You can run your own retirement quotes on our member portal, using the Pension Calculator.

You can get a quote up to six months in advance, if you are over Age 50. You can access the calculator from your portal homepage or by choosing My pension from the menu. The My pension page will also show you the value of your MPS benefits as at the date you left the Scheme, and today, so you can see how it is growing over time.

Your ‘Normal Retirement Age’ is age 60. But you can take your pension earlier if you choose – but not before your 50th birthday. If you take your pension before age 60, it will be reduced because we’d be paying it for longer. You can also choose to delay taking your pension, but you must take it by age 70. Run a retirement quote on the Pension Calculator on this portal and read the pdf quote document to find out your options.

If you are eligible, go to the Pension Calculator on this portal to run a quote and then choose the ‘Customised option’. You will be able to pick a lump sum between the minimum and maximum you are eligible for and see what the resulting weekly pension would be.

If you take a tax-free lump sum at retirement, it will use up some your Lump Sum Allowance (LSA). The LSA is a limit on the total amount of tax-free lump sum you can take from all your pension schemes (not including the State Pension). It’s set by the government. If you go over the LSA, you will have to pay tax on anything above the limit.

The LSA is currently £268,275, so most MPS members are unlikely to go over it. But the law says that pension administrators must keep track of how much of these allowances are used up by each pension that they pay. This means we will ask you to tell us about any other pensions you have when you apply to take your MPS pension.

The Lump Sum Allowance is currently £268,275, so most MPS members are unlikely to go over it. But the law says that pension administrators must keep track of how much of these allowances are used up by each pension that they pay. This means we will ask you to tell us about any other pensions you have when you apply to take your MPS pension.

Find out more about lump sum allowances and other pensions related questions at the government’s free, impartial guidance service, MoneyHelper. Call MoneyHelper on 0800 011 3797 or by visiting moneyhelper.org.uk.

Transferring out of the Mineworkers’ Pension Scheme is a big decision. If you decide to leave you can’t reverse that decision once the transfer is complete.

You can get an illustrative Cash Equivalent Transfer Value (CETV) from the member portal. Just go to the transfers section from My Pension. If you need a guaranteed value, you can get one free CETV in a 12 month period. Make sure you read the information provided with your quote.

If the value of your MPS benefits is more than £30,000 you must get advice from an independent financial adviser before you can transfer out. You should also protect yourself against pension scams so visit the Financial Conduct Authority website at fca.org.uk/scamsmart.

A cash equivalent transfer value (CETV) is a cash amount that broadly reflects the total value of your MPS benefits if you were to transfer them to another pension scheme. To work it out we look at how much it is likely to cost to provide your benefits under the Scheme, including:

• The annual pension you’re entitled to under MPS Rules, and
• Benefits that we might pay in future – like a spouse’s or dependant’s pension.

We also factor in other things like your age. That means your transfer value CETV could change over time and might go down as well as up.

Transferring out of MPS is a big decision. If you decide to leave you can’t reverse that decision once the transfer is complete. Make sure you read the information provided with your quote.

If you are going through a divorce, your ex-partner’s solicitor may have requested a cash equivalent value (CEV) quote for divorce purposes. You can get this quote on our member portal, go to My pension and go to Transferring my pension.

Alternatively, call our member services team on 0333 222 0077.

Don’t fall victim to pension scammers. If you’ve been cold called by an ‘adviser’ through social media (including LinkedIn), by phone, email or text promising big investment returns, alarm bells should be ringing. Visit fca.org.uk/scamsmart - keep your pension benefits safe.

If you haven’t started taking your MPS pension yet, you are entitled to one free guaranteed transfer quote every 12 months. If you request another guaranteed quote within 12 months there will be a £250 charge.

Find out more about transfer quotes in this member portal and head to My Pension then Transferring my pension. You can get an illustrative (non-guaranteed) transfer value free of charge – unless you already have an existing guaranteed quote that’s still within its three-month guarantee period.

If your new bank or building society account is in the UK, you can change your details directly on our member portal. Just register or login and go to My account and click Bank details. You can find a list of pension payment dates there too. To avoid any delay to your pension payments we advise you to keep your previous account open until you have seen your pension credited to your new account.

If you want your pension paid into an overseas (non-UK) bank account, you will need to download and complete an international payment form for the relevant country, which you can find on the Bank details page.

If you want to receive payments in pounds sterling, please check your bank will accept such payments and be aware they may charge for this service. Payments to overseas accounts may take up to 5 working days after the payment date. Please factor in this timing when setting up any direct debits for household expenses.

MPS pensions are normally payable on a Friday every four weeks, two weeks in advance and two weeks in arrears. Your pension will be paid into your UK bank or building society account by direct credit from the Scheme’s bank account.

You can find a list of the paydays on the Scheme website at mps-pension.org.uk/im-taking-my-pension/paydays/

When you apply to take your pension, we’ll send you a letter to confirm the final benefits we will pay. First pension payments are usually taxed on an emergency tax code, so it can take a month or two for HMRC to align your tax code and for things to settle down to your regular 4 weekly pension amount. Bear that in mind when you are planning your retirement

If you are an MPS pensioner, you can view and download copies of your pension payslips and P60s on our member portal. Go to My account, My documents then My Payslips or My P60s. Choose the PDF for the period you want and click download.

If you haven’t started taking your pension yet, your pension will get what we call annual deferred pension increases.

