Benefits of Joining the LGPS
Eligibility to join the LGPS is a valuable part of an employment package. As a defined benefit scheme the benefits paid to you on retirement come with no investment risk as they are backed by law.
There are 10 good reasons to be a member of the LGPS:
- Life cover of 3 years pay and there’s no medical
- Tax relief on all contributions including on extra payments you choose to make to top up your benefits
- No hidden fees or charges – you pay a percentage of your pay
- You can take a tax free lump sum at retirement
- Protection in case you have to draw your benefits early because of ill health
- Survivor’s pensions are available for your spouse or partner and qualifying children
- Once in payment your pension will go up in line with inflation
- You can choose to pay half contributions to build up half your normal benefits in times of financial difficulty
- You can choose when to retire from age 55 – 75
- Your employer contributes to the scheme. If you choose not to be a member of the LGPS, your employer cannot pay into any other type of pension.
To find out what you will pay in contributions, you can visit the contributions page on our website, or use the contributions calculator on the LGPS national website.
Contributions calculator (this link will direct you to the LGPS national website)