Scheme guide
The Cheshire Pension Fund is part of the National Local Government Pension Scheme (LGPS). The LGPS is administered locally by about 100 local authorities on behalf of thousands of local councils and associated bodies across the UK.
The LGPS is a secure, flexible and tax efficient way of making sure you have a decent pension to look forward to in retirement.
The LGPS is provided by your employer who pay a large part of the cost for providing the excellent range of benefits. It is a valuable part of the pay and reward package for employees working in local government or working for other employers participating in the scheme.
The LGPS provides:
- Tax relief on your contributions, with option for tax free cash on retirement.
- A secure future retirement income, independent of share prices and stock market fluctuations.
- Your family enjoys financial security, with immediate life cover and a pension for your spouse, civil partner or eligible cohabiting partner and eligible children in the event of your death.
- Freedom to choose when to retire; you can retire at any age between 55 and 75. If you do choose to take your pension before your normal pension age it will normally be reduced, as it’s being paid earlier.
- Cover in the event of your early retirement on the grounds of permanent ill-health, redundancy or business efficiency.
If these things are of value to you, it’s worth considering paying into the LGPS. As a member of the LGPS you have the security of these benefits at a relatively low cost.
For more information the following guides have been taken from the LGPS Regulations & Guidance website.
Secure benefits
- The fund provides you with a guaranteed future income. Unlike some schemes your pension is not affected by share prices and stock market fluctuations.
- Once you take your pension it will go up in line with inflation, protecting you from rising prices.
At a low cost
- Your employer pays significant amounts of money into the fund.
- You can get tax relief on your contributions – including extra amounts you pay to top up your benefits.
- You can take a lump sum when you retire, which in most cases will be tax free.
- There are no hidden fees or charges – you simply pay a percentage of your pay.
Benefits for you and your loved ones
- Protection for you in case you have to take your benefits early through ill health.
- Pensions for surviving dependents if you die.
- Life cover of three years pay – from the moment you join.
If you are not already a member and you want to join please complete the following form I wish to Join/ Rejoin and return to your employer.