It doesn’t matter how far away your retirement is, you should always be thinking about the kind of life you’d like once you stop working and how much money you’ll need to cover it. The Local Government Pension Scheme (LGPS) is a valuable benefit for all employees working for West Sussex County Council and other participating employers.
The LGPS is a career average revalued earnings (CARE) scheme. This means that the pension you get is based on your annual salary for each year you are a member of the LGPS. The pension you build up is revalued each year in line with the Consumer Price Index (CPI).
In addition, you have the option to combine your previous LGPS service with your new LGPS record if you have previously been a member and:
- your previous LGPS service is deferred (not yet in payment); and
- you rejoin the LGPS then you have the option to combine your previous LGPS service with your new LGPS record.
If you have any previous LGPS service that was linked to final salary, this may be linked to your final salary in your new employment.
Being a member of the LGPS offers you:
- a low-cost and tax-efficient way to save for your retirement
- contributions from your employer
- the option to pay additional contributions to increase your pension
- the option to pay reduced contributions during periods of financial hardship
- the option to transfer in any previous pension rights (including any previous LGPS service) you may have
- a secure pension when you retire, with the potential for a tax-free lump sum
- the option to retire earlier than your normal pension age
- life cover that pays a lump sum should you die while an active member
- survivor benefits for your spouse, civil partner, eligible cohabiting partner and eligible children.
You can also keep track of your pension and find out how much you might get when you retire by viewing your pension account.