Councillor members
Please note that councillor members retain the 1997 Local Govenment Pension Scheme (LGPS) Regulations even though the 'new' look 2008 pension scheme has been introduced for other LGPS members
Introduction
This section gives you information about the Local Government Pension Scheme (LGPS) for councillors and will include answers to some of the questions you may have, such as who is eligible to join the LGPS, what benefits are provided by the scheme and when will your benefits become payable.
Am I eligible to join the LGPS?
Membership of the Local Government Pension Scheme is open to all councillors and elected mayors of an English county council or district council, who are offered membership of the Scheme under the council’s scheme of allowances and who are under age 75. Those who are offered membership are termed eligible councillors. In addition to the contribution made by you, your authority also makes a substantial contribution towards the cost of your pension benefits.
Benefits provided by the scheme
The Local Government Pension scheme provides the following excellent range of cost effective pension benefits:
A secure pension
The scheme provides you with a secure future income, independent of share prices and stock market fluctuations. Your pension will also receive annual cost of living increases.
Tax-free lump sum
On retirement, you will also receive a tax free lump sum payment, which is normally based on three times your pension.
Low cost
Most people enjoy tax-efficient savings and lower National Insurance contributions.
Authority's contribution
Your authority pays whatever amount is necessary to ensure that your benefits are properly funded.
Peace of mind
Your family enjoys financial security with life cover and a pension for your husband, wife or civil partner and children, in the event of your death while contributing. If you ever become seriously ill, you could receive immediate ill-health benefits.
Early retirement
You can choose to retire from age 60 and receive your benefits immediately, although they may be reduced for early payment. It’s also possible to retire from age 50 and receive your benefits immediately, with your council's consent.
Life Cover and Family Protection
There are a range of benefits payable to your spouse, registered civil partner and dependant children if you die in service, whilst a member of the LGPS.