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Your personal deferred benefit package consists of an annual pension, payable throughout your retirement, and a one off tax-free lump sum, payable on your retirement. It also includes life cover and financial protection for your family.
Your benefits are calculated when you leave the LGPS, based upon your period of membership and your final pay at that time. They are then held in your local pension fund where they increase in value every year in line with the cost of living, until payment. After it is brought into payment, your pension will continue to receive cost of living increases every year, as it is paid to you - although special rules apply if your benefits are in payment before age 55.