Joining the Local Government Pension Scheme (LGPS) is a great way to start saving for your retirement, and includes excellent benefits, such as:
- Guaranteed index linked income payable throughout your retirement
- Life cover from day one of joining, of a tax-free death grant payment of 3 times your assumed pensionable pay, and payable as requested in your Death Nomination Form, if you die while an active member of the scheme. Unlike other forms of life assurance, there’s no medical examination
- Survivor benefits are payable to a spouse, registered civil partner or eligible co-habiting partner and any eligible children you may have, in the event of your death
- Exchange pension for tax-free cash – when you retire you can choose to exchange some of your pension to increase your tax free lump sum. For every £1 of pension you exchange, you will receive an additional £12 of tax-free cash (subject to certain HMRC limits)
- Tax free contributions – contributions are taken from your gross pay before the deduction of income tax
- Employers contribute a substantial amount to help fund all the benefits of the Scheme. This contribution is significantly higher than other employers’ contributions, compared to many other occupational pension schemes. If you only pay into a Personal Pension there will not be any employer contribution
- No administrative fees – unlike a personal pension
- No investment risk – the LGPS is a *defined benefit scheme regulated by statute, so you get a guaranteed level of benefits when you retire. *You know how much your pension benefits will be on retirement, and the Fund takes all the investment risk
- Ill-health protection – if you become too ill to carry on working, your pension benefits could be paid early, and in some cases without any reduction
- Flexible retirement age from age 55 to 75
- Increase your pension benefits – by purchasing additional pension or investing in Additional Voluntary Contributions (AVCs)
If you would like to join the pension scheme please complete the joining forms (100kb PDF) .
Download joining forms (100kb PDF) .
Pension Advisory Service
Government website, offering free, impartial guidance about pensions
Online information and tools, online chat, telephone helpline, personal appointments
If you have any questions relating to your personal tax or National Insurance in relation to your Cardiff and Vale of Glamorgan Pension Fund, you can find information here.
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