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LGPS MEMBER SITE
LGPS member website. The Local Government Pension Scheme: Welcome to the national website for members of the LGPS in England and WalesLGPS MEMBER SITE
This is the pay on which you normally pay pension contributions. Typically pensionable pay includes: overtime (both contractual and non-contractual) maternity, paternity, adoption and shared parental pay. additional hours payments if you work part-time. any other taxable benefit specified in your contract as being pensionable.LGPS MEMBER SITE
Taking your pension. Your LGPS pension is payable in full from your Normal Pension Age which is linked to your State Pension Age (but with a minimum of age 65). However, you can choose to retire and take your pension from the LGPS at any time from age 55 to 75, provided you have met the 2 years vesting period in the scheme. If you choose to take your pension before your Normal Pension Age itLGPS MEMBER SITE
The reduction is based on the length of time (in years and days) that you retire early i.e. the period between the date your benefits are paid and your Normal Pension Age. The earlier you retire, the greater the reduction. As a guide, the current percentage reductions for retirements up to 13 years early are shown in the table below.LGPS MEMBER SITE
If you leave your job before retirement and you do not meet the 2 year vesting period you will have three options: you will normally be able to claim a refund of your contributions, less a deduction for tax and the cost, if any, of buying you back into the State Second Pension (S2P) in respect of your membership up to 5 April 2016 when the LGPSLGPS MEMBER SITE
When the LGPS changed from a final salary to a career average pension scheme in 2014, members who were within 10 years of their Normal Pension Age (usually age 65) on 1 April 2012 were provided with a protection called the 'underpin'. When a protected member takes their pension, the benefits payable under the career average and finalsalary
LGPS MEMBER SITE
9.9%. £93,401 to £110,000. 10.5%. £110,001 to £165,000. 11.4%. 165,001 or more. 12.5%. The contribution rates and / or pay bands will be reviewed periodically and may change in the future. This is to maintain the average contribution from employees at 6.5% and to ensure the long term costs of the scheme are managed.LGPS MEMBER SITE
The LGPS provides valuable life cover and financial protection for your family. This section looks at the benefits that would be payable if you were to die whilst in service. Details of the benefits that would be payable if you were to die after leaving the scheme can be found in the section for members who have already left or retired. HOW MUCH LUMP SUM WOULD YOU LIKE TO TAKE? The maximum lump sum you can take is set by HM Revenue and Customs and is the lower of: 25% of the capital value of your pension benefits. 25% of your remaining lifetime allowance. Note: 25% of the lifetime allownce is £268,275 (£1,073,100 x 25%); however, if you have previously taken payment of (crystallised) pension benefits you willhave
LGPS MEMBER SITENEWSCONTACT YOUR LGPS FUNDGLOSSARYTAKING A LUMP SUMVIDEOSKEY FEATURES OF THE LGPS Key features of the LGPS Who can join The cost to you Automatic enrolment. Already a member. How your pension is worked out Increasing your pension benefits Paying less - the 50/50 section If you are away from work Death in service benefits. Thinking of leaving or retiring.LGPS MEMBER SITE
LGPS member website. The Local Government Pension Scheme: Welcome to the national website for members of the LGPS in England and WalesLGPS MEMBER SITE
This is the pay on which you normally pay pension contributions. Typically pensionable pay includes: overtime (both contractual and non-contractual) maternity, paternity, adoption and shared parental pay. additional hours payments if you work part-time. any other taxable benefit specified in your contract as being pensionable.LGPS MEMBER SITE
Taking your pension. Your LGPS pension is payable in full from your Normal Pension Age which is linked to your State Pension Age (but with a minimum of age 65). However, you can choose to retire and take your pension from the LGPS at any time from age 55 to 75, provided you have met the 2 years vesting period in the scheme. If you choose to take your pension before your Normal Pension Age itLGPS MEMBER SITE
The reduction is based on the length of time (in years and days) that you retire early i.e. the period between the date your benefits are paid and your Normal Pension Age. The earlier you retire, the greater the reduction. As a guide, the current percentage reductions for retirements up to 13 years early are shown in the table below.LGPS MEMBER SITE
If you leave your job before retirement and you do not meet the 2 year vesting period you will have three options: you will normally be able to claim a refund of your contributions, less a deduction for tax and the cost, if any, of buying you back into the State Second Pension (S2P) in respect of your membership up to 5 April 2016 when the LGPSLGPS MEMBER SITE
When the LGPS changed from a final salary to a career average pension scheme in 2014, members who were within 10 years of their Normal Pension Age (usually age 65) on 1 April 2012 were provided with a protection called the 'underpin'. When a protected member takes their pension, the benefits payable under the career average and finalsalary
LGPS MEMBER SITE
9.9%. £93,401 to £110,000. 10.5%. £110,001 to £165,000. 11.4%. 165,001 or more. 12.5%. The contribution rates and / or pay bands will be reviewed periodically and may change in the future. This is to maintain the average contribution from employees at 6.5% and to ensure the long term costs of the scheme are managed.LGPS MEMBER SITE
The LGPS provides valuable life cover and financial protection for your family. This section looks at the benefits that would be payable if you were to die whilst in service. Details of the benefits that would be payable if you were to die after leaving the scheme can be found in the section for members who have already left or retired. HOW MUCH LUMP SUM WOULD YOU LIKE TO TAKE? The maximum lump sum you can take is set by HM Revenue and Customs and is the lower of: 25% of the capital value of your pension benefits. 25% of your remaining lifetime allowance. Note: 25% of the lifetime allownce is £268,275 (£1,073,100 x 25%); however, if you have previously taken payment of (crystallised) pension benefits you willhave
LGPS MEMBER SITE
How your pension is worked out. Select this section if you want to know more about how a pension account works, what is counted in pensionable pay, how benefits before 2014 are calculated or to use the pension account modeller.LGPS MEMBER SITE
Your pension fund administering authority must prepare and publish an annual report on or before the 1st December after the end of each scheme year. The scheme year in the LGPS runs from 1 April to 31 March. This report will detail the management and financial performance during the year of each of the pension funds maintained bythe authority.
