Retirement

Guidance on retiring from the Local Government Pension Scheme.

Find out about how retirement benefits are calculated and when they can become payable.

If you will be retiring from your employment soon, or you would like further information on your individual benefits payable on retirement please contact the pension team directly on 01628 796 668.

Alternatively you can email us on info@berkshirepensions.org.uk 

Important note: We recommend that you do not use AI tools to interpret your LGPS pension. LGPS pension calculations are complex and are based on both the Scheme rules and your individual circumstances. If you need any assistance understanding your pension benefits, please contact us and we will be happy to help.

For your information we have produced some factsheets around different retirement options which you may find helpful: 

 

Tools and Calculators 

Income Tax in Retirement
 

 Budget Planner
 

Pension Account Modeller 
 

Lump Sum Calculator

 

Change to the Earliest Retirement Age

The UK Government has announced that the earliest age you can take your pension will increase from age 55 to 57 with effect from 6 April 2028. This does not apply if you have to take your pension early due to ill health. 

You could be protected from this increase if you joined the LGPS in England and Wales before 4 November 2021. You could also be protected if you transferred a previous pension into the LGPS if certain conditions are met. However, you will only be able to use this protection when you take your LGPS pension if the LGPS rules allow you to take your pension before age 57.

The UK Government makes the LGPS rules. It has not yet confirmed if it will allow members who qualify for protection to take their LGPS pension before age 57, from 6 April 2028.

Earliest retirement date change