LGPS - information for active scheme members
I have previous pension benefits can they be transferred?
Yes. The pension team will need to contact your former pension provider and ask them for a current 'transfer value' of the benefits held in their fund. No formal transfer of monies will take place until the pensions team have written authority from yourself that you wish the transfer to proceed. For further information please contact the fund. Application to investigate a transfer must be made within 12 months of commencement of pensionable employment. However, if you have previous LGPS benefits please refer to the team.
How does part time service prior to 1 April 2014 count towards my benefits?
Service for part time workers is apportioned to the appropriate fraction of a whole time worker's service. For example if you work 10 years at half time, 5 years will be used in the calculation of your pension benefits. Your pension benefits will, however, be calculated on the whole time rate of pay you would have received if working whole time.
What can I do to increase my pension?
Make Additional Regular Contributions (ARCs)
To increase the value of the benefits that you and your dependants receive, you may make Additional Regular Contributions (ARCs).
You can pay APCs to buy additional annual pension up to a maximum of £6,500 per annum. The additional contributions attract tax relief and the cost depends on your age and the length of your payment period. This period must not go beyond your normal retirement age. Further information on APCs is available on the LGPS website.
Make additional Voluntary Contributions (AVCs)
You can pay additional Voluntary Contributions into the fund's nominated AVC provider Aviva. The maximum contribution per year you can pay into a LGPS AVC Fund is 100% of your pensionable earnings. The contributions are invested separately from the scheme and you will have your own personal investment account. More information about this can be found in the increasing benefits factsheet.
Can I opt out of LGPS?
Any contributing member of the scheme can opt out at any time. We would strongly recommend that you seek independent financial advice if you are thinking of opting out. Please remember that some alternative pension schemes may not provide the same level of benefit to you or your family either. To opt out you will need to obtain an opt out form from the pension team.
If you opt out, you can opt back into the scheme provided at the time you are under 75. You may wish to obtain independent financial advice before you make a decision to opt-out of the LGPS.
Can I have a refund of my contributions if I leave?
Only if you leave or opt out of the scheme before you have accrued 2 years membership may you be able to take a refund of your contributions subject to certain conditions. In this case, you will receive a refund of your contributions, less your share of the cost of buying you back into the State Second Pension (S2P). Your refund will be subject to taxation at 20%.
If you have transferred benefits into the Scheme from elsewhere, you will not be able to take a refund of contributions, even if you have accrued less than two years membership, or have preserved benefit entitlement with another Local Government Pension Fund.
I'm getting divorced or my civil partnership is being legally ended. What do I need to do?
Contact the pension team who will provide a cash equivalent transfer value quotation and all necessary documentation and information that will required by your solicitors.