LGPS MEMBER SITE
The protected Normal Retirement Age (referred to in the table below)for almost all members who joined the LGPS before 1 April 2014 is 65. If you would not satisfy the 85 year rule by the time you are 65. All your benefits are reduced if you choose to draw your pension before your Normal Pension Age. The reduction will be based on howmany years
LGPS MEMBER SITE
If you are buying extra years in the LGPS (Added Years) You will be credited with the extra years of membership that you have paid for and you will receive extra retirement benefits calculated on the same basis that you agreed to buy them. This extra membership is worked out using your final pay when you leave and is included in your membershipLGPS MEMBER SITE
You must take your pension credit in the LGPS by your 65th birthday. Your pension credit can be paid from any age as as a one off lump sum equal to 5 years worth of pension if you suffer serious ill health. Serious ill health means that you have less than one year to live. If, at any time, you wish to claim the pension credit benefits on theLGPS MEMBER SITE
Taking a lump Sum. Your LGPS benefits are made up of: A pension that is adjusted to keep up with the cost of living for the rest of your life, and. The option to exchange part of your pension for a tax-free lump sum that is paid when you take your pension benefits. In addition, if you were a member of the LGPS before 1 April 2008 youwill also
LGPS MEMBER SITE
Assumed pensionable pay is used to work out any enhancement to your pension awarded as a result of ill health retirement, any lump sum death grant following death in service, and any enhancement which is included in survivor benefits following death in service. The assumed pensionable pay for these purposes is calculated as the average of theLGPS MEMBER SITE
The Government has introduced a cap on the amount of money a public sector employer can pay when an employee leaves their employment. It is called the public sector exit cap, or £95k cap. It applies to employees leaving public sector employments from 4 November 2020. The exit cap is most likely to affect you if you are a public sectoremployee
ANNUAL ALLOWANCE
The annual allowance quick check tool. Before you start. You can use this check tool to check if your LGPS pension saving in a tax year (from 2016/17 forward) is likely to exceed the annual allowance. You will need to input the value of your LGPS pension benefits (including AVCs) at the start of pension input period and at the end.LGPS MEMBER SITE
Taking your deferred pension If you left the LGPS on or after 1 April 1998. Your deferred pension benefits are normally payable in full at your Normal Pension Age in the LGPS. From 1 April 2014 your Normal Pension Age is linked to your State Pension Age (but with a minimum of age 65). The Normal Pension Age for benefits built up before 1 April 2014 is age 65 (in almost all cases). LGPS MEMBER SITENEWSCONTACT YOUR LGPS FUNDGLOSSARYTAKING A LUMP SUMVIDEOSKEY FEATURES OF THE LGPS Key features of the LGPS Who can join The cost to you Automatic enrolment. Already a member. How your pension is worked out Increasing your pension benefits Paying less - the 50/50 section If you are away from work Death in service benefits. Thinking of leaving or retiring.LGPS MEMBER SITE
LGPS member site. The Local Government Pension Scheme: Welcome to the national website for members of the LGPS in England and WalesLGPS MEMBER SITE
Taking your pension. Your LGPS pension is payable in full from your Normal Pension Age which is linked to your State Pension Age (but with a minimum of age 65). However, you can choose to retire and take your pension from the LGPS at any time from age 55 to 75, provided you have met the 2 years vesting period in the scheme. If you choose to take your pension before your Normal Pension Age itLGPS MEMBER SITE
A pension is provided for your spouse, registered civil partner or, subject to certain qualifying conditions, your eligible cohabiting partner (if you were a member of the LGPS on or after 1 April 2008). This pension is payable immediately after your death for the rest of their life and will increase every year inLGPS MEMBER SITE
When the LGPS changed from a final salary to a career average pension scheme in 2014, members who were within 10 years of their Normal Pension Age (usually age 65) on 1 April 2012 were provided with a protection called the 'underpin'. When a protected member takes their pension, the benefits payable under the career average and finalsalary
LGPS MEMBER SITE
The reduction is based on the length of time (in years and days) that you retire early i.e. the period between the date your benefits are paid and your Normal Pension Age. The earlier you retire, the greater the reduction. As a guide, the current percentage reductions for retirements up to 13 years early are shown in the table below.LGPS MEMBER SITE
The underpin applies to you if you: were an active member on 31 March 2012. were within 10 years of your protected Normal Pension Age on 1 April 2012 (usually 65) haven't had a continuous break in active membership of a public service pension scheme of more than 5 years (after 31 March 2012) you haven't taken any benefits in the careeraverage
LGPS MEMBER SITE
Taking a lump Sum. Your LGPS benefits are made up of: A pension that is adjusted to keep up with the cost of living for the rest of your life, and. The option to exchange part of your pension for a tax-free lump sum that is paid when you take your pension benefits. In addition, if you were a member of the LGPS before 1 April 2008 youwill also
