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How is the pension calculated at retirement?
Pensions are based on membership accrued (pro-rated for part-time and term-time members) and full-time equivalent pay.Your annual pension will be calculated as follows:
1/80 x final pensionable pay x membership up to 31/03/2008
1/60 x final pensionable pay x membership from 01/04/2008
Any lump sum due to you is calculated as follows:
3/80 x final pensionable pay x membership up to 31/03/2008
No, you must be working for Local Government or an employer that uses the LGPS as their occupational pension in order to make pension contributions.
At retirement, you must decide if you want to reduce your annual pension to increase the tax free lump sum value.
You are only eligible for a refund if you no longer pay pension contributions and did so for 3 months or less.
You are not obliged to join so it is possible to opt out of the scheme.
You can pay either Additional Voluntary Contributions and/or Additional Regular Contributions to top up your pension benefits.
Yes, you are able to instigate pension transfers within the first 12 months of joining the Clwyd Pension Fund.
Your employer does contribute to your pension. The amount your employer pays depends on who your employer is.
Part-time and term-time members of the LGPS accrue membership in the pension scheme on a pro-rated basis according to the hours worked.
Membership in the Local Government Pension Scheme (LGPS) is automatic
Yes. The Clwyd Pension Fund sends you newsletters and annual benefit statements each year.
The reason for the absence from work determines how your pension contributions are affected.
A death grant lump sum of 3 times your final actual pay is paid to your Beneficiaries or to your Estate.
For more details on when you can retire, please refer to the Retirement Options section of the website.
Updated on: 27-Jul-2010 11:52:50