A defined benefit scheme
The LGPS is a statutory, defined benefit scheme. Your pension is built up using a fixed formula.
A defined benefit scheme 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 money is paid into your pension account. At the end of every year, it is added to your total from previous years and revalued to keep up with the cost of living.
You can view the estimated value of your pension every year in your annual benefit statement.
What your annual benefit statement shows
The statement shows two estimates of your pension's value.
- 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 (NPA).
You will receive a statement for each separate pension record.
Explanatory notes about this year's statement (pdf format, 462 KB)
Statement notes
Your statement is an estimate of your benefits:
- based on information held on your pension record and the prevailing regulations as at 31 March of the year received
- in respect of the employment indicated
Your statement is not a statement of entitlement.
We will base your actual benefits on the relevant information at the time of your leaving, so they will differ from those shown in the estimate.
How to view your annual benefit statement
You can view your latest statement and all previous statements on My Oxfordshire Pension.
If you have registered to receive scheme communication by paper, we will post the statement to your home address. Ensure your LGPS contact details are up to date.
