Left on or after 1 April 2008 but before 31 March 2014
Deferred benefits are where we work out the value of your benefits when you leave the LGPS and hold them in the scheme until you decide to transfer them to another pension scheme, or they are due to be paid. Your deferred benefit consists of an annual pension, payable throughout your retirement, with an option on retirement to exchange some pension for a one off tax-free lump sum. It also includes life cover and financial protection for your family.
How are deferred benefits worked out?
Deferred benefits are based on your membership and your final pay on leaving. Continue reading—–>
When can I take my benefits?
The normal retirement date for the Local Government Pension Scheme is age 65. The earliest you can take benefits without your employers consent is age 60 however depending on the number of years service you have in the scheme your benefits may be actuarially reduced. Continue reading—–>
How do deferred benefits keep their value?
Your deferred benefits are revalued every year in line with the cost of living whilst they are deferred. Your pension will continue to receive cost of living increases every year once it is paid to you. Continue reading—–>
Rejoining the LGPS
What happens to my deferred benefit if I rejoin the LGPS before they become payable? Continue reading—–>