Your pension and choosing a lump sum

Annual pension

You can get an estimate of your pension by logging into your pension account and using the benefit projectors. If you haven’t registered for your online pension account yet, you can sign up here. The projectors are in the pension benefits section of your dashboard. You can see what affect the date you retire has on your annual pension. The annual salary increase box is set to 0%, you may want to assume a small % increase in there.

You can choose to take a lump sum

When you take your pension, you can choose to swap part of it for a tax-free lump sum. For every £1 of annual pension you give up, you’ll get a lump sum of £12. If you’re still paying into the LGPS, you can use our benefit projector to see what effect taking a lump sum has on your annual pension. You can find out more about taking a lump sum on the LGPS member website.