Your Scheme pension is made up of different elements, which increase in different ways. Details of how your pension is made up can be found on your benefit statement.

The different elements of your pension are:

• Guaranteed Pensions, which means the pension earned for service in the industry before privatisation in 1994. These benefits will broadly increase in line with price inflation as measured by any annual increase in the Retail Prices Index.
• Bonus elements, which were awarded from previous valuation surpluses. These elements are not increased.

If your pension is already in payment, every year we increase the pension we pay you, to help you with rising prices. You get your increase in the autumn. We send you a pension increase letter every year that explains the different parts of your pension, and how much the increase is.

If you are married or in a civil partnership, your spouse will get a spouse’s pension for life and may have the option to swap some of their pension for a lump sum.

If you are single and nobody is financially dependent on you, the Scheme does not pay out a pension when you die.

If you have a partner who you are not married to, they may get a pension at the Trustees' discretion. We might ask you to provide evidence of your relationship.

If you have children under the age of 18, they may receive a child pension. We may also pay pensions to dependant children up to age 21 if they are in full time education or vocational training, subject to certain criteria.

If you die before you start taking your Scheme pension, or within 5 years of taking it, we may be able to pay out a lump sum. Who can get the lump sum, and how much they get, will depend on your circumstances.

There is no lump sum payable if you have been receiving your Scheme pension for more than 5 years.

You can tell us who you’d like the lump sum to go to by filling in an Expression of Wish form. It's important to keep it up to date so that it reflects your wishes. We have to pay out any money in line with the rules of the Scheme, which means we do not have to do what it says on your form. But we will take your wishes into account where we can. Go to My pension and If I die to complete your Expression of Wish online. If you are not married or in a civil partnership but have a partner that lives with you or is financially dependent on you, you can also make a Nomination to let the Trustees know to consider them for an adult dependant's pension if you were to die. This is paid at the Trustees' discretion.

Your pension is made up of different parts that you build up over your working life. If you worked between 1978 and 1997, part of your pension could be something called Guaranteed Minimum Pension (GMP).

In the past, there were two types of state pensions: the main one, and an additional one called the State Earnings Related Pension Scheme (SERPS). Employers could choose to offer a pension that was as good as SERPS, called GMP,

If part of your pension is GMP, it will differ from the rest of your pension in 2 ways:

The GMP part of your pension will increase differently depending on when you earned it:

• GMP earned before 6 April 1988 doesn't increase.
• GMP earned after 6 April 1988 increases based on the Consumer Prices Index (CPI) or 3%, whichever is lower, each April.

The Scheme must pay you a pension that is at least the same as the GMP when you reach 65 if you are a man, or 60 if you are a woman.

GMP is usually a small part of someone’s pension. In most cases, the MPS pension is more than the GMP.

If your MPS pension is lower than the GMP, the Scheme will increase your pension to make up the difference. The Scheme administrator has already contacted members who this applies to.

If you built up your MPS pension before 6 April 1997, it will probably include an element of Guaranteed Minimum Pension (GMP). This is the minimum amount of pension we must pay you after contracting out of the State Earnings-Related Pension Scheme (SERPS). Currently men get their GMP at 65 and women at 60.

The High Court ruled in October 2018 that pension schemes that used to be contracted-out of the State Earnings-Related Pension Scheme must “equalise” the way that guaranteed minimum pensions (GMPs) are treated.

That means the Trustees must ensure that men and women are provided overall with benefits calculated in a way that ensures there is no sex discrimination.  This only relates to certain benefits accrued between 17 May 1990 and 6 April 1997. As a result, the Trustees will review member benefits built up in that period, and some members may be due a top-up to their pension. Equalisation will only affect members who were in the Scheme on or after 17 May 1990. For most people, the amounts of money involved will be small.

We expect this process to take some time.

You pay tax on your pension. If you need help with anything to do with tax, you can contact HMRC or Tax Help for Older People.

These organisations will be able to answer your questions better than the Scheme administrator. This is because the Scheme's team of administrators aren't tax experts. The Scheme also has no control over how much tax you pay. HMRC sets your tax code, not the Scheme.

You can get general information on how pensions are taxed from the government’s website.

Tax Help for Older People

Tax Help for Older People is a UK-based charity that offers free guidance and support on tax. They can also check if you're on the right tax code.

To contact Tax Help for Older People call them on 0333 2075653. Or visit their website at taxvol.org.uk to see how they can help you.

HMRC can answer any tax-related questions. When contacting HMRC, you should state your National Insurance number and the Scheme PAYE reference. The MPS PAYE reference number is 083/MPS.

To call HMRC:

From the UK: 0300 200 3300 (Lines are open from 8am to 8pm Monday to Friday and from 8am to 4pm on Saturdays).

If you are calling from abroad: +44 135 535 9022

If you are hearing or speech impaired, there is a text phone service: 0300 200 3319

Lines are open from 8am to 8pm Monday to Friday and from 8am to 4pm on Saturdays.

Write to HMRC at the below address:

HM Revenue & Customs
Pay as you Earn and Self-assessment
HM Revenue & Customs
BX9 1AS

Tax Help for Older People is a UK-based charity that offers free guidance and support on tax. They can also check if you're on the right tax code. 

To contact Tax Help for Older People call them on 0333 2075653. Or visit their website at https://taxvol.org.uk to see how they can help you.