LGPS definition final salary
The definition of final pay for benefits built up before April 2014 remains the same as it was before the Scheme changed. Your final pay is normally the pay in respect of your final year of scheme membership on which you paid contributions, or one of the previous 2 years if this is higher.This remains so from April 2014.our final year’s pay when you leave the LGPS will still be used to work out your benefits built up before 1 April 2014. 2 The definition of final pay for benefits built up before April 2014 remains the same as it was before the Scheme changed. Your final pay is normally the pay in respect of your final year of scheme membership on which you paid contributions, or one of the previous 2 years if this is higher.his leaflet (one in a series on scheme changes) covers the protections in place if you have built up benefits in the scheme before April 2014 and you become a member of the new career average scheme. Benefits built up before April 2014 are built up in the final salary scheme. Final Pay. Your final year’s pay when you leave the LGPS will still be used to work out your benefits built up before 1 April 2014. This means that any future pay increases will be included in the final pay used to work out these benefits.our final year’s pay when you leave the LGPS will still be used to work out your benefits built up before 1 April 2014. Your final year’s pay when you leave the LGPS will still be used to work out your benefits built up before 1 April 2014.This means that any future pay increases will be included in the final pay used to work out these benefits.our final year’s pay when you leave the LGPS will still be used to work out your benefits built up before 1 April 2014. Pension Remuneration (Final Pay). Top. As the LGPS is a final salary pension scheme, it is important that final pay is calculated correctly so that we can determine the correct amount of pension.ormally, the pension remuneration figure will cover the final 365 days of a member's employment (or fewer if they left within a year) although in order to protect the member's pension where their salary has been decreased, two additional alternatives are possible under the LGPS Regulations. Final pay-deferred member. This is usually the pay earned during your final year of scheme membership, or one of the previous 2 years if this is higher. Payments made in that year do not count if they relate to a different period.his is usually the pay earned during your final year of scheme membership, or one of the previous 2 years if this is higher. Payments made in that year do not count if they relate to a different period. The definition of final pay for benefits built up before April 2015 remains the same as it was before the Scheme changed. Your final pay is normally the pay on which you paid contributions in your final year of scheme membership, or one of the previous 2 years if this is higher. This remains so from April 2015.his statement will include the value of any final salary benefits you have built up before April 2015 in addition to details of the pension you build up in the new career average scheme. It’s important that you check your Annual Benefit Statement each year. The definition of final pay for benefits built up before 1 April 2014 remains the same as before the Scheme changed from a final salary to a career average scheme on 1 April 2014.Final Pay for benefits built up before 1 April 2014.This is usually the pay in respect of (i.e. due for) the final year* of scheme membership on which you paid contributions, or one of the previous 2 years if this is higher, and includes your: normal pay. contractual shift allowance.rinter-friendly version. Whilst the LGPS changed on 1 April 2014, protection is in place to ensure that your final pay is used when you leave to work out your pension for the membership you built up to 31 March 2014. A type of defined benefit pension scheme in which your pension is largely determined by your salary at retirement. type of defined benefit pension scheme in which your pension is largely determined by your salary at retirement. your care or cumulative pensionable pay is the actual pay that you have paid pension contributions on over the scheme year 1 april 2014 31 march 2015 the definition of care pensionable pay is the same as that shown above for final salary pensionable pay however it does include non contractual overtimethe full definition of care pensionable pay under the lgps regulations 2013 which includes a full list of exclusions can be found hereection 3 of your 2015 annual benefit statement abs shows the following pay figures provided to us by your employer your final salary pensionable pay this will be zero if you started your employment that the statement refers to on or after 1 april 2014
It is a final salary pension scheme, it is important that final pay is calculated correctly so that we can determine the correct amount of pension.