable on death are paid at the discretion of the Trustee and therefore do not form part of an individual’s estate for Inheritance Tax purposes. Although lump sums are payable at the Trustee’s discretion, it may take into account any wishes of the deceased, and therefore it is important to keep your expression of wishes up to date. You can do this by either:

• logging into the pensions portal; or
• posting or emailing a signed Expression of Wishes Form to the administration team.

If you are currently in receipt of a pension that commenced due to the death of your spouse, no further benefits will be payable upon your death.

Except for those pensions paid to members of Sturge Holdings Plc (E) Staff Pension Scheme, whose pensions are paid monthly in advance, pensions are paid monthly in arrears, normally on the last working day of the month.

Your LSF pension is paid on top of any State pension you may receive. For anyone who reached State pension age before 6 April 2016, the State provides two kinds of pension:

• The basic State pension (BSP): often called the ‘old age’ pension, BSP is based on your National Insurance record during your working life and is increased by the Government each year, currently by the highest of inflation, earnings growth or 2.5%.

  S2P/SERPS: This is the second tier of State pension provision and is based on your additional full-rate National Insurance contributions. It is increased by the Government each year in line with inflation. You will be eligible for this unless you have been contracted out.

• There is a new State pension in place for anyone who reaches State pension age on or after 6 April 2016. The new State pension replaces the two State pensions above. It is generally not less than £168.60 per week (in 2019/20) for a single pensioner – so it provides a significant increase on the current BSP (£129.20 per week in 2019/20). However, to receive the full amount of new State pension, you must have at least 35 years of National Insurance contributions (NICs) (whereas it is 30 years under the old system). Also, a minimum of 10 years of NICs is required to receive any pension and, if you have been contracted out of S2P/SERPS, a deduction will be made to your State pension. The new State pension is an individual benefit, so spouses are not able to inherit or derive rights to this State pension from their partner’s NICs record.

  The new State pension is increased by the Government each year, currently by the highest of inflation, earnings growth or 2.5%. There are more details on the Government’s website about the new State pension.