Guide to the Local Government Pension Scheme
When you are employed by the Royal Borough of Greenwich, you will automatically be entered into the Local Government Pension Scheme (LGPS).
The LGPS is a national scheme specifically for employees of local councils and other related employers.
Benefits of the LGPS
Here are some of the many benefits of joining the Local Government Pension Scheme:
A secure pension
The pension you receive when you retire is based on the pensionable pay you receive each year. The benefits are fully protected against inflation and guaranteed by the government.
You will have the option of exchanging part of your pension to provide tax-free cash upon retirement.
Tax-efficient savings and lower National Insurance contributions for most employees under state retirement age.
The reduction in National Insurance contributions will cease with the introduction of the new State Pension on 6 April 2016.
Your employer meets the balance of the cost of providing your benefits in the LGPS.
You can choose to retire from age 55 and receive your benefits immediately, although they may be reduced if they are taken before your normal retirement age.
Options to increase your benefits
You may pay additional contributions to increase your pension benefits upon retirement.
Life cover benefits
There are provisions if you become seriously ill for your pension benefits to be paid immediately and in the event of your death there may be provision for benefits to be paid to your spouse, civil partner, nominated cohabiting partner or eligible child. There is a ten year guarantee of your pension at the point of retirement.