News for deferred members reaching age 55 on or after 14 May 2018June 20, 2018
Following the introduction of the Local Government Pension Scheme (Amendment) Regulations 2018, most deferred members of the LGPS can now take their benefits from age 55, subject to early retirement reductions.
If you left the scheme between 1 April 1998 and 31 March 2014 you can now take your benefits early from age 55, without your employer’s consent and with reductions applied for early payment. This option was already in place if you left the LGPS after 1 April 2014.
However, if you left before 1 April 1998 the rules are slightly different. If you are under 55 then you will have the option to take your benefits at age 55 with reductions. If your benefits are not taken at this time, then you will have to wait until your normal pension age. But, if you left before 1 April 1998 and are already over age 55, the option to draw your benefits early without your employer’s consent is not currently available to you. In this case you must wait until your normal pension age, which will be between 60 and 65 depending on when you joined the scheme. This option is currently being reviewed by the Government.
The amendment regulation changes will not effect you if you are retired on the grounds of ill health. In this instance you may be able to receive your benefits unreduced, regardless of your age. If you think this applies to you then you should contact your former employer as they will have a discretions policy in place to deal with these sorts of requests.
More information about taking your deferred benefit early is available on the national LGPS member website –www.lgpsmember.org/arl/already-left-when.php
As a deferred member, you can find out how much you have built up in benefits and work out what you could potentially receive at retirement by logging into ‘My Pension Online’.
Please note that our current online system only lets members who left after 1 April 2014 run early retirement calculations from age 55. If you left before 1 April 2014, you can still run early retirement calculations, but only from age 60 or over. We hope to have a software update soon which will allow early retirement calculations to be run for all members who have the option to retire at 55.
If you left the Fund before 1 April 2014 but would like a benefit quotation for retirement between age 55 and 60, then please contact the Fund.This entry was posted in Regulation Updates. Bookmark the permalink. ← Pensions Board Vacancy! Deferred Annual Benefit Statement – Now Available! →