LGPS MEMBER SITE
Taking your deferred pension If you left the LGPS on or after 1 April 1998. Your deferred pension benefits are normally payable in full at your Normal Pension Age in the LGPS. From 1 April 2014 your Normal Pension Age is linked to your State Pension Age (but with a minimum of age 65). The Normal Pension Age for benefits built up before 1 April 2014 is age 65 (in almost all cases).LGPS MEMBER SITE
Flexible benefits were introduced by the Government from 6 April 2015 to allow members of defined contribution schemes, who are over age 55, more freedom on how they take money from their pension pot. The LGPS is not a defined contribution pension scheme (it is a defined benefit scheme) and as such, it is not directly affected by these changes. LGPS MEMBER SITENEWSCONTACT YOUR LGPS FUNDGLOSSARYTAKING A LUMP SUMVIDEOSKEY FEATURES OF THE LGPS Key features of the LGPS Who can join The cost to you Automatic enrolment. Already a member. How your pension is worked out Increasing your pension benefits Paying less - the 50/50 section If you are away from work Death in service benefits. Thinking of leaving or retiring.LGPS MEMBER SITE
LGPS member site. The Local Government Pension Scheme: Welcome to the national website for members of the LGPS in England and WalesLGPS MEMBER SITE
Taking your pension. Your LGPS pension is payable in full from your Normal Pension Age which is linked to your State Pension Age (but with a minimum of age 65). However, you can choose to retire and take your pension from the LGPS at any time from age 55 to 75, provided you have met the 2 years vesting period in the scheme. If you choose to take your pension before your Normal Pension Age itLGPS MEMBER SITE
A pension is provided for your spouse, registered civil partner or, subject to certain qualifying conditions, your eligible cohabiting partner (if you were a member of the LGPS on or after 1 April 2008). This pension is payable immediately after your death for the rest of their life and will increase every year inLGPS MEMBER SITE
When the LGPS changed from a final salary to a career average pension scheme in 2014, members who were within 10 years of their Normal Pension Age (usually age 65) on 1 April 2012 were provided with a protection called the 'underpin'. When a protected member takes their pension, the benefits payable under the career average and finalsalary
LGPS MEMBER SITE
The reduction is based on the length of time (in years and days) that you retire early i.e. the period between the date your benefits are paid and your Normal Pension Age. The earlier you retire, the greater the reduction. As a guide, the current percentage reductions for retirements up to 13 years early are shown in the table below.LGPS MEMBER SITE
The underpin applies to you if you: were an active member on 31 March 2012. were within 10 years of your protected Normal Pension Age on 1 April 2012 (usually 65) haven't had a continuous break in active membership of a public service pension scheme of more than 5 years (after 31 March 2012) you haven't taken any benefits in the careeraverage
LGPS MEMBER SITE
Taking a lump Sum. Your LGPS benefits are made up of: A pension that is adjusted to keep up with the cost of living for the rest of your life, and. The option to exchange part of your pension for a tax-free lump sum that is paid when you take your pension benefits. In addition, if you were a member of the LGPS before 1 April 2008 youwill also
LGPS MEMBER SITE
Taking your deferred pension If you left the LGPS on or after 1 April 1998. Your deferred pension benefits are normally payable in full at your Normal Pension Age in the LGPS. From 1 April 2014 your Normal Pension Age is linked to your State Pension Age (but with a minimum of age 65). The Normal Pension Age for benefits built up before 1 April 2014 is age 65 (in almost all cases).LGPS MEMBER SITE
Flexible benefits were introduced by the Government from 6 April 2015 to allow members of defined contribution schemes, who are over age 55, more freedom on how they take money from their pension pot. The LGPS is not a defined contribution pension scheme (it is a defined benefit scheme) and as such, it is not directly affected by these changes.LGPS MEMBER SITE
The reduction is based on the length of time (in years and days) that you retire early i.e. the period between the date your benefits are paid and your Normal Pension Age. The earlier you retire, the greater the reduction. As a guide, the current percentage reductions for retirements up to 13 years early are shown in the table below.LGPS MEMBER SITE
The protected Normal Retirement Age (referred to in the table below)for almost all members who joined the LGPS before 1 April 2014 is 65. If you would not satisfy the 85 year rule by the time you are 65. All your benefits are reduced if you choose to draw your pension before your Normal Pension Age. The reduction will be based on howmany years
LGPS MEMBER SITE
This is the pay on which you normally pay pension contributions. Typically pensionable pay includes: overtime (both contractual and non-contractual) maternity, paternity, adoption and shared parental pay. additional hours payments if you work part-time. any other taxable benefit specified in your contract as being pensionable. PENSIONS TAXATION: LIFETIME ALLOWANCE FACTSHEET 2 v1.7 April 2020 Table 1 - the lifetime allowance from 2011/12 Tax Year Lifetime Allowance 2011/12 £1.8 million 2012/13 £1.5 million 2013/14 £1.5 millionLGPS MEMBER SITE
