LGPS changes who has interpreted it the right way

CharlieRabbit01

so LGPS have announced changes, our office have 2 different ideas of how the change affects us:

1. pension built up before april 2014 will be on final salary then changes to CARE

2. if already joined before 04/14 pension will not change from final salary

kidmugsy

Don't worry too much; economic imperatives will bring further changes along in due course.

Still, it's a feeble effort to have explained it so badly that interpretations can differ so much.

CharlieRabbit01

i think its bad that they can change it once your in.

CLAPTON

CharlieRabbit01 wrote: »

i think its bad that they can change it once your in.

do you think that salary rises are bad once you have joined? (or increased maternity allowance or partners etc etc

Andy_L

Service pre the 2014 change will be based on final salary when you retire, i.e. it receives the benefit of future pay rises but you accrue no more years of service

Post 2014 service will be under the new CARE scheme

Anybody with <10 years to go to retirement age will have an underpinning guarantee that they will get a pension at least equal to that which they would have received in the LGPS 2008

kidmugsy

Andy_L wrote: »

Service pre the 2014 change will be based on final salary when you retire, i.e. it receives the benefit of future pay rises but you accrue no more years of service

…

Anybody with <10 years to go to retirement age will have an underpinning guarantee that they will get a pension at least equal to that which they would have received in the LGPS 2008

My Gosh, we council tax payers are a generous lot, ain't we?

jem16

kidmugsy wrote: »

My Gosh, we council tax payers are a generous lot, ain't we?

Do change the record please. ( or should I say CD nowadays?)

CharlieRabbit01

jem16 wrote: »

Do change the record please. ( or should I say CD nowadays?)

Maybe mp3 is more like it ;-)

CharlieRabbit01

Andy_L wrote: »

Service pre the 2014 change will be based on final salary when you retire, i.e. it receives the benefit of future pay rises but you accrue no more years of service

Post 2014 service will be under the new CARE scheme

Anybody with <10 years to go to retirement age will have an underpinning guarantee that they will get a pension at least equal to that which they would have received in the LGPS 2008

This is what I thought.

hyubh

kidmugsy wrote: »

Still, it's a feeble effort to have explained it so badly that interpretations can differ so much.

How much hand-holding do you expect? The LGA has a national website (with videos!) - https://www.lgps2014.org - and administrators (pension departments) up and down the land are currently doing roadshows to employees and employers alike.

jem16

CharlieRabbit01 wrote: »

Maybe mp3 is more like it ;-)

Perhaps for the younger generation.

However I think record is still appropriate for kidmugsy.