The name of the Local Government Pension Scheme in Cheshire
Employees
This section is designed to give you the basic facts about the Scheme - the features, benefits and rules that apply to you and the different circumstances you may encounter during your membership. The pension is an important part of your overall remuneration package from your employer and you will find it difficult to provide the same level of benefits at the same cost if you decide to arrange your own pension in some other way.
Key features of the Scheme are:
- A guaranteed pension based on your final pay.
- Tax-free lump sum equal to three times your annual pension.
- Death in service grant whilst in employment.
- Pensions for your spouse and dependant children.
- Pension paid early if you have to stop work due to illness.
- A pension which increases in line with price inflation.
In addition to the basic state pension, your benefits will in general be provided by either the additional state pension called, the State Second Pension Scheme (S2P), a personal pension, a stakeholder pension or an occupational pension such as the Local Government Pension Scheme. Select this section to find out more about each of these options.
You can join the Local Government Pension Scheme (LGPS) if you work for one of the local authorities in Cheshire or are part of another organisation that allows membership. Select this section to find out more about costs of membership, transfers from other pension schemes and opting out.
There may be times when you are not at work or are unable to work. Select this section to find out more about absences arising from sick leave, unpaid leave, maternity leave, parental care and industrial dispute.
If you are leaving your current job you have several options on what to do with your accrued Scheme benefits. The options depend on how long you have been a Scheme member and whether or not you transferred membership from another pension. Select this option to find out more about refunds of contributions, transfers out and preserving your benefits.
LGPS normal retirement age is 65 for both men and women. You have the option to retire at age 60, but if you do not have 25 year's Scheme membership your benefits will be reduced. Select this section to find out more about the circumstances where you may be able to retire earlier or later and details of how your retirement benefits are calculated.
Pensions are paid to married spouses / civil partners and dependant children in the event of your death while you are a Scheme member. Select this section to find out more about death grants, dependants' pensions and pension sharing on divorce.
Under the Civil Partnerships Act 2004 same sex couples can now obtain legal recognition of their relationship by notifying their intension to register a Civil Partnership. From 5th December 2005, Civil Partnerships have been recognised in the LGPS Regulations.
The main impact of this change on the LGPS will be to extend the provision of the spouse's pensions / and or pensions on divorce settlements currently applicable to married Scheme members, to include members who have a registered Civil Partnership.
The regulations now provide survivor benefits for same sex partners based on membership earned in the scheme after 5th April 1988.
There are a number of options available for you to increase your benefits, however, HM Revenue & Customs imposes restrictions on how much of your pay you can spend on your pension. Select this section to find out more about the options available and restrictions imposed by HM Revenue & Customs.
Select this option to view further information on personal pension schemes.
Select this option to view the frequently asked questions about the Scheme and your Annual Benefit Statement.
When things go wrong.
There are times when Scheme members, employers and the administering authority may find themselves in disagreement about a pension issue. The first approach in such situations is for those involved to talk to each other and try and reach agreement. However, should this not prove possible the County Council has established an internal disputes resolution procedure.
If you wish to see the full Local Government Pension Scheme Regulations please select the above link.
|