Deferred LGPS pension

thatoldchestnut

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?

hyubh

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.pdf