maximum pension cash outs and trivial

Summary

The requester asked for data on public sector pension cash-outs by employee grade for 2022-2024, but the authority could not provide grade-specific breakdowns. Instead, the Public Sector Pensions Authority disclosed total retirement figures and the percentage of trivial commutation lump sums versus other lump sums for the financial years 2021/22 to 2023/24.

Key Facts

• The requested data broken down by employee grade was not held by the authority.
• Information was provided for financial years 2021/22, 2022/23, and 2023/24 instead of the requested calendar years.
• Total retirements were 332 in 2021/22, 389 in 2022/23, and 328 in 2023/24.
• Triviality payments accounted for 31.33% of retirements in 2021/22, dropping to 22.88% in 2022/23, and rising to 31.69% in 2023/24.
• The data is sourced from audited scheme accounts available on the authority's website.

Data Disclosed

• 332
• 389
• 328
• 104
• 89
• 103
• 228
• 300
• 222
• 31.33%
• 22.88%
• 31.69%
• 68.67%
• 77.12%
• 68.31%
• 2021/22
• 2022/23
• 2023/24
• 4335881
• 2024-12-24
• 2025-01-13

Original Request

How many public sector employees by grade in the most recent 3 calendar years 2022-2024 to date or, only if information is significantly unavailable, in the most recent 3 financial years (1) claimed a superannuation based employment pension and then (2) how many or what percentage claimed (a) the relevant maximum pension cash out or (b) a trivial commutation lump sum cash out?

Data Tables (3)

Full Response Text

We can however provide the following information in respect of your request;

2021/22 2022/23 2023/24 Number of Retirements 332 389 328

"claimed a superannuation based employment pension"
Triviality Payments 104 89 103 *Lump Sum / Pension Only 228 300 222 Total 332 389 325

By percentage Triviality Payments 31.33% 22.88% 31.69% *Lump Sum / Pension Only 68.67% 77.12% 68.31% Total 100.00% 100.00% 100.00%

The above retirement numbers are in respect of financial years 2021/22, 2022/23 and 2023/24, and are as per our audited scheme accounts, which are available on our website at www.pspa.im

• Includes maximum, automatic or chosen lump sums

Please quote the reference number 4335881 in any future communications.

Your right to request a review

If you are unhappy with this response to your freedom of information request, you may ask us to carry out an internal review of the response, by completing a complaint form and submitting it electronically or by delivery/post.

An electronic version of our complaint form can be found by going to our website at https://services.gov.im/freedom-of-information/Review . If you would like a paper version of our complaint form to be sent to you by post, please contact me and I will be happy to arrange for this. Your review request should explain why you are dissatisfied with this response, and should be made as soon as practicable. We will respond as soon as the review has been concluded.

If you are not satisfied with the result of the review, you then have the right to appeal to the Information Commissioner for a decision on; 1. Whether we have responded to your request for information in accordance with Part 2 of the Freedom of Information Act 2015; or 2. Whether we are justified in refusing to give you the information requested.
In response to an application for review, the Information Commissioner may, at any time, attempt to resolve a matter by negotiation, conciliation, mediation or another

form of alternative dispute resolution and will have regard to any outcome of this in making any subsequent decision. More detailed information on your right to a review can be found on the Information Commissioner’s website at www.inforights.im. Should you have any queries concerning this letter, please do not hesitate to contact me. Further information about freedom of information requests can be found at www.gov.im/foi.

I will now close your request as of this date.

Yours sincerely

ordinator

FOI Co