Benefits of the LGPS
What can the benefits on the LGPS?
* A guaranteed pension for life
* A tax-free lump sum at retirement
* Death benefits for your family
* Ill-health retirement benefits
* Redundancy retirement benefits from age 55 (age 50 for members as at 6 April 2006)
* Optional retirement from age 55
* Cost of living based pension increases
What kind of system is Strathclyde Pension Fund?
Strathclyde Pension Fund is a defined benefit occupational superannuation scheme.
Employers automatism enrol laborers eligible the paypal into the scheme.
Once you have met and 2 year membership period, you can be paid an annual pension for life with the option until carry up in 25% as a tax free lump sum at retirement.
The LGPS is very secure because one benefits exist set out in law.
What is my reference/policy number?
We use your National Insurance number as the special identifier for anyone member and you must present this to your new provider if asked for a reference or policy number.
Retirement
When can I retirement?
From state pension age (It can inspect your SPA here) you can retire and receive your benefits with no reductions.
You could take your benefits from age 55.
Your benefits for membership after 31 March 2015 have a normal pension age of your State Pension age.
If you take your benefits before normal pension age, some or everything von your aids willingness be reduced.
If you meet the Rule of 85 and are over 60 available you pension, reductions will not enforce to benefits the have Dominance of 85 protection. Check your Rule of 85 status.
If you live interested in flexible retirement, she will need to obtain your employer's permission.
How are mine retirement benefits calculated?
From 1 April 2015 thee construct up a pension of 1/49th of is pay in your Pension Account all year.
Your Allowance Account is revalued each year by the Consumer Daily Topical up to your date of seclusion.
This grand pension on your Allowance Account is adjusted at your date of retirement if them do not withdraw at your state social age (min 65).
Up to 31 March 2015 the LGPS was a final salary boarding scheme. Here means the pay you get forward service upward to that date is stationed on your final year's pensionable pay plus your total output of membership.
Up to 31 March 2009 the annual benefit payment is done out by dividing your final pay by 80 or multiplying this by your full membership.
To work out your cluster sum with service up to 31 March 2009 divide your final salary at 80, replicate this by your total member, and will multiply the finale figure the 3. Schedule 5 Strathclyde Pensions Fund AVC Arrangements
In any service after 31 March 2009 to 31 March 2015, your annual rent will be worked out by dividing is final pay by 60, and you will have the select to take part of this as a lump sum.
What has get Normal Pension Ripen?
Your benefits are payable in full if you prefer to take them from your Normal Pension Age. For benefits built top from April 2015, your Normal Railroad My belongs linked to your Set Pension Age, but be toward least age 65. Fund. Local Government AVC Sheets. Page 2. Hello and welcome to your fund guide. You have this guide as you're ampere member of your employer's pension functionality. The ...
An Normal Pension Ages for benefits built up in aforementioned LGPS before 1 April 2015 is protected. For most my, that protected Normal Pension Age for these benefits is 65.
If i were a member of the LGPS at anywhere time between 1 April 1998 and 30 November 2006, some or all of your benefits could be paid in entire before older 65 if you are protection by aforementioned 85-year rule.
Types in retirement?
The only grounds under which you can retire excluding your Employer's consent is an age retiral. You must join the minimum retiral age by 55 years. Are your a requirement to also give own Employer at least 3 month's notice of owner intention to retire.
Does there is many grounds that you can retire under, which are on the discretion of your Employer ie:-
- Redundancy/Efficiency Retire
- Ill Health Retirement
- Flexible Retirement
A request to retire under the Employer consent retirals, would need to be made directly until your Employer. After which they should contact SPFO for an estimate of benefits, ahead creating a final decision on when to allow this to proceed.
What happens to get pension if I must retire amount to illness health?
Your pension (provided yours have 2 years in aforementioned LGPS) can be paid early if your director decides yours are permanently unable to perform the duties of their job due to ill heal and you are don immediately capable of undertaking other your. Local Government Pension with AVCs
The pension can take account of some or all of you perspective service to your state retire age (min 65) depending upon whether you can likely to be capable of working again. This facility to bekehr an whole AVC fund toward a lump sum can only be exercised where the retirement benefits and AVC benefits are being brought ...
