The LGPS has changed from 1 April 2014
If you are paying into the Local Government Pension Scheme (LGPS), you’ll automatically be in the new scheme from 1 April 2014. If you’ve retired or leave before then, there’s no change to your pension.
A 'Changes to the Scheme' leaflet has been created which highlights the main changes to the scheme. The tabs on the left hand side provide further detail. Or why not take a look at this quick video outlining the key changes to the scheme.
A number of myths are circulating regarding the LGPS and in particular surrounding the reality of what the changes from April 2014 mean for members. These myths include:
- The cost of the scheme will increase
- A career average scheme isn’t as good as a final salary scheme
- There is no tax-free cash lump sum
- Members have to work longer before drawing their pension
- Membership built up before April 2014 is affected by the changes.
The information in the 'Myth Busters' leaflet sets out the facts about the new scheme and dispels the myths above.