Scheme benefits
Benefits of joining the scheme include:
- an annual pension on retirement based on pension you build up
- the choice of a tax-free lump sum when you retire (subject to HM Revenue and Customs limits)
- the ability to pay 50% of your normal contributions for 50% of the normal pension benefits, also known as the 50/50 scheme
- the ability to increase your pension by paying extra contributions
- pension payable from your normal pension age (usually linked to State Pension Age)
- voluntary retirement from age 55, normally reduced as it's being paid earlier
- annual adjustment of active pension accounts, deferred pensions and pensions in payment each April, in line with the cost of living
- an ill health pension from any age (subject to qualifying service for a period of two years)
- a death in service lump sum of three times your pensionable pay
- a spouse's, civil partner's or cohabiting partner's pension in the event of death
- children's pensions for eligible children in the event of death
Please note that the government sets the earliest age at which you can access your pension savings under normal circumstances. This is currently age 55 as indicated above, however it is rising to age 57 from 6 April 2028.
- Hampshire Pension Services, our administration partner, has more information on LGPS scheme benefits.
- The LGPS Member website also has comprehensive information on the benefits of LGPS Membership.