Ill health retirement. If you have to leave work due to illness you may be able to receive immediate payment of your benefits. To qualify for ill health benefits you have to have met the 2 years vesting period in the scheme and your employer, based on an opinion from an independent occupational health physician appointed by them, must be satisfied that you will be permanently unable to do yourLGPS MEMBER SITE
If you leave your job before retirement and you do not meet the 2 year vesting period you will have three options: you will normally be able to claim a refund of your contributions, less a deduction for tax and the cost, if any, of buying you back into the State Second Pension (S2P) in respect of your membership up to 5 April 2016 when the LGPSLGPS MEMBER SITE
What happens if your job is transferred to a private contractor? If your job is transferred to a private contractor, the contractor will normally be required to provide you with continued access to the LGPS or to offer you a pension scheme that is broadly equivalent to theLGPS.
LGPS MEMBER SITE
Child Related Leave. Authorised Unpaid Leave. Strike. Reserve Forces Leave. Additonal Pension Contributions (APCs) or. Shared Cost APCs. Contributions are deemed paid. You must continue to pay the extra contributions you are contracted to pay as if you were not away from work. Added Years (buying extra membership) - contract entered intobefore
LGPS MEMBER SITE
Returning to work if you are being paid a pension from the LGPS. If you built up any pension in the LGPS before 1 April 2014, take payment of your pension and then return to work in local government, or with an employer who offers membership of the LGPS, you must tell the LGPS fund that pays your pension about your new job.You must do this whether or not you join the LGPS in your new job.LGPS MEMBER SITE
Flexible benefits were introduced by the Government from 6 April 2015 to allow members of defined contribution schemes, who are over age 55, more freedom on how they take money from their pension pot. The LGPS is not a defined contribution pension scheme (it is a defined benefit scheme) and as such, it is not directly affected by these changes. LGPS MEMBER SITENEWSCONTACT YOUR LGPS FUNDGLOSSARYTAKING A LUMP SUMVIDEOSKEY FEATURES OF THE LGPS Key features of the LGPS Who can join The cost to you Automatic enrolment. Already a member. How your pension is worked out Increasing your pension benefits Paying less - the 50/50 section If you are away from work Death in service benefits. Thinking of leaving or retiring.LGPS MEMBER SITE
LGPS member site. The Local Government Pension Scheme: Welcome to the national website for members of the LGPS in England and WalesLGPS MEMBER SITE
Taking your pension. Your LGPS pension is payable in full from your Normal Pension Age which is linked to your State Pension Age (but with a minimum of age 65). However, you can choose to retire and take your pension from the LGPS at any time from age 55 to 75, provided you have met the 2 years vesting period in the scheme. If you choose to take your pension before your Normal Pension Age itLGPS MEMBER SITE
A pension is provided for your spouse, registered civil partner or, subject to certain qualifying conditions, your eligible cohabiting partner (if you were a member of the LGPS on or after 1 April 2008). This pension is payable immediately after your death for the rest of their life and will increase every year inLGPS MEMBER SITE
When the LGPS changed from a final salary to a career average pension scheme in 2014, members who were within 10 years of their Normal Pension Age (usually age 65) on 1 April 2012 were provided with a protection called the 'underpin'. When a protected member takes their pension, the benefits payable under the career average and finalsalary
LGPS MEMBER SITE
The reduction is based on the length of time (in years and days) that you retire early i.e. the period between the date your benefits are paid and your Normal Pension Age. The earlier you retire, the greater the reduction. As a guide, the current percentage reductions for retirements up to 13 years early are shown in the table below.LGPS MEMBER SITE
Taking a lump Sum. Your LGPS benefits are made up of: A pension that is adjusted to keep up with the cost of living for the rest of your life, and. The option to exchange part of your pension for a tax-free lump sum that is paid when you take your pension benefits. In addition, if you were a member of the LGPS before 1 April 2008 youwill also
LGPS MEMBER SITE
The underpin applies to you if you: were an active member on 31 March 2012. were within 10 years of your protected Normal Pension Age on 1 April 2012 (usually 65) haven't had a continuous break in active membership of a public service pension scheme of more than 5 years (after 31 March 2012) you haven't taken any benefits in the careeraverage
LGPS MEMBER SITE
Taking your deferred pension If you left the LGPS on or after 1 April 1998. Your deferred pension benefits are normally payable in full at your Normal Pension Age in the LGPS. From 1 April 2014 your Normal Pension Age is linked to your State Pension Age (but with a minimum of age 65). The Normal Pension Age for benefits built up before 1 April 2014 is age 65 (in almost all cases).LGPS MEMBER SITE
