1. Scheme members
Active members - are currently contributing to the Local Government Pension Scheme.
Deferred members - have contributed to the Local Government Pension Scheme previously. Visit the deferred members pages
The main benefits of the LGPS are:
- A secure pension, payable for life.
- Flexible lump sum options (provided to you at your retirement).
- 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 (see the contribution table below).
- Employer contribution - your employer pays whatever amount is necessary to ensure that your benefits are properly funded.
- Freedom to choose when to take your pension - your pension is usually payable from your normal pension age, which is linked to 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 will normally 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 - in the event of your death while contributing, your family have financial security as a pension would be payable to your surviving spouse / civil partner, eligible children and, if you were a contributing member on or after 1 April 2008, for a cohabiting partner. If you ever become seriously ill, you could receive immediate ill-health benefits.
- Options to pay extra - you can top-up your pension by paying additional contributions. These additional 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. This is known as the 50/50 section of the scheme and is designed to help members stay in the scheme when times are financially tough.
- 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, such as your home or email address and death grant nomination. For added security, from 2018 your LGPS annual benefit statement is only available online. Register/login now at https://ms.buckscc.gov.uk.
Employee contribution bands
|LGPS Contribution Table 2018/19, effective 01/04/2018|
||Actual pensionable pay for an employment
||Contribution rate for that employment|
|Main LGPS section||50/50 LGPS section|
|1||Up to £14,100||5.5%||2.75%|
|2||£14,101 to £22,000||5.8%||2.9%|
|3||£22,001 to £35,700||6.5%||3.25%|
|4||£35,701 to £45,200||6.8%||3.4%|
|5||£45,201 to £63,100||8.5%||4.25%|
|6||£63,101 to £89,400||9.9%||4.95%|
|7||£89,401 to £105,200||10.5%||5.25%|
|8||£105,201 to £157,800||11.4%||5.7%|
|9||£157,801 or more||12.5%||6.25%|
Last updated: 7 September 2018