There are 31 results for the search term: "final salary".
We understand that the changes will apply to members who: were in service on or before 31 March 2012 have service after 31 March 2014, and do not have a disqualifying break. A disqualifying break is a period of more than five years when you were not a member of...
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When the LGPS changed from a final salary to a career average pension scheme in 2014, members who were within ten years of their Normal Pension Age on 1 April 2012 were given protection from the changes. The Normal Pension Age in 2012 was generally 65. In simple terms, when...
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The LGPS changed to a career average scheme in 2014. Pension built up in the remedy period between 1 April 2014 and 31 March 2022 is protected for qualifying members. This protection is known as the underpin. Underpin protection ended earlier if you left the Scheme or reached age 65...
Annual allowance example 1 – Sanjay This example shows Sanjay’s annual allowance position for the 2019/2020 year. This example demonstrates the lower annual allowance tapering limits that were in force before the 2020/21 year. Sanjay’s financial information Amount Gross salary 2019/20 £130,000 Less employee pension contributions (11.4%) £14,820 Plus taxable...
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If you were previously a member of another public service pension scheme, your pension fund may accept a transfer under preferential rules known as the Club transfer rules. These special terms apply if you have not had a break in membership of a public service pension scheme of more than...
View “Benefits in another public service pension scheme”
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