Flexible benefits were introduced by the Government from 6 April 2015 to allow members of defined contribution schemes, who are over age 55, more freedom on how they take money from their pension pot. The LGPS is not a defined contribution pension scheme (it is a defined benefit scheme) and as such, it is not directly affected by these changes. LGPS MEMBER SITENEWSCONTACT YOUR LGPS FUNDGLOSSARYTAKING A LUMP SUMVIDEOSKEY FEATURES OF THE LGPS Key features of the LGPS Who can join The cost to you Automatic enrolment. Already a member. How your pension is worked out Increasing your pension benefits Paying less - the 50/50 section If you are away from work Death in service benefits. Thinking of leaving or retiring.LGPS MEMBER SITE
LGPS member site. The Local Government Pension Scheme: Welcome to the national website for members of the LGPS in England and WalesLGPS MEMBER SITE
Taking your pension. Your LGPS pension is payable in full from your Normal Pension Age which is linked to your State Pension Age (but with a minimum of age 65). However, you can choose to retire and take your pension from the LGPS at any time from age 55 to 75, provided you have met the 2 years vesting period in the scheme. If you choose to take your pension before your Normal Pension Age itLGPS MEMBER SITE
A pension is provided for your spouse, registered civil partner or, subject to certain qualifying conditions, your eligible cohabiting partner (if you were a member of the LGPS on or after 1 April 2008). This pension is payable immediately after your death for the rest of their life and will increase every year inLGPS MEMBER SITE
When the LGPS changed from a final salary to a career average pension scheme in 2014, members who were within 10 years of their Normal Pension Age (usually age 65) on 1 April 2012 were provided with a protection called the 'underpin'. When a protected member takes their pension, the benefits payable under the career average and finalsalary
LGPS MEMBER SITE
The reduction is based on the length of time (in years and days) that you retire early i.e. the period between the date your benefits are paid and your Normal Pension Age. The earlier you retire, the greater the reduction. As a guide, the current percentage reductions for retirements up to 13 years early are shown in the table below.LGPS MEMBER SITE
Taking a lump Sum. Your LGPS benefits are made up of: A pension that is adjusted to keep up with the cost of living for the rest of your life, and. The option to exchange part of your pension for a tax-free lump sum that is paid when you take your pension benefits. In addition, if you were a member of the LGPS before 1 April 2008 youwill also
LGPS MEMBER SITE
The underpin applies to you if you: were an active member on 31 March 2012. were within 10 years of your protected Normal Pension Age on 1 April 2012 (usually 65) haven't had a continuous break in active membership of a public service pension scheme of more than 5 years (after 31 March 2012) you haven't taken any benefits in the careeraverage
LGPS MEMBER SITE
Taking your deferred pension If you left the LGPS on or after 1 April 1998. Your deferred pension benefits are normally payable in full at your Normal Pension Age in the LGPS. From 1 April 2014 your Normal Pension Age is linked to your State Pension Age (but with a minimum of age 65). The Normal Pension Age for benefits built up before 1 April 2014 is age 65 (in almost all cases).LGPS MEMBER SITE
Flexible benefits were introduced by the Government from 6 April 2015 to allow members of defined contribution schemes, who are over age 55, more freedom on how they take money from their pension pot. The LGPS is not a defined contribution pension scheme (it is a defined benefit scheme) and as such, it is not directly affected by these changes.LGPS MEMBER SITE
The reduction is based on the length of time (in years and days) that you retire early i.e. the period between the date your benefits are paid and your Normal Pension Age. The earlier you retire, the greater the reduction. As a guide, the current percentage reductions for retirements up to 13 years early are shown in the table below.LGPS MEMBER SITE
The protected Normal Retirement Age (referred to in the table below)for almost all members who joined the LGPS before 1 April 2014 is 65. If you would not satisfy the 85 year rule by the time you are 65. All your benefits are reduced if you choose to draw your pension before your Normal Pension Age. The reduction will be based on howmany years
LGPS MEMBER SITE
This is the pay on which you normally pay pension contributions. Typically pensionable pay includes: overtime (both contractual and non-contractual) maternity, paternity, adoption and shared parental pay. additional hours payments if you work part-time. any other taxable benefit specified in your contract as being pensionable. PENSIONS TAXATION: LIFETIME ALLOWANCE FACTSHEET 3 v1.7 April 2020 Example 1 – Sarah Sarah retires on 31 May 2020: LGPS annual pension £25,000 LGPS lump sum £45,000 AVC taken as alump sum £116,375
LGPS MEMBER SITE
LGPS member website. Survivor benefits. An ongoing pension is provided for your spouse, registered civil partner or, subject to certain qualifying conditions, your eligible cohabiting partner (if you were a member of the LGPS on or after 1 April 2008) and to your eligiblechildren.
