Your Pension Options

Local Government Pension Scheme (LGPS)

The LGPS is a statutory, funded pension scheme, the Scheme is very secure as the benefits are defined and guaranteed in law. The LGPS is offered by local government employers and by other organisations that have chosen to participate in it.  Continue reading—–>

The new State Pension

A new single tier, flat rate State Pension was introduced for people who reach State Pension age on or after 6 April 2016.   Continue reading—–>

Personal Pension

Personal Pension Plans are provided by various institutions such as banks, building societies, insurance companies and unit trusts. They invest on your behalf a lump sum or a regular amount paid by you every month.  Continue reading—–>

Stakeholder Pension

The stakeholder pension works in much the same way as the personal pension. Continue reading—–> 

Summary

The table below compares the Local Government Pension Scheme against other alternatives available. The LGPS are unable to advise you what the best choice is for you. You may therefore wish to seek independent financial advice.

Local Government Pension Scheme Personal Pension  State Pension
Inflation Proof Pension Yes At Extra Cost Yes
Tax Free Pensions Yes Yes No
Redundancy Benefits Yes At Extra Cost N/A
Statutory Benefits Yes No Yes
Benefit Level Guaranteed Yes No Yes
Flexible Retirement Age Yes Yes No
Death Benefits/Life Assurance Yes At Extra Cost N/A
Spouse/Civil Partner Benefits Yes At Extra Cost Yes
Children’s Benefits Yes At Extra Cost No
Ill Health Benefits Yes At Extra Cost No
Flexible Contributions Yes Yes No