The latest version of the Local Government Pension Scheme - LGPS 2015 - starts today.
From 1 April 2015:
- Your pension will build up at 1/49th of your pensionable pay each year.
- Your pension account will receive an inflation increase at the end of each year.
- Your normal pension age will be your State Pension Age (or 65 if later).
All of your existing rights are protected:
- Your pension earned up to 31st March 2015 at 1/60th, or 1/80th plus a lump sum of 3/80th is protected. It will be worked out on your final pay when you retire and on a normal pension age of 65.
- You will still be able to retire at age 60, benefit from the rule of 85 and swap pension for tax free cash.
You can view a video and find out more about LGPS 2015 at http://www.scotlgps2015.org
If you ever feel that we can help you to make the most out of your pension scheme, please do not hesitate to contact us.