Paying your LGPS benefits
Printer-friendly versionFirst Payment of Pension
Your first payment of pension is paid directly into your chosen bank or building society account at the same time as your lump sum. This special first payment covers the period from the date of your retirement to the end of the month and usually all of the following month.
Payment of your Lump Sum
Your lump sum is paid directly in to your chosen bank or building society account. You are strongly advised to seek some independent financial advice on how best to use or invest your lump sum.
Interest on Late Payment of Lump Sum
If payment of a lump sum is delayed for any reason for more than 1 month from the date of retirement, interest will be calculated as compensation.
Payment of Pension
Future payments will be made into your account on the last working day prior to the 11th of each month:
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directly into a bank
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directly into a building society
Trivial Pensions
Taking all of your pension as a one-off lump sum is called ‘trivial commutation’. The Government sets strict rules about who can trivially commute their pension and it is generally only available for small pension pots.
Payslips
The Fund does not normally send a payslip to you every month as, for the majority of pensioners, the amount paid each month does not alter significantly. You will receive a pay advice:
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When you first retire
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In May including your P60 certificate
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In any month when your net pay varies by more than £10.00 from the previous month.
'MyPension' online service
'MyPension' allows registered users in receipt of a pension, to see details of how much they are paid each month.
Payment Overseas
If you decide to emigrate, your pension can still be paid monthly into a bank account anywhere in the world. All overseas transactions are dealt with by Citibank who make a small charge for currency conversion and transmission of the payment.
Any Queries
Any queries you have regarding payments should be directed to the Payroll Section at the Fund on 0151 242 1399.