Are you thinking about joining the LGPS and need to know more information? Or are you just curious to find out more about your pension?
Our range of guides and factsheets are a quick look at the scheme and some of the benefits you are entitled to.
We have tried to make our publications and communications as simple as possible, but in certain areas it is difficult to avoid using technical terms. We have therefore provided a glossary with a list of the most commonly used technical terms.
Frequently Asked Questions
Here are some frequently asked questions
Joining or Remaining in the LGPS
Forms and Guides
Brief Guide to Your Pension (Version 1.4 - May 2015)
Full Scheme Guide (Version 1.8 - May 2015)
I've recently had a pay cut - how will this impact my pension?
Ordinarily your pension is based on your final salary and the length of time in the pension scheme. Final salary is taken to mean the pensionable pay in your final year as a member. However certain protections for members have been built into the scheme to allow for pay fluctuations in the run up to retirement.
Generally speaking the higher your final salary, the higher your pension will be. However, there are some instances where you may be receiving a lower salary just prior to retirement. If this happens for any reason you are able to use the highest salary in the last 3 years upon which to base your pension. Circumstances may include:
- Fluctuations in pensionable bonuses
- A reduction in an acting up allowance
There are also protections available if your pay reduction is more than 3 years prior to retirement. If this is the case you are able to base your pension on the average of the best 3 consecutive years’ pay in the last 13 years. This typically could cover a reduction in pay due to a pay review, or the cessation of or reduction in pensionable emoluments, but does not cover cessation of a temporary acting up allowance or flexible retirement. For this protection to apply, you must retire within 10 years of the reduction or restriction in your pay.
For example: If you had the following annual pay figures you could based your pension on the average of the best 3 consecutive years. This would be the ones in the shaded box and the average would be £31,666
If you have received a pay cut due to the above circumstances and you are close to retirement please contact the pension team to discuss which pay figure you can base your pension on. It is important you know your options.