The rate at which a scheme member's benefits build up for each year and part year of scheme membership.
The accrual rate was 1/80th pension and 3/80ths lump sum for membership before 1 April 2009.
It was 1/60th pension and no automatic lump sum from 1 April 2009 to 31 March 2015.
From 1 April 2015 it is 1/49th and no automatic lump sum, and is based (not on final pensionable pay but) on career average revalued earnings.
AA Annual Allowance
ACT Advance Corporation Tax
APC Additional Pension Contribution
AVC Additional Voluntary Contribution
ARC Additional Regular Contribution
BCE Benefit Crystallisation Event
CA Certified Amount
CARE Career Average Revalued Earnings (the LGPS can be described as a career revalued actual pension scheme)
CAY Compensatory Added Years
CEP Contributions Equivalent Premium
CETV Cash Equivalent Transfer Value
CLG Communities and Local Government
COD Contracted Out Deduction
COEG Contracted-Out Employments Group
COMBS Contracted-Out Mixed Benefit Scheme
COMPS Contracted-Out Money Purchase Scheme
COSRS Contracted-Out Salary Related Scheme
DWP Department of Work & Pensions
ECON Employers Contracting-Out Number
FSAVC Free Standing Additional Voluntary Contribution
FURBS Funded Unapproved Retirement Benefits Scheme
GAD Government Actuary's Department
GMP Guaranteed Minimum Pension
HMRC Her Majesty's Revenue & Customs
IDRP Internal Disputes Resolution Procedure
IFA Inter-fund Adjustment
ILA Individual Lifetime Allowance
LAC Lifetime Allowance Charge
LAEF Lifetime Allowance Enhancement Factor
LGE Local Government Employers
LGPC Local Government Pensions Committee
LGPS Local Government Pension Scheme
LTA Lifetime Allowance
NAPF National Association of Pension Funds (now PLSA)
NRA Normal Retirement Age
NRD Normal Retirement Date
PI Pensions Increase
PIA Pension Input Amount
PIP Pension Input Period
PLSA Pensions and Lifetime Savings Association
RPI Retail Prices Index
S2P State Second Pension
SCAVC Shared Cost Additional Voluntary Contribution Scheme
SCON Scheme Contracting-Out Number
SERPS State Earnings Related Pension Scheme
SIP Statement of Investment Principles
SLA Standard Lifetime Allowance
SPA State Pension Age
TPAS The Pensions Advisory Service (formerly OPAS)
TV Transfer Value
The amount(s) by which a pension or lump sum is reduced if taken before normal pension age.
Payments made within certain HM Revenue & Customs limits to an approved provider (normally an assurance company) in order to provide additional benefits to those payable from the LGPS.
An administering authority runs a pension fund. Employers pay contributions to the administering authority, who then invest those contributions so there's enough to pay people's pensions from it.
Glasgow City Council is our administering authority.
If the value of your pension benefits increases by more than the annual allowance in one year, you may have to pay income tax. Most members won't be affected by this. If you link up previous LGPS service, make large AVCs, receive a pay rise of £10,000+ or are a very high earner, you may be affected. In 2013 /14 the annual allowance was £50,000. It has been £40,000 from 2014/15 and tapering applies from 2016 / 2017 for high earners.