New late retirement factors | Shropshire County Pension fund

Shropshire County Pension fund

Taking care of your Local Government Pension in Shropshire

New late retirement factors

Posted on by Admin-2

On 4 October 2016,  The Department for Communities and Local Government (DCLG) published new late retirement guidance for the LGPS in England and Wales. This included new factors for late retirements.

In the LGPS your pension is linked to your Normal Pension Age. This is the age when you can retire and take the pension you have built up in full, without reduction. If you choose to take your pension later than your Normal Pension Age, this is known as a late retirement and your pension will be increased due to it being paid later.

The amount of increase applied to your pension will be based on how much later than your Normal Pension Age you draw your benefits and is calculated using set factors.

The new factors are effective from 4 January 2017.

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