Is it worth taking flexible retirement?

Is it worth taking flexible retirement?

Flexible retirement gives you the opportunity to take life slightly easier, without giving up the structure and companionship of employment. It means you can continue earning a salary, and any gap in your earnings can be filled by drawing on one or more of your pensions.

What is the normal pension age for LGPS?

age 65
Your LGPS pension is payable in full from your Normal Pension Age which is linked to your State Pension Age (but with a minimum of age 65). However, you can choose to retire and take your pension from the LGPS at any time from age 55 to 75, provided you have met the 2 years vesting period in the scheme.

Can I be refused flexible retirement?

There are only limited reasons why your employer can refuse your statutory flexible working request. If you make a non-statutory request and your employer refuses, they don’t need to give you a reason. However, your employer is not allowed to discriminate against you when making a decision.

How much pension will I lose if I take it early?

The pension scheme reduces the annual rate of pension by five per cent for each year if a pension is taken early.

How much pension will I get LGPS?

For membership built up to 31 March 2008, you receive a pension of 1/80th of your final pay plus an automatic tax-free lump sum of 3 times your pension. For membership built up from 1 April 2008 to 31 March 2014, you receive a pension of 1/60th of your final pay.

Does the 85 rule still exist?

If you were a member of the LGPS at anytime between 1 April 1998 and 30 September 2006, some or all of your benefits could be protected from an early payment reduction under what is called the 85 year rule. If you have 85 year rule protection this continues to apply from 1 April 2014.

What’s the normal retirement age for the LGPS?

However, protection is in place if you built up benefits in the final salary scheme which means that the Normal Pension Age for these benefits is protected and remains, for almost all members, age 65. Retiring at your protected normal retirement age.

When did LGPS change from final salary to career average?

The Local Government Pension Scheme (LGPS) changed from a final salary scheme to a career average scheme on 1 April 2014.

When do LGPS benefits start to be worked out?

From 1 April 2014 the benefits built up in the LGPS are worked out under the rules of the new career average scheme. However, if you joined the scheme before 1 April 2014 you will also have built up benefits in the final salary scheme.

Do you get a pension if you are a member of LGPS?

Subject to certain conditions, you will get a pension at least equal to that which you would have received had the scheme not changed on 1 April 2014.