Paying your pension benefits

Retirement

Table of Contents

Paying your pension benefits

Once you have retired your LGPS pension is paid to you on a monthly basis, on the last working day of every month. Please note your payment for December is usually paid slightly earlier in time for Christmas. You can visit our Pension payment dates page for more information.

Your pension is payable for your lifetime and is increased in line with the Consumer Prices Index (CPI) every April.

How is my lump sum paid? 

If you have claimed a lump sum as part of your pension benefit this will be paid as soon as possible after your retirement date. The payroll team are able to make a BACS payment every Tuesday which means you won't have to wait until the next pay day to receive your lump sum.  

Income Tax

Your LGPS pension is a taxable income, therefore we will be notified of your tax code by HMRC and any tax will be deducted at source by the Berkshire Pension Fund payroll team. Tax code notifications are received from HMRC directly to the Berkshire Pensions payroll team.

Any lump sum retirement grant which is payable is tax-free.