The right to voluntarily retire from age 55 (even though the scheme’s normal pension age is the same as your State pension age but with a minimum of age 65) [or, in Scotland, right to voluntarily retire from “The age 60, even though the normal pension age is 65. You can scheme’s even retire from as early as age 55, provided your employer agrees”.] Flexible retirement from age 55 if you reduce your hours, or move to a less senior position. Provided your employer agrees, you can draw some or all of your benefits helping you ease into your retirement. – If you choose to voluntarily retire before your normal pension age, or take flexible retirement before then, your benefits would normally be reduced to account for them being paid for longer. You can even stay in the LGPS if you carry on working beyond your normal pension age, although you have to draw your benefits by age 75. Benefits drawn after your normal pension age will be paid at an increased rate. There is also: Life cover from the moment you join, with a lump sum of 3 pay years’ being paid if you die in service. Cover for your family, with a pension for your spouse, registered civil partner or eligible cohabiting partner and for eligible children if you die in service or die after leaving with a pension entitlement. On retirement: You would get a pension for life that increases with the cost of living, and You can exchange part of your annual pension for a one off tax-free cash payment. What’s more: It's a defined benefit scheme, which means your benefits are based on your pensionable pay and the number of years you have been a member of the scheme and are not dependent on share prices and stock market fluctuations. Once a year you would get a statement indicating how much your pension has built up so far and how much you might get when you reach retirement age. As a member of the scheme you could, if you wish, increase your pension benefits by paying Additional Voluntary Contributions (AVCs) or Additional Pension Contributions (APCs).
The right to voluntarily retire from age 55 (even though the scheme’s normal pension age is the same as your State pension age but with a minimum of age 65) [or, in Scotland, “The right to voluntarily retire from age 60, even though the scheme’s normal pension age is 65. You can even retire from as early as age 55, provided your employer agrees”.] Flexible retirement from age 55 if you reduce your hours, or move to a less senior position. Provided your employer agrees, you can draw some or all of your benefits – helping you ease into your retirement. If you choose to voluntarily retire before your normal pension age, or take flexible retirement before then, your benefits would normally be reduced to account for them being paid for longer. You can even stay in the LGPS if you carry on working beyond your normal pension age, although you have to draw your benefits by age 75. Benefits drawn after your normal pension age will be paid at an increased rate. There is also: Life cover from the moment you join, with a lump sum of 3 years’ pay being paid if you die in service. Cover for your family, with a pension for your spouse, registered civil partner or eligible cohabiting partner and for eligible children if you die in service or die after leaving with a pension entitlement. On retirement: You would get a pension for life that increases with the cost of living, and You can exchange part of your annual pension for a one off tax-free cash payment. What’s more: It's a defined benefit scheme, which means your benefits are based on your pensionable pay and the number of years you have been a member of the scheme and are not dependent on share prices and stock market fluctuations. Once a year you would get a statement indicating how much your pension has built up so far and how much you might get when you reach retirement age. As a member of the scheme you could, if you wish, increase your pension benefits by paying Additional Voluntary Contributions (AVCs) or Additional Pension Contributions (APCs).
AELv2.0t.docx