How are my LGPS benefits worked out?
You will have benefits in the final salary scheme which ended on 31 March 2014.
When you leave the LGPS, the benefits built up before 1 April 2014 are consequently worked out differently, and are calculated using both your membership in the LGPS prior to 1 April 2014 and your final pay:
For membership built up to 31 March 2008, you receive a pension of 1/80th of your final pay plus an automatic tax-free lump sum of 3 times your pension.
For membership built up from 1 April 2008 to 31 March 2014, you receive a pension of 1/60th of your final pay. There is no automatic lump sum for membership built up after March 2008, but you do have the option to exchange some of your pension for a tax-free lump sum.
For membership built up from 1 April 2014, every year you will build up a pension at a rate of 1/49th of the amount of pensionable pay you received in that scheme year if you are in the main section of the Scheme (it's half this rate of build up for any period you have elected to be in the 50/50 section of the scheme). This pension is then added to your pension account and revalued at the end of each scheme year so your pension keeps up with the cost of living.
If you were a member of the LGPS before 1 April 2012, and were nearing retirement at that time, you will have additional protection to ensure that the value of the pension you could have built up in the main section of the Scheme after 31 March 2014 is at least as good as the amount of pension you could have built up if you had continued to build up pension at the rate of 1/60th of your final pay for each year of membership.