Day 2: Benefits of the scheme
The Local Government Pension Scheme (LGPS) is a highly valuable part of your pay and reward package
Key features of the scheme are:
Defined Benefits - What you receive as a pension is set out in law, unlike a defined contribution scheme where your retirement income is dependant on investment returns. Benefits are based on a set formula providing you with a fixed and secure income every year once you reach retirement age.
Protection for you and your family
- If you are forced to retire early due to ill health you can receive an unreduced pension.
- In the event of your death your dependants and partner can receive a pension.
- If you die whilst still working a lump sum of x3 your salary is payable.
Affordable Options - The LGPS offers a reduced cost 50:50 scheme that provides an opportunity to receive 50% of the benefits.
£96m Did you Know? The value of pensions paid by Wiltshire Pension Fund in 2020/21