LGPS MEMBER SITE
Ill health retirement. If you have to leave work due to illness you may be able to receive immediate payment of your benefits. To qualify for ill health benefits you have to have met the 2 years vesting period in the scheme and your employer, based on an opinion from an independent occupational health physician appointed by them, must be satisfied that you will be permanently unable to do yourLGPS MEMBER SITE
If you leave your job before retirement and you do not meet the 2 year vesting period you will have three options: you will normally be able to claim a refund of your contributions, less a deduction for tax and the cost, if any, of buying you back into the State Second Pension (S2P) in respect of your membership up to 5 April 2016 when the LGPSLGPS MEMBER SITE
Child Related Leave. Authorised Unpaid Leave. Strike. Reserve Forces Leave. Additonal Pension Contributions (APCs) or. Shared Cost APCs. Contributions are deemed paid. You must continue to pay the extra contributions you are contracted to pay as if you were not away from work. Added Years (buying extra membership) - contract entered intobefore
LGPS MEMBER SITE
Returning to work if you are being paid a pension from the LGPS. If you built up any pension in the LGPS before 1 April 2014, take payment of your pension and then return to work in local government, or with an employer who offers membership of the LGPS, you must tell the LGPS fund that pays your pension about your new job.You must do this whether or not you join the LGPS in your new job.LGPS MEMBER SITE
Flexible benefits were introduced by the Government from 6 April 2015 to allow members of defined contribution schemes, who are over age 55, more freedom on how they take money from their pension pot. The LGPS is not a defined contribution pension scheme (it is a defined benefit scheme) and as such, it is not directly affected by these changes. LGPS MEMBER SITENEWSCONTACT YOUR LGPS FUNDGLOSSARYTAKING A LUMP SUMVIDEOSKEY FEATURES OF THE LGPSLGPS MEMBERLGPS MEMBERLGPSLGPS Key features of the LGPS Who can join The cost to you Automatic enrolment. Already a member. How your pension is worked out Increasing your pension benefits Paying less - the 50/50 section If you are away from work Death in service benefits. Thinking of leaving or retiring.LGPS MEMBER SITE
LGPS member site. The Local Government Pension Scheme: Welcome to the national website for members of the LGPS in England and WalesLGPS MEMBER SITE
When the LGPS changed from a final salary to a career average pension scheme in 2014, members who were within 10 years of their Normal Pension Age (usually age 65) on 1 April 2012 were provided with a protection called the 'underpin'. When a protected member takes their pension, the benefits payable under the career average and finalsalary
LGPS MEMBER SITELGPS MEMBERLGPS PENSION FUNDLGPS PENSION FUND 9.9%. £93,401 to £110,000. 10.5%. £110,001 to £165,000. 11.4%. 165,001 or more. 12.5%. The contribution rates and / or pay bands will be reviewed periodically and may change in the future. This is to maintain the average contribution from employees at 6.5% and to ensure the long term costs of the scheme are managed. LGPS MEMBER SITEQUALIFICATIONS FOR WIDOW BENEFITSSOCIAL SECURITY WIDOWS BENEFITSWIDOW BENEFITS AT AGE 60WIDOWS BENEFITS AT AGE 55 The LGPS provides valuable life cover and financial protection for your family. This section looks at the benefits that would be payable if you were to die whilst in service. Details of the benefits that would be payable if you were to die after leaving the scheme can be found in the section for members who have already left or retired. LGPS MEMBER SITELOCAL GOVERNMENT PENSION SCHEMELOCAL GOVERNMENT PENSION SCHEME SCOTLANDLOCAL GOVERNMENT PENSION SCHEME UKLOCAL GOVERNMENT PENSION PLANSLOCAL GOVERNMENT SUPERANNUATION SCHEMEUK GOVERNMENT PENSION SCHEME Ill health retirement. If you have to leave work due to illness you may be able to receive immediate payment of your benefits. To qualify for ill health benefits you have to have met the 2 years vesting period in the scheme and your employer, based on an opinion from an independent occupational health physician appointed by them, must be satisfied that you will be permanently unable to do your HOW MUCH LUMP SUM WOULD YOU LIKE TO TAKE?LUMP SUM DEPOSIT CALCULATORLUMP SUM DISTRIBUTION CALCULATORLUMP SUM INVESTMENT CALCULATORLUMP SUM TAX CALCULATORLUMP SUM VALUE CALCULATORCALCULATOR LUMP SUM OR PAYMENTS The maximum lump sum you can take is set by HM Revenue and Customs and is the lower of: 25% of the capital value of your pension benefits. 25% of your remaining lifetime allowance. Note: 25% of the lifetime allownce is £268,275 (£1,073,100 x 25%); however, if you have previously taken payment of (crystallised) pension benefits you willhave
LGPS MEMBER SITE
LGPS member website. Survivor benefits. An ongoing pension is provided for your spouse, registered civil partner or, subject to certain qualifying conditions, your eligible cohabiting partner (if you were a member of the LGPS on or after 1 April 2008) and to your eligiblechildren.
