1. Scheme members
There are 2 types of scheme members:
- active members, who are currently paying in to the Local Government Pension Scheme (LGPS)
- deferred members, who paid into the Local Government Pension Scheme in the past (visit the deferred members pages)
Active scheme members
The main benefits of the LGPS are:
- A secure pension, payable for life.
- Flexible lump sum options. We will provide your lump sum options to you when you retire.
- Low cost. Most people enjoy tax-efficient savings while contributing to the LGPS. Members contribute between 5.5% and 12.5% of their pay, depending on their pensionable pay.
- Employer contribution. Your employer pays the balance of the cost of your pension benefits. Their contribution rate is set by an independent actuary and is regularly reviewed.
- Freedom to choose when to take your pension. Your normal pension age is the same as your State Pension age. You can choose to retire and take your pension at any time between the age of 55 and 75. If you choose to take your pension before your normal pension age it may be reduced, as it's being paid earlier. If you take it later than your normal pension age it will be increased because it's being paid later.
- Peace of mind. If you die in service, the scheme provides life cover and a pension for your spouse, civil partner or eligible cohabiting partner and eligible children. If you become seriously ill and you've met the 2 year 'vesting' period, you could receive immediate ill health benefits.
- Options to pay extra. You can top-up your pension by paying extra contributions. These extra contributions also attract tax relief.
- Options to pay less. You can choose to pay half your normal contributions in return for half your normal pension. The 50/50 section of the scheme is designed to help members stay in the scheme when finances are tight.
- You can manage your pension online. 'My pension online' gives you 24-hour access to your LGPS pension record. You can produce your own retirement quotes and view/update your personal details.
- Since 2018 your LGPS annual benefit statement has been published to your secure online pension account. Register/login now to view your statement at https://ms.buckinghamshire.gov.uk.
Employee contribution bands 1 April 2021 to 31 March 2022
|Band||Actual pensionable pay for an employment||Contribution rate for that employment - Main LGPS section||Contribution rate for that employment - 50/50 LGPS Section|
|1||Up to £14,600||5.5%||2.75%|
|2||£14,601 to £22,900||5.8%||2.9%|
|3||£22,901 to £37,200||6.5%||3.25%|
|4||£37,201 to £47,100||6.8%||3.4%|
|5||£47,101 to £65,900||8.5%||4.25%|
|6||£65,901 to £93,400||9.9%||4.95%|
|7||£93,401 to £110,000||10.5%||5.25%|
|8||£110,001 to £165,000||11.4%||5.7%|
|9||£165,001 or more||12.5%||6.25%|
The following videos have been produced by the Local Government Association on behalf of all LGPS funds in England and Wales. They will help you to understand what the LGPS is and the benefits it provides.
Looking after your pension
Protection for you and your family
Life after work
Last updated: 12 August 2021