Pension credit member meaning

This Checklist offers an overview of the information an annual benefit statement must contain under regs 16, 16A and 17 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 (the Disclosure Regs 2013). It applies irrespective of whether the pension arrangement in question is a defined benefit scheme, a cash balance arrangement or any other money purchase set‑up. Benefit statements for benefits other than money purchase benefits Active, deferred and pension credit members who are entitled to benefits other than money purchase benefits (for example, final salary or career average benefits) may ask the trustees or managers of the scheme for a benefit statement once in every 12‑month period. The trustees must provide the statement as soon as practicable and, in any event, within two months of their request. The precise content of the annual benefit statement varies according to the member’s status, and the accompanying table identifies the information requirements for benefit statements for each relevant type of member...

Original news Mr E (CAS-63587-P0K4)—22 September 2025 Summary The Pensions Ombudsman upheld a complaint concerning inaccurate information supplied by a pension scheme. Relying on the mistaken figures, the member left his role and proceeded to buy a home with a mortgage. As he had been expressly assured that the numbers were correct, the scheme could not fall back on the disclaimer contained in the benefit statement. The determination serves as a reminder that pension schemes cannot invariably place dependence on disclaimers in benefit statements. What were the facts? Mr E was a member of the Teachers’ Pension Scheme (the Scheme). His employment record was complex, including an opt‑out from 1990 to 1994 that was later reinstated. In 2014, a system fault caused the Scheme to wrongly credit Mr E with an extra five years of pensionable service. His May 2012 statement, which carried a disclaimer, quoted an annual pension of £15,886; by February 2014, the estimate had risen to over £21,000. Accordingly, the complaint succeeded. Those misapplied...

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Statutory framework At present, four principal pension schemes operate in England and Wales for members of the armed forces. These are: Armed Forces Pension Scheme 1975 (AFPS 1975) — formerly open only to the regular forces; closed to new members from 6 April 2006 and stopped future accrual from 1 April 2022 Armed Forces Pension Scheme 2005 (AFPS 2005) — likewise for the regular forces only; also closed to future accrual from 1 April 2022 Reserve Forces Pension Scheme 2005 (RFPS 2005) — open to full time reservists; again closed to future accrual from 1 April 2022 Armed Forces Pension Scheme 2015 (AFPS 2015) — open to the regular forces and all reservists; effective from 1 April 2015 There are also several other schemes, run by the same manager, that provide pension or other occupational benefits to armed forces personnel. This Practice Note focuses on AFPS 2015. The AFPS 2015 was established under section...

This Practice Note outlines the nature of a pension attachment order made in family proceedings (formerly known as an earmarking order) and identifies which pension benefit rights are capable of attachment and which are not. It also covers the core features of a pension attachment order, the risks and ways to reduce them, variation matters and tax effects. Key features of pension attachment A pension attachment order directs the person responsible for a pension arrangement (the PRPA) to pay a percentage of the following to the person without pension benefit rights (the non-member party), rather than to the person with pension benefit rights under the arrangement (the member-party): pension income, and/or pension commencement lump sum, and/or lump sum payable in respect of the member-party’s death A pension arrangement means an occupational pension scheme, a personal pension scheme, a retirement annuity contract, and annuities bought under an occupational or personal pension scheme, or to meet liability in respect of a pension...

A-day 'A-day' is the widely used term for the broad pension tax 'simplification' reforms that began on 6 April 2006. The changes covered: how much pension contribution was allowed, the kinds of schemes an individual could invest in, the sums that could be taken (and when), and the choices available for any remaining fund. A-day also introduced the annual allowance and the (now abolished) lifetime allowance. See: Annual allowance and Lifetime allowance. AFPS AFPS: Armed forces pension scheme; see Practice Note: Public sector pensions and family proceedings. Accrual rate The speed at which pension benefits build as pensionable service is completed in a final salary scheme, eg 1/60 for each year of pensionable service. Accrued benefits The benefits earned in respect of service up to a specified date. Added years Extra pension provided by adding further years of pensionable service in a salary-related scheme. Such additional years are secured via transfer payments or through additional voluntary contributions/augmentation...