Benefits of Joining the LGPS
Eligibility to join the LGPS is a valuable part of an employment package. Your employer shares the cost of providing the LGPS and, as a defined benefit scheme the benefits paid to you on retirement come with no investment risk as you receive a guaranteed package of benefits which are backed by law.
There are 10 good reasons to be a member of the LGPS:
- Life cover of 3 years pay and unlike other forms of life insurance, there’s no medical – it’s open to all.
- You get tax relief on all contributions – even on extra payments you make to top up your benefits.
- No hidden fees or charges – you simply pay a percentage of your pay.
- All members can take a tax free lump sum as part of their benefits package.
- Protection for you in case you have to draw your benefits early through ill-health.
- Protection for your loved ones in the form of pensions for dependents if you die.
- Once you are drawing your pension it will go up in line with inflation.
- Contribution flexibility – elect to pay half contributions to build up half your normal benefits in times of financial difficulty.
- You choose when you want to retire – take benefits anytime from age 55 – 75.
- We all have to pay into something! The LGPS is a great choice to make and remember your employer contributes to the scheme on your behalf. If you choose not to be a member of the LGPS, your employer cannot pay into any other type of arrangement in preference to the LGPS.
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)