There have been multiple changes to the Local Government Pension Scheme (NI) which may directly affect the benefits you have accrued in the Scheme. The following table outlines some key changes which occurred when the Scheme changed on 1st April 2009 and again on 1st April 2015.
|–||Pre 31st March 2009||1st April 2009 to 31st March 2015||Post 1st April 2015|
|Type of Scheme||Final Salary||Final Salary||Career Average Revalued Earnings|
|Pension||Service X FRE* Pensionable Pay X 1/80th||Service X FTE* Pensionable Pay X 1/60th||Actual Pensionable Pay X 1/49th + Inflation per annum|
|Lump Sum||3 X Annual Pension||No Automatic Lump Sum (Option to convert pension to Lump Sum)||No Automatic Lump Sum (Option to convert pension to Lump Sum)|
|Normal Pension Age||65||65||The higher of 65 or New State Pension Age|
FTE* – Full-time equivalent pensionable pay, for the 12 months prior to date of leaving. Whether you were a member of the Scheme during one, two or all three tranches, the benefits that you accrued during that specific period will be fully protected and will remain as they were during that tranche.
For more Information for how your benefits are calculated please visit the How are my benefits calculated? section of our website.