Left the scheme before 31 March 2008
How are my deferred benefits calculated?
Your Deferred Benefits, if you left the scheme on or before 31 March 2008, are based on your membership and your final pay on leaving the scheme.
Your membership is defined as:
- How long you have been a member of the LGPS calculated in years and days
- Any additional membership you have purchased with extra contributions
- Membership bought by a transfer of previous benefits into the LGPS
- Any extra membership awarded by your employer.
Your final pay is generally the pay you paid LGPS contributions on during:
- Your last twelve months of membership (or one of the previous three years if higher)
Your deferred benefits are calculated as follows:
1/80 of Final Pay for each year of membership + 3/80 for Automatic Lump Sum for all membership until 31 March 2008. If you continued to be a member of the scheme on the 1 April 2008 please see the page on membership from 1 April 2008 – 31 March 2014.
When can I take my deferred benefits?
Deferred benefits are usually payable from Normal Pension Age which is age 65 if you left before 1 April 2008. If you choose to take your pension before your Normal Pension Age it will likely be reduced, as it is being paid earlier. If you take it after your Normal Pension Age it is increased because it is being paid later. If you left the LGPS before 1 April 2008, you cannot take your deferred pension benefits before age 60 without your former employers consent. Visit the webpage on early retirement to view the reductions table.
In certain circumstances you may be able to release your pension early such as in cases of ill-health at any age, or exceptionally if your former employer agrees and you are age 50 or over but under age 60. Your employer should have a discretions policy in place as to how they deal with such requests. You can view your employer’s policy by following the hyperlink at the bottom of the page.
Do my deferred benefits increase with the cost of living?
Your deferred pension is adjusted every year in line with the cost of living, measured by the Consumer Prices Index (CPI), to ensure that it keeps its value.
Can I transfer my deferred benefits to another pension scheme?
You have the choice of transferring your pension out to another pension scheme at any time until 12 months before your Normal Pension Age.