LGPS MEMBER SITELOCAL GOVERNMENT PENSION SCHEME UKCALCULATE MY GOVERNMENT PENSIONFEDERAL GOVERNMENT PENSIONMY GOVERNMENT PENSION UKLGPS PENSION FUNDLGPS PENSION SCHEME Taking your deferred pension If you left the LGPS on or after 1 April 1998. Your deferred pension benefits are normally payable in full at your Normal Pension Age in the LGPS. From 1 April 2014 your Normal Pension Age is linked to your State Pension Age (but with a minimum of age 65). The Normal Pension Age for benefits built up before 1 April 2014 is age 65 (in almost all cases).LGPS MEMBER SITE
Flexible benefits were introduced by the Government from 6 April 2015 to allow members of defined contribution schemes, who are over age 55, more freedom on how they take money from their pension pot. The LGPS is not a defined contribution pension scheme (it is a defined benefit scheme) and as such, it is not directly affected by these changes. LGPS MEMBER SITENEWSCONTACT YOUR LGPS FUNDGLOSSARYTAKING A LUMP SUMVIDEOSKEY FEATURES OF THE LGPSLGPS MEMBERLGPS MEMBERLGPSLGPS Key features of the LGPS Who can join The cost to you Automatic enrolment. Already a member. How your pension is worked out Increasing your pension benefits Paying less - the 50/50 section If you are away from work Death in service benefits. Thinking of leaving or retiring.LGPS MEMBER SITE
LGPS member site. The Local Government Pension Scheme: Welcome to the national website for members of the LGPS in England and WalesLGPS MEMBER SITE
When the LGPS changed from a final salary to a career average pension scheme in 2014, members who were within 10 years of their Normal Pension Age (usually age 65) on 1 April 2012 were provided with a protection called the 'underpin'. When a protected member takes their pension, the benefits payable under the career average and finalsalary
LGPS MEMBER SITELGPS MEMBERLGPS PENSION FUNDLGPS PENSION FUND 9.9%. £93,401 to £110,000. 10.5%. £110,001 to £165,000. 11.4%. 165,001 or more. 12.5%. The contribution rates and / or pay bands will be reviewed periodically and may change in the future. This is to maintain the average contribution from employees at 6.5% and to ensure the long term costs of the scheme are managed. LGPS MEMBER SITEQUALIFICATIONS FOR WIDOW BENEFITSSOCIAL SECURITY WIDOWS BENEFITSWIDOW BENEFITS AT AGE 60WIDOWS BENEFITS AT AGE 55 The LGPS provides valuable life cover and financial protection for your family. This section looks at the benefits that would be payable if you were to die whilst in service. Details of the benefits that would be payable if you were to die after leaving the scheme can be found in the section for members who have already left or retired. LGPS MEMBER SITELOCAL GOVERNMENT PENSION SCHEMELOCAL GOVERNMENT PENSION SCHEME SCOTLANDLOCAL GOVERNMENT PENSION SCHEME UKLOCAL GOVERNMENT PENSION PLANSLOCAL GOVERNMENT SUPERANNUATION SCHEMEUK GOVERNMENT PENSION SCHEME Ill health retirement. If you have to leave work due to illness you may be able to receive immediate payment of your benefits. To qualify for ill health benefits you have to have met the 2 years vesting period in the scheme and your employer, based on an opinion from an independent occupational health physician appointed by them, must be satisfied that you will be permanently unable to do your HOW MUCH LUMP SUM WOULD YOU LIKE TO TAKE?LUMP SUM DEPOSIT CALCULATORLUMP SUM DISTRIBUTION CALCULATORLUMP SUM INVESTMENT CALCULATORLUMP SUM TAX CALCULATORLUMP SUM VALUE CALCULATORCALCULATOR LUMP SUM OR PAYMENTS The maximum lump sum you can take is set by HM Revenue and Customs and is the lower of: 25% of the capital value of your pension benefits. 25% of your remaining lifetime allowance. Note: 25% of the lifetime allownce is £268,275 (£1,073,100 x 25%); however, if you have previously taken payment of (crystallised) pension benefits you willhave
LGPS MEMBER SITE
LGPS member website. Survivor benefits. An ongoing pension is provided for your spouse, registered civil partner or, subject to certain qualifying conditions, your eligible cohabiting partner (if you were a member of the LGPS on or after 1 April 2008) and to your eligiblechildren.
