Page
If you have retired from Office, it is possible to retire and take your pension from as young as age 50, up to age 65 and over. In case of ill health there is no age limit. When your pension is paid it will increase every year in line with the cost of living, for the rest of your life. You can apply to retire early from age 50. However, if you are aged under 55, you will need Council consent. Council consent is not needed early between age 55 and 65. When…
Page
The first time you opt out of the LGPS, you can re-join at any time as long as you are still an eligible Councillor. If you opt out of the LGPS more than once, you will only be allowed to re-join at the discretion of your Council. However, if you become a Councillor for…
Page
All Local Government Pension Funds have an in-house Additional Voluntary Contribution Scheme (AVC), the Cardiff and Vale of Glamorgan Pension Fund AVC providers are Prudential. If you decide to pay AVCs the money is paid directly from your pay, so you will receive income tax and National Insurance relief. Your AVC contributions are invested every month until your chosen retirement date. When you retire you will have the option to convert your AVC fund into either: additional pension or tax free lump sum - subject to HMRC limits or combination of…
Page
Your pension contribution is 6% of the pay you receive. As the Local Government Pension Scheme (LGPS) is set up by Statute, the payment of the benefits is guaranteed by law. You will receive tax relief on the pension scheme contributions that you pay - these will be deducted from your allowances before you pay tax. The Council then pays the balance of the cost of providing you with these pension scheme benefits, after taking into account investment returns. The pension contributions are reviewed by an Independent Actuary every three years, and calculates…
Page
If you are a Councillor within Wales, and under age 75, you will be sent a letter inviting you to join the Pension Scheme. When you receive your invite letter, you just need to confirm in writing you want to join the Pension Scheme. If you decide to join the Scheme you will need to complete an opt in form to become a member of the LGPS. When we receive your opt in form, your membership will start from the next pay date, and we will write and confirm…
Page
If you die after you have retired the following benefits are payable: Survivor's pension A survivor’s pension is payable to your spouse, registered civil partner or, your eligible cohabiting partner (certain qualifying conditions apply) for their lifetime. Have a look how the survivor’s pension benefits are calculated . For a survivor’s pension to be paid to your eligible cohabiting partner, all of the following conditions must have applied for a continuous period of at least 2 years before your death: you are both free to marry or enter into a civil partnership…
Page
Your LGPS pension is paid calendar monthly directly into your chosen Bank or Building Society account by BACS transmission. To change your Bank or Building Society account details, you will need to complete the Pensioner Bank Details Form and send back to the address on the form as soon as possible. Unfortunately, for security reasons we are unable to change bank or building society details over the telephone. We need to receive your new bank details by the 15th of the month to ensure your pension for that month will…
Page
Or you can write to us at: Cardiff and Vale of Glamorgan Pension Fund Pension Team…
Page
Your pension payments will be taxable if all the income you receive is higher than the personal allowance threshold. Please look at the current level of Income Tax rates and bands to find out if you will pay tax. If you need to pay tax, it will be deducted at source by the Cardiff and Vale of Glamorgan Pension Fund on a PAYE basis, and details will be shown on your pensioner payslip. When you retire HMRC will update us with a new tax code for you, however, while we are waiting…