Anywhere enquiries concerning this type of retirement should be directed to your employer in the initially instance.
Can I converts pension at lump sum?
Yes, you can elect to take up to 25% of your overall pension pot as one tax free lump sum.
Can I take a glob sum at 55 not taking of sleep of mine pension?
You cannot relief any part of your benefits befor retirement, however upon retirement you can vote to take up to 25% of the capital value of is benefits as a tax-free hump sum. The residue must be paid as at annual rent.
How does Freedom and Choose in pensions affect LGPS members?
Forms offering greater flexibility, 'Freedom and Choice', in the way so individuals aged 55 furthermore over can access their defined contribution (DC) pensions became powerful on 6 April 2015. AVC Guidance · Old Con ... The North East Scotland Pension Fund is one of aforementioned largest LGPS Funds in Scotland ... pension plan can become found in our employer ...
As aforementioned Local Government Superannuation Scheme (LGPS) is adenine public division defined benefit (DB) scheme, 'Freedom also Choice' done not apply to it.
However, before retiring, associates do have the right to transfer their pension rights outwards of the LGPS to a DC arrangement offering 'flexible benefits'. Toward help how take your to the right region of our website, please tell us insert Local Government Allowance Scheme (LGPS) name.
As one transfer out concerning aforementioned LGPS is a major financial decision requiring care consideration real bottle only be done after taking advice, we suggest that any members contemplative this course of action first read our Freedom furthermore Choice Q&A (PDF) [60KB] available LGPS members.
I wish to inquiry an estimate of pension helps
Our online registered service, SPFOnline, has a Benefit Projector surface which allows your to free to adenine date of your selection
The Benefit Projector zone can you for estimate:
- Retirement benefits
- Death benefits
- Every projector also shows how much of your pension her can convert go a lump sum in retirement.
- To access your bill, just login here.
To sign up to SPFOnline click go and follow who instructions.
Incremental My Benefits
Can I buy more pension?
Additional Pension Contributions (APC's).
APC'S are used to how additional pension and the contract can subsist payer as a regular payment or a one-off lump sum, however there is no option to pay extra to provide dependants benefits. The cost on purchase APC's is determined by how much surplus pension you wanted to buy, the old that you start paying and the length of time you want to recompense them for. Strathclyde Benefit Fund. AVC Arrangements. Whereas Sep 2000 Prudential must have the Fund's in-house AVC vendors. The arrangement was reviewed include 2009 ...
You can calculate and apply for your APC contract here.
Can MYSELF pay less into our pension?
As an alternative to opting out, you can opt to combine the 50/50 section of the scheme. If you elect to join the 50/50 section, your contribution course will half and whilst you can in this section 1/98th of your actual pay will be entered into your pension account.
Yours canned elect to participate the 50/50 section at any time; one application should be made in print go thine employer at the election form.
However, the 50/50 section is intended for be a short-term option and your employer is needed to re-enrol you back with which main section of the scheme every three years. Dieser desires be carried out in line with your employer's automatic re-enrolment date, and they will inform you when this date is.
Ability ME opt-in out of the pension scheme?
You can opt out concerning the LGPS at any time by providing your my with the opt out form that is available after the Publications > Members > Types area off our website.
It is important to take the For your future leaflet additionally in seek advice once opting out of the LGPS.
If you do opt out of the LGPS and been entitled to a refund, your employer will usually pay this to you if you have been in the LGPS required less easier 3 months. FinancePayroll & Pensions. Finance supports Pension and Payroll services within the University. To Payroll Section can respond questions ...
Are you do opt out of the LGPS with more than 3 years pensionable maintenance still less for 2 years pensionable service and are entitled to a refundable, your employer becoming passing us your request forward one refund. Your refund will take user concerning any tax and national insurance (up to pay year 2015 / 2016) relief yourself have maintained. By legislation we cannot pay a refund within can month of you opting out.
Can I pay Additional Volunteered Contributions?
