Summary
THERE seems to be some confusion concerning the current Local Government Pension Scheme (LGPS) dispute.
The rule of 85 allows LGPS members to retire voluntarily from age 60 on an unreduced pension where the sum of their age plus membership, in whole years, equals 85 years. This simply means that members retire with their full entitlement, including the payments that they have made over the years to the pension scheme. LGPS members do not receive any added years, as has been suggested by some; they merely receive a pension based upon their own contribution record covering the years during which they have paid into the scheme. However, removal of the rule of 85 will result in LGPS members being penalised for retiring before the age of 65; in some cases this could result in a loss of 30-per cent of pension.See the full content of this document
Extract
Clearing Up the Confusion On Public Pensions
As for comments that the LGPS is a pension that most folk can only dream of, ...
See the full content of this document
Sponsored links
