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What is a local government pension scheme (LGPS)?
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Mar 22, 2024 · If you work in local government you'll have access to the Local Government Pension Scheme (LGPS), one of the largest pension schemes in the UK. The amount you'll get when you retire will depend on your earnings and how long you have been part of the scheme.
Oct 9, 2024 · The LGPS is a national public sector pension scheme managed locally by more than 80 administering authorities (funds) in England and Wales.
- A Secure Pension
- Tax Relief
- Flexibility to Pay More Or Less Contributions
- Peace of Mind
- Freedom to Choose When to Take Your Pension
- Redundancy and Efficiency Retirement
- Flexible Retirement
Your pension is worked out every year and added to your pension account. Each year, 1/49th of your pensionable payis put into your pension account. At the end of the year the total amount of pension in your account is adjusted in line with changes in the cost of living.
As a member of the LGPS, you receive tax relief on the contributions that you pay. You also have the option to exchange part of your pension for tax-free cash when you take it.
You can boost your pension by paying more contributions, which you would get tax relief on. You can also pay half your normal contributions in return for half your normal pension. This is known as the 50/50 section of the Scheme. It is designed to help members stay in the LGPS when times are financially tough.
Your family enjoys financial security, with immediate life cover and a pension for your spouse, civil partner or eligible cohabiting partner and eligible children in the event of your death in service. If you become seriously ill and you’ve met the two year vesting period, you could receive your pension straight away.
Your pension is usually payable from your Normal Pension Age which is linked to your State Pension age. You can choose to retire and take your pension at any time between age 55 and 75. If you choose to take your pension before your Normal Pension Age, it will normally be reduced, as it’s being paid earlier. If you take it later than your Normal Pe...
If you are made redundant or retired in the interests of business efficiency when you are over age 55, you will receive immediate payment of the pension you have built up – providing you have met the two year vesting period. Any additional pension you have bought would be reduced if you are under your Normal Pension Age when you retire. The earlies...
Flexible retirement helps you ease into retirement. If you reduce your working hours or move to a less senior position, you may be able to take some or all of the benefits you have built up. You may wish to consider flexible retirement if: 1. you are over age 55 2. you have met the two year vesting period 3. your employer agrees. Your benefits may ...
Aug 23, 2021 · The Local Government Pension Schemes (LGPS) has more than five million members – contributors, ‘deferred members’ and pensioners and is made of individual funds with assets running into billions of pounds.
- You can join the pension scheme at any time up to 75.
- There are currently two parts to the state pension; the basic state pension and the additional state pension. You will qualify for a basic state pe...
- The regulations changing the LGPS came into force on 1 April 2014. Anyone who has opted out of the LGPS must rejoin the scheme if they want protect...
- To be eligible to join the LGPS, you need to be under 75 and work for an employer which offers LGPS membership. Membership is automatic for most el...
- No. Local government employers have to participate in the LGPS, but around 25% of members are from the Environment Agency, higher education and pol...
- If you’re made redundant or you retire because of service efficiency, you have a statutory right to draw an unreduced pension as long as you are at...
- The state department that administers the state pension, the Department for Work and Pensions (DWP), have said that fewer than half of those retiri...
The LGPS is one of the largest pension schemes in the UK. It is a defined benefit pension scheme which means your pension is based on your salary and how long you pay into the Scheme. Your pension is not affected by how well investments perform.
The LGPC provides technical advice and information on the Local Government Pension Scheme (LGPS) and related compensation matters to LGPS administering authorities and employers. The service...
The LGPS is a national pension scheme for people working in local government or working for other employers that participate in the scheme. Facts and figures. Find out more about who administers the LGPS and the numbers involved. How the LGPS is run.
