Benefits of joining the LGPS
Membership of the LGPS is an important part of your job. As a defined benefit scheme, your pension does not depend on investment performance, and your benefits are backed by law.
There are ten good reasons to be a member:
- If you die whilst paying into the scheme, a death grant can be paid to your loved ones. This death grant is three times your pay.
- You receive tax relief on your contributions. This includes any extra payments you might make to top up your benefits.
- There are no hidden fees or charges.
- You can take a tax free lump sum when you retire.
- There is protection if you must retire early because of ill health.
- Survivor’s pensions are available for your spouse or partner and ‘eligible’ children.
- After retirement, your pension will go up in line with inflation.
- You can choose to pay half contributions to build up half your normal benefits.
- You can retire at any time from 55 – 75.
- Your employer also pays in. They can’t pay into another pension instead of the LGPS.
To find out what you will pay, visit the 'what will I pay' page on our website. A contributions calculator can also be found on the LGPS member website.