How are my standard benefits calculated?
For members who were contributing into the LGPS prior to the 1st April 2008 you would have been contributing into the old scheme. The membership you would have built up in the old scheme was calculated on 80th accruals and membership would be used in the calculation of your annual pension and tax-free cash lump-sum.
However, from the 1st April 2008 all members automatically entered a new and improved scheme. Therefore, all membership built up from this date would only be used in the calculation of your annual pension, however, the accrual rate has changed from an 80th to a 60th, this is actually a higher accrual rate.
There is no automatic tax-free cash lump-sum provision in the new scheme but you will be given the opportunity to convert annual pension to tax-free cash lump-sum on retirement.
Please click here to see examples of how Stephen and Sheila's standard benefits are calculated
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