Members as at 31/03/2014
The new Local Government Pension Scheme (LGPS) 2014 was introduced on 1 April 2014. If you were an active member of the 2008 Scheme as at 31 March 2014, you will have transferred automatically to the LGPS 2014 on 1 April 2014.
The pension benefits that you have built up under the final salary arrangement as at 31 March 2014, will be protected under the 2008 regulations. These benefits will continue to be calculated with reference to your full time equivalent pensionable pay at the point of retirement (under the 2008 definition of pensionable pay).
You will have been awarded further protection, if you were:
- paying into the Scheme on 31 March 2012;
- within 10 years of your Normal Pension Age (normally age 65) on 1 April 2012; and
- you haven’t had a disqualifying break in service of more than 5 years; and
- you've not drawn any benefits in the LGPS before Normal Pension Age and you leave with an immediate entitlement to benefits.
You will get a pension at least equal to that which you would have received, had the scheme not changed on 1 April 2014. When you retire, a calculation will be performed to check that the pension you have built up is at least equal to that which you would have received had the scheme not changed on 1 April 2014. You will then receive the 'best deal'.
For a full breakdown of the changes under the LGPS 2014, please click here.