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Local Government Pension Scheme (LGPS)

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falkor
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Local Government Pension Scheme (LGPS)

Post by falkor » Tue Oct 08, 2013 10:07 pm

Important changes are being made to the Local Government Pension Scheme (LGPS), with effect from 1 April 2014. This will affect all police staff who are members of the LGPS pension scheme, or who are considering joining the scheme.

Key LGPS changes include:
· Pension based on career average earnings rather than final salary
· Opportunity to pay reduced, or increased, contributions
· Scheme pension age will match the member’s state pension age.

These will apply to pension benefits that build up from April 2014. Pension benefits that have built up prior to this will not be affected. In addition, members within 10 years of age 65 on 1 April 2012 will be protected from the new changes, if they produce a lower pension than the old scheme would have done.
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