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LGPS - checking pension contributions
Hi,
I saw a post on Martin's FB page about checking that all your pension contributions have been allocated to your pot.
Do I need to do this for LGPS, and if so, how do I go about doing that?
I can't see a monthly break down on the portal - is it a case of going through the annual statements?
Thank you!
Comments
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There is no pot in LGPS it's a defined benefit/CARE scheme. Your contribution is the membership fee, and when you retire you'll get a pension based on length of service and salary for life
......Gettin' There, Wherever There is......
I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple
1 -
Do you not get an annual statement? That shows you each year how much it goes up by.
LGPS works differently anyway to a normal "pension".
0 -
Oh, and if you're an active member you'll get an annual benefit statement which shows how much your pension is worth, length of service, etc. note the pension is per annum.
......Gettin' There, Wherever There is......
I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple0 -
Pedant alert (sorry) the LGPS is a "normal" pension, it's just not a DC pension. There's nothing abnormal about a DB pension, there's just less of them around these days 😉
......Gettin' There, Wherever There is......
I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple1 -
Yes I know, however I didnt see the programme but I suspect Mr Lewis was aiming it at people with DC pensions.
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Indeed, DB tends to get skirted over these days, like none of us have them any more, whereas in reality there are many of us that do.
......Gettin' There, Wherever There is......
I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple1 -
All you need to ensure is your years/dates of membership and type of service (full time, part time etc) are correct,
1 -
'Many' is around 20 million people, with around 7.5 million being active members, 6.5 million being deferred members and 6 million being pensioners.
There is so much coverage of DC pensions that it's inevitable people get confused, when so much of that coverage fails to point out when it relates only to DC arrangements.
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
Classic DB/DC confusion question, asked and answered many more times than I can remember during my LGPS days.....
Hello, I've paid in £2,000 in pension contributions this year, but my pension has only gone up by £600. Where's the rest of my money?
4
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