Left after 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?
Your deferred pension in respect of your membership of the scheme after 31 March 2014 is the value of the pension you have built up in your active pension account at the point of leaving. Continue Reading—>
When can I take my benefits?
Your deferred benefits are normally payable at your Normal Pension Age in the LGPS. Your Normal Pension Age is linked to your State Pension Age (but with a minimum of age 65). 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
When you rejoin the LGPS you have 12 months from rejoining to elect to keep your deferred benefits separate from your new pensions account otherwise these deferred benefits are automatically joined with your new pensions account. Continue reading—–>