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If you are a member of the Local Government Pension Scheme (LGPS) and leave your job, or if you choose to opt out of the pension scheme before retirement, there are several options available to you. If you have less than 2 years total membership, no previous LGPS pension rights and have not transferred previous pension rights into the scheme, you can: Receive a refund of your contributions, less any deductions for tax and the cost of re-instating you into the State Second Pension (S2P) Transfer your benefits into a new arrangement, such…
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If you get divorced or your civil partnership is dissolved while you are an active member of the Local Government Pension Scheme (LGPS), your ex-spouse / civil partner will cease to be entitled to any survivor's benefit, should you die before them. However, any children’s pension payable to an eligible child will NOT be affected by your divorce or dissolution. What information do I need? If you are in the process of a divorce, judicial separation or nullity of marriage/civil partnership, dissolution or separation, you will need to provide the courts with a Cash Equivalent…
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If, for whatever reason, you have been absent from work without pay, these absences will affect the build up of your pension. However, when you return to work your employer will always give you the option to buy back any lost pension - providing your absence was authorised. Who pays for the cost of the lost pension? If you elect to reinstate your lost pension within 30 days of returning to work, the cost will be split between you and your Employer - one third by you and two thirds by…
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Additional Voluntary Contribution (AVCs) are a tax efficient way to save towards your retirement, as an active member of the LGPS. All AVC contributions are deducted from your salary before you pay Income Tax and National Insurance,…
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You can choose to transfer your previous pension benefits into the Local Government Pension Scheme (LGPS) from: a previous LGPS Fund a previous Employer's pension scheme (including overseas schemes) a self-employed pension plan a 'buy-out' policy a personal pension plan a registered overseas pension scheme a stakeholder pension scheme an Additional Voluntary Contribution (AVC) arrangement It is not possible to transfer a pension credit into LGPS - a pension credit is a share of an ex-spouse's or civil partner's pension benefit, from a divorce. Your application to transfer any previous pension…
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The Local Government Pension Scheme (LGPS) is provided for you by your Employer, who also pays the majority of the cost. How much it will cost you depends on how much you are paid, but it will be between 5.5% and 12.5% of your pensionable pay under the MAIN Section of the Scheme. Look up your Employee Contributions. However, the amount you actually pay may be far less than you think, because you will have tax-relief on the contributions that you pay. If you think your contribution rate could be wrong, please contact your Employer. Any…
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The Local Government Pension Scheme (LGPS) is available to all non-teaching employees in Local Government, and other selected Employers/organisations who have chosen to join the Scheme. Here is a list of employers who are members of The Cardiff and Vale of Glamorgan Pension Fund. You will join the Scheme automatically, if you: are eligible for membership of the LGPS have a contract of employment of 3 months or more are under age 75 However, if you are a casual employee or have a contract of less than 3 months, you will not join the…
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The new Local Government Pension Scheme (LGPS) 2014 was introduced on 1 April 2014. If you were an active member of the 2008 Scheme as at 31 March 2014, you will have transferred automatically to the LGPS 2014 on 1 April 2014. The pension benefits you built up under the final salary arrangement up to 31 March 2014, are protected under the 2008 regulations. These benefits will continue to be calculated using your full time equivalent pensionable pay when you retire (under the 2008 definition of pensionable pay). Further Protection You will also have…
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You may be able to transfer previous pension rights into the Local Government Pension Scheme (LGPS) from: a previous LGPS Fund a previous Employer's pension scheme - including overseas occupational pension scheme a self-employed pension plan a 'buy-out' policy a personal pension plan a stakeholder pension scheme An application to transfer any previous pension benefits into the LGPS must be made within 12 months of joining the Scheme. In order to make an application, simply complete the Transfer Authorisation Form and return to your Employer. Careful consideration should be given as to whether or not…
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How much will I pay? Your Employer pays for most of the cost of your pension benefits. How much will it cost will depend on how much you earn, but it will be between 5.5% and 12.5% of your pensionable pay under the MAIN section of the Scheme. The contribution rates are reviewed periodically and may change in the future. However, the amount you actually pay to be a member of the Scheme is far less than you think, as you will receive tax-relief on the contributions that you pay. Any contractual or non-contractual overtime you work is…