You have flexibility as to when you can retire and take your pension in the LGPS. You can choose to retire and draw your pension at any time between ages 55 and 75.
However, there is a normal pension age in the LGPS and this is simply the age you can take your pension without a reduction. For service from 1 April 2014 your normal pension age is the same as your state pension age (but with a minimum of age 65). If you choose to take your pension before your normal pension age it will normally be reduced as it is being paid earlier. If you take it later than your normal pension age it is increased because it is being paid later.
The amount of any reduction or increase will be based on how many years earlier or later than your normal pension age you draw your benefits.
When you receive your pension it will be adjusted each year in line with the cost of living to ensure it keeps its value whilst it is being paid.
If you would like a pensions quote or forecast it is now possible to generate them through ‘My Pension Online‘. Visit the page ‘My Pension Online‘ and follow the registration instructions.
For more general pensions information, Shropshire County Pension Fund produces an annual benefit statement which can also be accessed through ‘My Pension Online’.