What do I get?

As a member of the LGPS, you get the following benefits:

A secure pension

Your pension is worked out every year and added to your pension account. Each year, 1/49th of your pensionable pay is 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. If you joined before 1 April 2014, there’ll be additional calculations. You can find out more on our ‘How’s my pension worked out?’ page.

Tax relief

You get tax relief on the pension contributions you pay. You can also choose to swap part of your pension for tax-free cash when you take it.

Flexibility to pay more or less

You can boost your pension by paying more contributions, which you’d 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’s to help members stay in the LGPS when they’re struggling with their money.

Peace of mind

Your family enjoys financial security, with life cover and a pension for your:

spouse
civil partner
eligible cohabiting partner
eligible children

if you died whilst still paying in to the LGPS. If you become too ill for your current job, you may be able to get your pension straight away. You can find out more on our ill health page.

Freedom to choose when to take your pension

Your pension is usually payable from 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 State Pension age, it will normally be reduced. This is because it’s being paid earlier. If you take it later than your State Pension age, it will be increased because it’s being paid later.

The earliest age you can take your pension will increase from 55 to 57 from 6 April 2028.

Redundancy and efficiency retirement

If you leave because of redundancy or business efficiency when:

you’re over 55 and
been an active member for 2 years

you’ll get your pension paid straight away.

Any extra pension you’ve bought would be reduced if you’re under your State Pension age when you take your pension

Flexible retirement

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 your pension. You might want to think about flexible retirement if:

you’re over 55
you’ve been an active member for 2 years
your employer agrees.

Please check with your employer to find out what their policy is.

Your pension may be reduced if you retire flexibly before your State Pension age.