LGPS MEMBER SITELOCAL GOVERNMENT PENSION SCHEME UKCALCULATE MY GOVERNMENT PENSIONFEDERAL GOVERNMENT PENSIONMY GOVERNMENT PENSION UKLGPS PENSION FUNDLGPS PENSION SCHEME Taking your deferred pension If you left the LGPS on or after 1 April 1998. Your deferred pension benefits are normally payable in full at your Normal Pension Age in the LGPS. From 1 April 2014 your Normal Pension Age is linked to your State Pension Age (but with a minimum of age 65). The Normal Pension Age for benefits built up before 1 April 2014 is age 65 (in almost all cases).LGPS MEMBER SITE
Flexible benefits were introduced by the Government from 6 April 2015 to allow members of defined contribution schemes, who are over age 55, more freedom on how they take money from their pension pot. The LGPS is not a defined contribution pension scheme (it is a defined benefit scheme) and as such, it is not directly affected by these changes.LGPS MEMBER SITE
Taking your pension. Your LGPS pension is payable in full from your Normal Pension Age which is linked to your State Pension Age (but with a minimum of age 65). However, you can choose to retire and take your pension from the LGPS at any time from age 55 to 75, provided you have met the 2 years vesting period in the scheme. If you choose to take your pension before your Normal Pension Age itLGPS MEMBER SITE
If you opt out of the LGPS when you have been a member for 3 months or more but you have not completed the 2 year qualifying period (known as the vesting period) - you can take a refund of your contributions (less any statutory deductions) or transfer your pension to another qualifying pension scheme. If you were in the scheme before 1 April HOW MUCH LUMP SUM WOULD YOU LIKE TO TAKE? The maximum lump sum you can take is set by HM Revenue and Customs and is the lower of: 25% of the capital value of your pension benefits. 25% of your remaining lifetime allowance. Note: 25% of the lifetime allownce is £268,275 (£1,073,100 x 25%); however, if you have previously taken payment of (crystallised) pension benefits you willhave
LGPS MEMBER SITE
As a member of the LGPS you have access to two tax efficent ways of increasing your pension benefits in addition to the benefits you are already building up. These are: 1. Buying Extra Pension in the LGPS - Additional Pension Contributions. If you are in the main section of the LGPS you can pay additional contributions to buy up to £7,316 ofLGPS MEMBER SITE
Taking a lump Sum. Your LGPS benefits are made up of: A pension that is adjusted to keep up with the cost of living for the rest of your life, and. The option to exchange part of your pension for a tax-free lump sum that is paid when you take your pension benefits. In addition, if you were a member of the LGPS before 1 April 2008 youwill also
LGPS MEMBER SITE
The underpin applies to you if you: were an active member on 31 March 2012. were within 10 years of your protected Normal Pension Age on 1 April 2012 (usually 65) haven't had a continuous break in active membership of a public service pension scheme of more than 5 years (after 31 March 2012) you haven't taken any benefits in the careeraverage
LGPS MEMBER SITE
The reduction is based on the length of time (in years and days) that you retire early i.e. the period between the date your benefits are paid and your Normal Pension Age. The earlier you retire, the greater the reduction. As a guide, the current percentage reductions for retirements up to 13 years early are shown in the table below.LGPS MEMBER SITE
Returning to work if you are being paid a pension from the LGPS. If you built up any pension in the LGPS before 1 April 2014, take payment of your pension and then return to work in local government, or with an employer who offers membership of the LGPS, you must tell the LGPS fund that pays your pension about your new job.You must do this whether or not you join the LGPS in your new job.LGPS MEMBER SITE
If you leave your job before retirement and you do not meet the 2 year vesting period you will have three options: you will normally be able to claim a refund of your contributions, less a deduction for tax and the cost, if any, of buying you back into the State Second Pension (S2P) in respect of your membership up to 5 April 2016 when the LGPSLGPS MEMBER SITE
Child Related Leave. Authorised Unpaid Leave. Strike. Reserve Forces Leave. Additonal Pension Contributions (APCs) or. Shared Cost APCs. Contributions are deemed paid. You must continue to pay the extra contributions you are contracted to pay as if you were not away from work. Added Years (buying extra membership) - contract entered intobefore
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