Upcoming telephone line downtime – 24 September
Please be advised that our telephone lines will be unavailable from 12:30pm on the afternoon of 24 September due to a scheduled staff training event. We appreciate your understanding.
Leaving the scheme
Guidance on available options when leaving the scheme
Deferred benefits
Under the regulations, an entitlement to deferred benefits exists if you have more than 2 years of qualifying LGPS membership.
If you first joined the LGPS before 1 April 2008 your deferred pension will be calculated in three ways.
- Firstly, your scheme membership before 1 April 2008 will provide a pension equal to 1/80th of your full time equivalent final pensionable pay for every full and part year built up.
- Your scheme membership built up from 1 April 2008 to 31 March 2014 will provide a pension equal to 1/60th of your full time equivalent final pensionable pay for each full and part year built up.
- Finally, for each year in the scheme you have built up from 1 April 2014 you will be provided with a pension equal to 1/49th of the actual pensionable pay you received in each scheme year unless you elected to enter the 50/50 section of the Scheme at any time in which case you will be provided with a pension equal to 1/98th of the actual pensionable pay received during your membership of the 50/50 section.
Membership built up prior to 1 April 2008 will provide an automatic tax-free lump sum, normally equal to three times the value of your 80ths pension.
LGPS membership built up after 1 April 2008 will not provide an automatic lump sum. However, you do have the option of converting part of your total annual pension into additional tax-free cash, subject to HM Revenue & Customs limits, at retirement.