Thinking of joining?
The LGPS is a valuable part of the pay and reward package for local government staff. Your pension is one of the most valuable financial rewards of your job. When you join the Scheme, your employer pays into the LGPS as well. Membership is usually automatic for permanent employees under age 75. Take a look at this short LGPS leaflet to find out more or watch the two short videos below.
Check your payslip to see if you are paying in and if not, contact your employer to see if you can join.
The main benefits of the LGPS
- 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. But, 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.
What is a pension?
How your pension works
Visit our guides, forms and booklets page for more detailed information on the LGPS.
Disclaimer: The Pensions & Investments Team are the administering authority of the Buckinghamshire Pension Fund. The content of this website provides a general guide to the scheme. While every care has been taken to ensure that all information is accurate and up to date, the Fund cannot guarantee that inaccuracies will not occur, nor will it be held responsible for any loss, damage or inconvenience caused as a result of any inaccuracy or error within these pages. These webpages cannot override the provisions of the LGPS Regulations. In the event of a dispute, we and your Employer will use the scheme regulations to reach a decision. Several links lead to pages maintained by other organisations, which are provided for your convenience. The Fund will not be held responsible for the contents of these pages.