How is my LGPS pension calculated?
Each year 1/49th of your pensionable pay and any assumed pensionable pay is put into your pension account. At the end of the year it is adjusted to take into account the cost of living. If you were to join the 50/50 section of the LGPS you would pay half your normal contributions for half the normal pension build up.
Can I take my council pension at 55?
You can voluntarily retire and take your pension benefits at any age on or after age 55 and before age 75, provided you have met the 2 years vesting period in the scheme. However, your benefits are only payable in full if you voluntarily retire and take your benefits from your Normal Pension Age.
Is LGPS pension for life?
The LGPS provides valuable life cover and financial protection for your family. This section looks at the benefits that would be payable if you were to die after you have retired and are receiving payment of your pension.
What is the Hampshire Pension Fund?
Hampshire Pension Fund (HPF) is a public pension fund based in Winchester, United Kingdom. The plan provides retirement and pension benefits to the eligible employees of Hampshire County Council, the unitary authorities of Southampton and Portsmouth, and the 11 borough councils in the Hampshire County area.
How much does the council contribute to my pension?
What do I pay? Your contribution rate depends on how much you are paid but it will be between 5.5% and 7.5% of your pay.
Is Lgps based on final salary?
The Local Government Pension Scheme (LGPS) changed from a final salary scheme to a career average scheme on 1 April 2014. From 1 April 2014 the benefits built up in the LGPS are worked out under the rules of the new career average scheme.
Can you check how much is in your pension?
Look at your pension statements. Your provider should send you an annual pension statement once a year that tells you how much is in your pot and gives an estimate of how much you might get when you start taking your money. Many providers also let you track your pension on their website.
What age can I get my LGPS pension?
age 65
You can choose to retire and draw your pension from the LGPS at any time from age 55 to 75, provided you have met the 2 years vesting period in the scheme. The Normal Pension Age in the LGPS is linked to your State Pension Age (but with a minimum of age 65).
How much is the LGPS death grant?
If you die after drawing your LGPS pension and before reaching age 75, a death grant may be payable. Generally speaking, the death grant is equal to 10 times (or 5 times if you left the LGPS before 1 April 2008) the pension less the amount already paid.
How much do Hampshire County Council contribute to pension?
Her annual pensionable pay is £80,000….2021/2022 – contribution bandings applicable from 1 April 2021 to 31 March 2022.
| Band | Whole time equivalent pay band | Contribution rate |
|---|---|---|
| 1 | Up to £13,700 | 5.5% |
| 2 | £13,701 to £16,100 | 5.8% |
| 3 | £16,101 to £20,400 | 5.9% |
| 4 | £20,401 to £34,000 | 6.5% |
Can I pay more into my local government pension?
If you wish to buy extra pension by paying a one-off lump sum, you can do so either via your pay or by making payment directly to your pension fund. If you are a year or less from your normal pension age you can only pay by lump sum. You cannot elect to buy extra pension if you are in the 50/50 section of the LGPS.
How much is a women’s State Pension?
The full new State Pension is £179.60 per week. The actual amount you get depends on your National Insurance record. The only reasons the amount can be higher are if: you have over a certain amount of Additional State Pension.