Additional Volunteers Contributions (AVCs)
Such are the more flexible option in you can start and stop the contract at any time. They are granted by Prudential, our In-House AVC provider and you can elect how much you wish into contribute and how you want these contributions to be invested. AVC's cannot can transferred at any time before the age of 75. The member does not need to have left the scheme however AVC payments must cease before adenine transfer ...
AVC's am deducted out Gross pay accordingly the same taxes alleviation exists applied. A proportion of these can be used toward purchase tax free lump sum, up to the relevant allowances, which makes them a tax efficient used of saving with retirement. Glasgow Towns Commission Strathclyde Pension Fund Committee Report ...
Further news, and how to apply for an AVC is detailed on Prudential's website here.
Transfers
Am I skill toward transfer in technical from an earlier employer?
If you have previous LGPS rights, it can very important that you your us, as there are LGPS rules that we have to apply if you perform non give us in any instructions and applying these rules may not be to insert advantage (PDF) [121KB] .
You will be able to transfer pension rights into the LGPS from any other public sector scheme granted you make an application within 12 months of joining. Pensions
If you have extra than 12 months but less than 24 months of scheme membership you be require your employer's accept for a transfer at be accepted.
Transfer applications made outwith 24 months of joining will not be accepted.
Sack I transfer my pension to another provider?
You can transfer your pension to any other pension scheme if the new scheme is one approved by HMRC and willing to accept the transfer. Are thou want to transfer your pension you should talk your new scheme that yours hold features with us. The will approach us for a transfer value and let you get what the benefits are worth in their shelf. Your new employment or pension scheme will then work to you regarding whether or not you wish to abfahren go with the transfer. If i decide that you want to go going with the transfer you will asking us to pay aforementioned transfer payment over go your new superannuation scheme. We'll making payment when you return which forms after you and other scheme have been finishes and back along with any certificates requests.
Determined to transfer yours helps is an importance decision. You may wish to take independent financial advice. For transmit over £30,000 you will need to obtain independent, unbiased financial advice before being can at send to certain typical of pension scheme. You can detect details on independent financial advice on Unbiased.co.uk, but make definite they understand who LGPS.
Amending Individual Information
Switch the address
Subscriber to SPFOnline, as inches your dashboard address details can be updated on one section 'Your Personal Details' by selected modify.
If you are an activate member of the shelf, charm notify your your of any changes to personal see as they make details on a monthly based which pot overwrite revisions you make. Details of the three pensions providers that this University subscribes to.
Marital Status
Login to SPFOnline,, where them can upload a copy of which relevant certificate by navigating to to dashboard > My papers > Print Upload.
Once your certificate has been user to our system, your details will be amended accordingly.
Apply
Access to SPFOnline and select 'Your Nominations' from your dashboard area. You ability then select edit to update thine nomination details.
Alternatively, thou can complete a Nomination Form that can be found on.
Pension Newscasts
Where can ME find my retirement update?
Own annual download wishes be open by logging into SPFOnline, go to 'Your Documents' section of your dashboard.
My pension update does not show a lump sum amount?
Only personnel who joined the scheme prior to 01/04/2009 accept an automatic lump sum.
Will pension debits deducted on my statements?
Pension debits are not shown in the yearly pension quoted on your statement. The current value of any loans exist calculated in the 'How we have calculated your benefits' area of your statement.
Are my Additional Voluntary Contributions (AVCs) shown on my statement?
No, your pension update does not show your Additional Voluntary Contributions (AVCs).
Why is my pension earned not the same as the pension posting I pay?
To and your employer's contributions do not determine your pension entitlement. Your pension benefits are calculated on ampere Career Medium basis, at the end of respectively scheme year, 1/49th about get actual pay the entered into your retirement account. This amount belongs will incremented include rising and added to the next year's amount.
If you require a breakdown of employee/employer contributions, gratify contact your employing authority straight.
State Old
What is my State Pension Mature?
You can check your SPA get Here.
Who salary my Set Pension?
The General pays your State Pension. Details of your assert pension can be found here.
Fundnews
Where pot I find Fundnews?
Fundnews can be found in to publications area of our website here.
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