Members of the Local Government Pension Scheme (LGPS) receive an excellent range of benefits. The Scheme is set out in regulations and is very secure. As a Career Average Revalued Earnings (CARE), defined benefit pension scheme, the LGPS is considered to be one of the best pension schemes in the country.
A summary of the Benefits
- A retirement pension payable for life;
- A retirement pension that increases each year in line with the Consumer Prices Index (CPI);
- An option to purchase additional tax-free cash by converting part of your annual pension;
- An option to purchase additional annual pension
- A death grant equal to three times your annual pensionable pay in the event of your death in service;
A pension payable to your husband, wife, cohabiting partner or civil partner in the event of your death;
Pensions payable to your eligible children;
A pension payable immediately if you retire due to permanent ill health;
Your employer contributes towards the cost of your pension;
You receive tax relief on your contributions - you pay less tax;
The option to decrease your monthly pension contribution.