{"id":149,"date":"2018-06-28T09:47:03","date_gmt":"2018-06-28T09:47:03","guid":{"rendered":"http:\/\/pensions.cardiffcouncilwebteam.co.uk\/?page_id=149"},"modified":"2024-04-23T09:32:25","modified_gmt":"2024-04-23T09:32:25","slug":"why-join-the-scheme","status":"publish","type":"page","link":"https:\/\/www.cardiffandvalepensionfund.org.uk\/non-members\/why-join-the-scheme\/","title":{"rendered":"Why join the Scheme?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row top_padding=&#8221;0&#8243; bottom_padding=&#8221;0&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_column_text]<\/p>\n<h1>Why join the Scheme?<\/h1>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row top_padding=&#8221;35&#8243; row_id=&#8221;ulcontent&#8221;][vc_column width=&#8221;2\/3&#8243;]<div class=\"video-embed  wpb_content_element\"><iframe loading=\"lazy\" title=\"Pensions made simple: 1. What is a pension?\" src=\"https:\/\/player.vimeo.com\/video\/367289157?dnt=1&amp;app_id=122963\" width=\"1161\" height=\"653\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture; clipboard-write\"><\/iframe><\/div>[vc_column_text]Joining the Local Government Pension Scheme (LGPS) is a great way to start saving for your retirement, and includes excellent benefits, such as:<\/p>\n<ul>\n<li><strong>Guaranteed<\/strong> <strong>index linked<\/strong> <strong>income<\/strong> payable throughout your retirement<\/li>\n<li><strong>Life cover<\/strong> 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\u2019s no medical examination<\/li>\n<li><strong>Survivor benefits<\/strong> 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<\/li>\n<li><strong>Exchange pension for tax-free cash<\/strong> &#8211; when you retire you can choose to exchange some of your pension to increase your tax free lump sum. For every \u00a31 of pension you exchange, you will receive an additional \u00a312 of tax-free cash (subject to certain <a href=\"https:\/\/www.gov.uk\/topic\/personal-tax\" target=\"_blank\" rel=\"noopener noreferrer\">HMRC <i class=\"fa fa-external-link\"><\/i><\/a> limits)<\/li>\n<li><strong>Tax free contributions<\/strong> &#8211; contributions are taken from your gross pay before the deduction of income tax<\/li>\n<li><strong>Employers contribute <\/strong>a substantial amount to help fund all the benefits of the Scheme. This contribution is significantly higher than other employers&#8217; contributions, compared to many other occupational pension schemes. If you only pay into a Personal Pension there will not be any employer contribution<\/li>\n<li><strong>No administrative fees<\/strong> &#8211; unlike a personal pension<\/li>\n<li><strong>No investment risk<\/strong> &#8211; the LGPS is a <span style=\"color: #800000;\"><strong><em>*defined benefit<\/em> <\/strong><\/span>scheme regulated by statute, so you get a guaranteed level of benefits when you retire. <span style=\"color: #800000;\">*<em><strong>You know how much your pension benefits will be on retirement, and the Fund takes all the investment risk<\/strong><\/em><\/span><\/li>\n<li><strong>Ill-health protection<\/strong> &#8211; if you become too ill to carry on working, your pension benefits could be paid early, and in some cases without any reduction<\/li>\n<li><strong>Flexible retirement age<\/strong> from age 55 to 75<\/li>\n<li><strong>Increase your pension benefits <\/strong>&#8211; by purchasing additional pension or investing in <a href=\"\/members\/how-to-increase-your-benefits\/\">Additional Voluntary Contributions<\/a> (AVCs)<\/li>\n<\/ul>\n<p>If you would like to join the pension scheme please complete the <a href=\"https:\/\/www.cardiffandvalepensionfund.org.uk\/wp-content\/uploads\/Joining-Forms-22.01.2024.doc\">Joining Forms<\/a>.[\/vc_column_text][\/vc_column][vc_column el_class=&#8221;siderow&#8221; animation=&#8221;fade-in-from-right&#8221; width=&#8221;1\/3&#8243;][vc_column_text el_class=&#8221;boxred&#8221;]<\/p>\n<h3>Join Now<\/h3>\n<p>Download <a href=\"\/wp-content\/uploads\/Joining-Forms.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">joining forms (100kb PDF) <i class=\"fa fa-file-pdf-o\" aria-hidden=\"true\"><\/i><\/a>.[\/vc_column_text][vc_column_text el_class=&#8221;boxblue&#8221;]<\/p>\n<h3><strong>Pension Advisory Service<\/strong><\/h3>\n<p>Government website, offering free, impartial guidance about pensions<\/p>\n<p><strong>What&#8217;s available<\/strong><\/p>\n<p>Online information and tools, online chat, telephone helpline, personal appointments<\/p>\n<p><a href=\"https:\/\/www.pensionsadvisoryservice.org.uk\/\" target=\"_blank\" rel=\"noopener noreferrer\">Pension Advisory Service <i class=\"fa fa-external-link\"><\/i><\/a>[\/vc_column_text][vc_column_text el_class=&#8221;boxblue&#8221;]<\/p>\n<h3><strong>HMRC<\/strong><\/h3>\n<p>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.<\/p>\n<p><a href=\"https:\/\/www.gov.uk\/topic\/personal-tax\" target=\"_blank\" rel=\"noopener noreferrer\">HMRC <i class=\"fa fa-external-link\"><\/i><\/a>[\/vc_column_text][vc_column_text el_class=&#8221;boxred&#8221;]<\/p>\n<h3>Got a question?<\/h3>\n<p><a href=\"\/get-in-touch\/\">Get in touch<\/a> with us.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row top_padding=&#8221;0&#8243; bottom_padding=&#8221;0&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_column_text] Why join the Scheme? [\/vc_column_text][\/vc_column][\/vc_row][vc_row top_padding=&#8221;35&#8243; row_id=&#8221;ulcontent&#8221;][vc_column width=&#8221;2\/3&#8243;][vc_column_text]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\u2019s 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 &#8211; when you retire you can choose to exchange some of your pension to increase your tax free lump sum. For every \u00a31 of pension you exchange, you will receive an additional \u00a312 of tax-free cash (subject to certain HMRC limits) Tax free contributions &#8211; 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":128,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why join the Scheme? - Cardiff and Vale Pension Fund<\/title>\n<meta name=\"description\" content=\"Joining the Local Government Pension Scheme (LGPS) is a great way to start saving for your retirement, and includes excellent benefits.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cardiffandvalepensionfund.org.uk\/non-members\/why-join-the-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why join the Scheme? 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