What if I was in the scheme before 1 April 2014?
Your pension benefits built up prior to April 2014 will be calculated under the previous rules. So you will build up benefits under two or possibly three different sets of regulations. Effectively you could have three parts to your pension but these will be combined when you come to retire.
If you joined the LGPS before 1 April 2014 Your benefits for membership before 1 April 2014 are calculated differently. See 'How is my pension worked out?' tab
For membership built up to 31 March 2008, you receive a pension of 1/80th of your final pay plus an automatic tax-free lump sum of 3 times your pension.
For membership built up from 1 April 2008 to 31 March 2014, you receive a pension of 1/60th of your final pay. There is no automatic lump sum for membership built up after March 2008, but you do have the option to exchange some of your pension for a tax-free lump sum.
Rule of 85 and Underpin Protections
If you were a member of the LGPS on 30 September 2006, some or all of your benefits paid early could be protected from reduction if you have 'Rule of 85' protection.
Protections are also in place if you are nearing retirement age to ensure that you will get a pension at least equal to that which you would have received in the 2008 scheme. This is known as the 'underpin'. The underpin applies to scheme members who were an active member on 31 March 2012 and are within 10 years of your Normal Pension Age (normally 65) on 1 April 2012. If you are covered by the underpin a calculation will be performed to check that the pension you have built up at your Normal Pension Age is at least equal to that which you would have received had the scheme not changed on 1 April 2014.
You can find out more about the protections in place from the LPGS website such as:
