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Overview - Employees in Scotland
If you're paying into the LGPS, you're already a member.
You can look forward to your retirement with the LGPS which gives you:
A secure pension –
the benefits you get when you retire are based on the length of your membership in the scheme and your final years pay. The pension you build up during your employment keeps pace with your pay rises. And after you retire, your pension keeps pace with cost of living increases.
you have the option to exchange part of your pension for some tax-free cash on your retirement.
Peace of mind –
your family enjoys financial security, with immediate life cover and a pension for your husband, wife, civil partner or nominated co-habiting partner and children, in the event of your death and, if you ever become seriously ill, you could receive immediate ill-health benefits.
Early retirement –
you can choose to retire from age 60 and receive your benefits immediately, although they may be reduced for early payment. It’s also possible to retire from age 55 and receive your benefits immediately, provided you have your employer's consent or you are made redundant or retired in the interests of business efficiency. If you were paying into the LGPS on 5 April 2006 you may have an earlier age when benefits can be paid on redundancy / business efficiency retirement.
if you reduce your hours or move to a less senior position at or after age 55 you can, provided your employer agrees, draw some or all of the benefits you have built up – helping you ease into retirement -although your benefits may be reduced for early payment.
Options to pay extra –
you can boost your retirement benefits by paying more contributions. You get tax relief on these, too.