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Deferred LGPS pension
thatoldchestnut
Posts: 123 Forumite
Hi,
I am a 33 year old male and have been paying into the LGPS since 2009 and had a question about some of the pension I have accrued. Under the scheme rules until March 2014, I was able to start receiving my LGPS without any deductions from age 65. If I delay taking it though, would I end up getting more? I ask because since the scheme changed, any contributions I've made after April 2014 would only be due to me without deductions once I start getting my state pension, which will obviously be a few years later at least.
So if I wait until I get my state pension to start receiving the LGPS, would the annual amount I built up before April 2014 (about £1,600) increase, or just stay the same?
I am a 33 year old male and have been paying into the LGPS since 2009 and had a question about some of the pension I have accrued. Under the scheme rules until March 2014, I was able to start receiving my LGPS without any deductions from age 65. If I delay taking it though, would I end up getting more? I ask because since the scheme changed, any contributions I've made after April 2014 would only be due to me without deductions once I start getting my state pension, which will obviously be a few years later at least.
So if I wait until I get my state pension to start receiving the LGPS, would the annual amount I built up before April 2014 (about £1,600) increase, or just stay the same?
0
Comments
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thatoldchestnut wrote: »if I wait until I get my state pension to start receiving the LGPS, would the annual amount I built up before April 2014 (about £1,600) increase
Yes, there would be an actuarial increase on your final salary benefits:
http://www.lgpsregs.org/images/SecStateGuidance/LateRetirementGuidance.pdf0
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