Do you have any previous LGPS membership which has not been linked with your current membership?

If the answer YES then click here to read on – the clock’s ticking!

To express an interest in aggregating your membership, simply complete and return the form to Xafinity Paymaster. 

Some additional information you may wish to consider if you have previous LGPS benefits in England or Wales.

This leaflet is designed to provide you with some guidance notes and explain the options available to you if you have re-joined the Local Government Pension Scheme (LGPS) and have previous LGPS pension rights as an employee in England or Wales which are currently ‘frozen’ in the scheme – these are called deferred benefits. 

Public Sector Pension Changes
Lord Hutton has been undertaking a review of public sector pensions which includes employees in Local Government Pension Schemes (LGPS). He has recognised the important roles that public sector employees fill and that pensions are an important part of the overall remuneration package for employees. His recommendations published today will mean some changes which are outlined in brief below:

• LGPS to remain a defined benefit scheme
• Recommended to move to a career average basis away from the current final salary.
• Changes likely to be implemented within 3-4 years
• Normal retirement date (currently age 65) to rise in line with State Pension Age, increasing to 66 between December 2018 and April 2020 rising further to 67 and 68 over time
• Existing benefits up to date of change will retain link to final salary scheme, but new benefits from date of change will be on a career average basis.
• Government to decide on increased employee contributions but employer contributions will be capped
• Tiered contributions based on level of pay to remain with higher earners continuing to pay more for their pension benefits.
• Government to decide on rate of accrual or pension build up. The current LGPS builds up at a rate of 1/60^th for every year of contributing to the pension scheme i.e. someone who contributes to LGPS for 30 years will receive a pension of 30/60^th or half their final salary.
• Consultation on the detail of proposed changes to take place over the coming months.
• All public sector schemes are affected by the changes including teachers and civil servants although uniformed services to retain an earlier retirement age.

Further information will be issued once full details of the potential changes are available and consultation with Central Government is underway.

We are holding monthly pension induction sessions here at Keltan House, they are all scheduled for the third Wednesday of each month from March to December 2010 and start at 10am, the booking should be done via pensions@hackney.gov.uk.