To kick off the week, we're sharing some key information about the Local Government Pension Scheme (LGPS) and the valuable benefits it offers to members.
The LGPS is a statutory pension scheme, meaning its benefits are protected by protected by law - making it one of the most secure ways to save for retirement. As a defined benefit scheme, the pension you receive is based on your salary and length of service, not on investment performance.
- a guaranteed annual pension on retirement based on the pension you've built up.
- The option to take a tax-free lump sum at retirement (subject to HMRC limits).
- Flexibility to pay half your normal contributions and still build up half the usual pension benefits through the 50/50 section.
- The opportunity to boost your pension by paying extra contributions.
- a death-in-service lump sum of three times your pensionable pay.
Why not sign up for one of our online events, where we'll guide you through the scheme in more detail and explain what it means for you.