Retired or planning to retire
This section holds information for people who are retired and in receipt of a pension and for members who are planning to retire
- Pensions - Financial Planning
Retired or looking to retire?
Financial decisions for your retirement are some of the most important you will make.
Please note the Fund cannot assist you in making these decisions so please seek independent financial advice.
The following website and supporting advice options are there to help members make the most of all their retirement savings - use of the website and an initial call to a knowledgeable adviser is free of charge, visit www.LGPSmemberadvice.org for more information.
Tax Controls and Pension
There are controls on the total amount of contributions you can make into all pension arrangements and receive tax relief on, and on the pension savings you can have before you become subject to a tax charge. This is in addition to any income tax you pay on your pension once it is in payment. These are called Annual Allowance and Lifetime Allowance
For the Retirement advice service click here http://www.lgpsmemberadvice.org/
For the pensions tax advice service click here https://www.lv.com/lgps/education-centre/pension-basics/tax-pensions
If you are thinking of investing your retirement savings, please click here for information on how to protect yourself from scammers.
- Pension Scams
GOV.UK have provided advice on how to avoid pension scams. Please visit Pension wise website for more information.
- Take your Pension from age 55
Take your Pension from age 55?
From 14th May 2018 the regulations were amended to allow deferred members to take their pension from age 55. This means that most people are now able to access their deferred LGPS pension from age 55 with an actuarial reduction for early payment.
Although these regulations cover most people, an unforeseen consequence of this change has meant that some people who left before 01/04/1998 and are already over age 55 are not covered by this change and cannot access their pension earlier. The majority of people who this applies to can still access their pension at age 60. For anyone who cant access their pension from age 60 we will write to you separately to let you know.
The government hopes to fix this unintended consequence later in the year so look out for further updates.
- Pensioners ePayslips
If you haven't already registered for ePayslips and would like to do so, then please email firstname.lastname@example.org quoting your name and reference number.
PLEASE NOTE – Overseas members in receipt of a pension, will no longer receive a paper copy of the payslip.
- Pensions Increases 2019
This years 'Cost of Living' increase to pensioners is 2.4% which is payable from 8th April 2019. The full increase is only payable if your pension began on or before 23rd April 2018.
If your pension began after this date a smaller increase will be apply as shown in the table below;
9 April 2018 → 23 April 2018 - 2.40%
24 April 2018 → 23 May 2018 - 2.20%
24 May 2018 → 23 June 2018 - 2%
24 June 2018 → 23 July 2018 - 1.80%
24 July 2018 → 23 August 2018 - 1.60%
24 August 2018 → 23 September 2018 - 1.40%
24 September 2018 → 23 October 2018 - 1.20%
24 October 2018 → 23 November 2018 - 1%
24 November 2018 → 23 December 2018 - 0.80%
24 December 2018 → 23 January 2019 - 0.60%
24 January 2019 → 23 February 2019 - 0.40%
24 February 2019 → 23 March 2019 - 0.20%
24 March 2019 onwards - NILL
- Ragged Staff
Ragged Staff is an annual newsletter sent to our retired members. If you would like to submit any articles, please email - email@example.com
- Payment Dates
For your information, please find below payment dates for your pension.