How are my deferred benefits worked out if left the LGPS before 1 April 2014?
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For membership before 1 April 2008
- This part of your deferred pension is calculated by dividing any period of membership up to and including 31 March 2008 by 80 and multiplying the resulting figure by your final pay on leaving.
In addition, you will be entitled to an automatic tax-free lump sum of three times your pension for membership before 1 April 2008. You can also exchange part of the pre-April 2008 pension for extra lump sum.
For membership between 1 April 2008 and 31 March 2014
This part of your deferred pension is calculated by dividing this period of membership by 60 and multiplying the resulting figure by your final pay on leaving.
When you draw your deferred benefits, you will be given the option to exchange some of your annual pension for a one off tax-free lump sum.