{"id":471,"date":"2018-07-25T14:13:39","date_gmt":"2018-07-25T14:13:39","guid":{"rendered":"http:\/\/pensions.cardiffcouncilwebteam.co.uk\/?page_id=471"},"modified":"2019-03-08T14:13:42","modified_gmt":"2019-03-08T14:13:42","slug":"leaving-the-scheme","status":"publish","type":"page","link":"https:\/\/www.cardiffandvalepensionfund.org.uk\/councillors\/leaving-the-scheme\/","title":{"rendered":"Leaving the Scheme"},"content":{"rendered":"

[vc_row top_padding=”0″ bottom_padding=”0″][vc_column width=”1\/1″][vc_column_text]<\/p>\n

Leaving the Scheme<\/h1>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row top_padding=”35″][vc_column width=”2\/3″][vc_column_text]You can leave the Local Government Pension Scheme (LGPS) at any time by completing an opt out form (PDF) <\/i><\/a>.[\/vc_column_text][vc_tta_accordion style=”flat” shape=”square” color=”white” active_section=”12″ no_fill=”true” collapsible_all=”true”][vc_tta_section title=”Section” tab_id=”1548950407180-bff83112-56ff”][\/vc_tta_section][vc_tta_section title=”Can I re-join the LGPS at a later date?” tab_id=”Rejoin”][vc_column_text]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.<\/p>\n

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 a new Council, you have 3 months to re-join the pension Scheme.<\/p>\n

If you opt out of the pension Scheme before retirement, there are several options available to you.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Refund of contributions” tab_id=”refunds”][vc_column_text]If you have\u00a0less than 3 months<\/strong>\u00a0total membership of the scheme, you may qualify to receive a refund of your contributions less any deductions for tax.<\/p>\n

You don\u2019t have to decide what to do with your pension contributions immediately, you can wait until you re-join the Local Government Pension Fund as a Councillor member again or at any point when you decide you want to take a refund of your contributions.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Deferred benefits” tab_id=”Deferred”][vc_column_text]If you have\u00a03 months or more<\/strong>\u00a0membership of the Local Government Pension Scheme (LGPS), your pension benefits will be calculated and held within the Fund. This is known as a Deferred Benefit.<\/p>\n

Your pension will become payable at age 65 or later if you choose, or you can decide to transfer your deferred pension to another pension scheme.\u00a0 If you become too ill to carry on working your pension can be paid at any age without reduction for early payment.<\/p>\n

You can apply for early retirement from age 50 and before age 55 with your Council\u2019s consent, however, there will be a tax charge payable. You can retire from age 55 without your Council\u2019s consent.<\/p>\n

When you retire early your pension will be reduced for every year your pension is paid before age 65. However, if you joined LGPS before 1 October 2006 and you are a protected member, some or all of your benefits could be protected from the reduction.\u00a0Your former Council does have discretion to waive any reductions on compassionate grounds.<\/p>\n

You also have the option to transfer your pension to an overseas pension scheme or arrangement that meets HM Revenue & Customs conditions.[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][vc_column_text]Transferring your Benefits<\/strong><\/p>\n

If you leave the Scheme more than 1 year before age 65 you may transfer the cash equivalent value of your pension benefits to another occupational pension scheme, provided they are willing and able to accept it, into a personal pension plan, into a buy-out insurance policy or stakeholder pension scheme (but not the LGPS England or Wales unless you again participate in the same LGPS as a Councillor Member)<\/p>\n

Within the rules introduced by the Pensions Act 1995, any value quoted is guaranteed for 3 months from the date on which it was calculated. You must confirm in writing if you want to proceed with transferring your pension benefits within the 3 month guaranteed period.<\/p>\n

When the paying Scheme receives your written instructions you want to proceed with the transfer, they need to pay the transfer value within 6 months of the Guarantee Date.\u00a0If the Scheme does not make payment within this period, the transfer value will need to be recalculated at the date of payment.\u00a0 They will need to pay the higher of the recalculated value or original value plus interest.[\/vc_column_text][\/vc_column][vc_column el_class=”siderow” width=”1\/3″][vc_column_text el_class=”boxblue”]<\/p>\n

Money Advice Service<\/h3>\n

An impartial service, set up by the Government to give free and unbiased advice. You\u2019ll find some great budget planners and other tools.<\/p>\n

Money Advice Service budget planner <\/i><\/a>[\/vc_column_text][vc_column_text el_class=”boxblue”]<\/p>\n

State Pension<\/h3>\n

Find out if you are eligible to a State Pension, what you\u2019ll get and how its calculated, plus lots more information.<\/p>\n

New State Pension <\/i><\/a>[\/vc_column_text][vc_column_text el_class=”boxblue”]<\/p>\n

Opting out?<\/h3>\n

Things to think about when thinking about opting out of the scheme.<\/p>\n

LGPS website <\/i><\/a>[\/vc_column_text][vc_column_text el_class=”boxred”]<\/p>\n

Got a question?<\/h3>\n

Get in touch<\/a> with us[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row top_padding=”0″ bottom_padding=”0″][vc_column width=”1\/1″][vc_column_text] Leaving the Scheme [\/vc_column_text][\/vc_column][\/vc_row][vc_row top_padding=”35″][vc_column width=”2\/3″][vc_column_text]You can leave the Local Government Pension Scheme (LGPS) at any time by completing an opt out form (PDF) .[\/vc_column_text][vc_tta_accordion style=”flat” shape=”square” color=”white” active_section=”12″ no_fill=”true” collapsible_all=”true”][vc_tta_section title=”Section” tab_id=”1548950407180-bff83112-56ff”][\/vc_tta_section][vc_tta_section title=”Can I re-join the LGPS at a later date?” tab_id=”Rejoin”][vc_column_text]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 a new Council, you have 3 months to re-join the pension Scheme. If you opt out of the pension Scheme before retirement, there are several options available to you.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Refund of contributions” tab_id=”refunds”][vc_column_text]If you have\u00a0less than 3 months\u00a0total membership of the scheme, you may qualify to receive a refund of your contributions less any deductions for tax. You don\u2019t have to decide what to do with your pension contributions immediately, you can wait until you re-join the Local Government Pension Fund as a Councillor member again or at any point when you decide you want to take a refund of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":140,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"\nLeaving the Scheme - Cardiff and Vale Pension Fund<\/title>\n<meta name=\"description\" content=\"There are several options available to you should you want to leave the scheme.\" \/>\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\/councillors\/leaving-the-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leaving the Scheme - 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