At a Glance
✓ You may be able to combine previous LGPS benefits with your current membership.
✓ You must tell us about any other LGPS benefits within 12 months of rejoining.
✓ Combining benefits is not always the best option.
✓ Combining benefits may affect the value of your benefits and your retirement options.
What does combining benefits mean?
Each time you start a new LGPS employment, a new pension account is created.
If you have deferred LGPS benefits from a previous employment, it may be possible to combine them with your new active account.
This process is known as combining benefits or aggregation.
Do I need to contact you?
If your previous benefits are with Gwynedd Pension Fund, we will normally identify the records and investigate your aggregation options automatically. You do not need to contact us to ask us to do this.
If you have LGPS benefits with another LGPS fund, you should let us know as soon as possible after joining your new employment.
When can benefits not be combined?
In some circumstances, LGPS benefits cannot be combined.
- The benefits are already being paid.
- You have two active LGPS accounts at the same time.
- The scheme rules do not allow aggregation in your particular circumstances.
Why is combining not always the best option?
Although keeping everything in one place may seem simpler, combining benefits does not always produce a better outcome.
Depending on your circumstances, combining may:
- Increase or reduce the value of certain benefits.
- Change your Normal Pension Age.
- Affect final salary benefits built up before 1 April 2014.
- Affect certain death or retirement benefits.
Things to Consider
Before making a decision, you should consider:
- When you intend to retire.
- Whether you have final salary benefits.
- How the change could affect your death benefits.
- Whether you may wish to take your old deferred pension before leaving your new employment.
- Your personal circumstances and financial plans.
Important: We cannot recommend whether or not you should combine benefits. If you are unsure, you may wish to consider obtaining independent financial advice.