What is the LGPS
The LGPS is a defined benefit pension scheme for people who work with and for local government.
Being an LGPS member allows you to save towards your retirement while you work and also gives you access to other important LGPS member benefits such as:
If you begin an employment with an LGPS employer, you will usually be bought into the scheme automatically without having to choose to join.
If you haven’t been automatically bought into the scheme, you may still be able to join
Your contributions
You will pay contributions towards your LGPS pension directly from you pay before tax. If you are a taxpayer, you will benefit from tax relief.
Your employer will also make generous contributions to fund the cost of paying your pension benefits.
How your pension builds up
The LGPS is a defined benefit scheme. Your pension is worked out using a set formula, therefore investment performance will not impact on your LGPS pension.
For more information about how your LGPS pension is worked out and builds up over time see How your pension builds up.
Cost of living adjustments
Each year, your LGPS pension is revalued to keep up with the cost of living. The revaluation rate is confirmed by the government in April and is usually based on the Consumer Price Index (CPI) rate for the year up to the previous September.
Each year we will send you an annual benefit statement. This shows the value of your pension at 31 March after revaluation for the previous year is added.
We will also send you a newsletter confirming the annual revaluation rate. Please register for ‘my pension online’ to ensure you are receiving our updates
The table below shows the revaluation rate for the previous 5 years.
Being a member of the LGPS is optional and you can choose to stop paying in, however, it’s not something you should do without careful consideration.
Opting out means you are missing out on a valuable part of your employment package.
The LGPS is a national scheme, but it is administered locally. If you need any assistance, contact us about your pension
If you have recently joined the LGPS
If you have any other previous LGPS membership held outside of Buckinghamshire Pension Fund:
- you must complete an LGPS membership form and send it to us. We will then be able to obtain information about your pension from the other LGPS Fund and will write to you with your options for combining LGPS pension accounts
- you have up to 12 months after joining the LGPS in your current employment to transfer in any previous pensions into your LGPS pension. If you would like to look into a transfer, it’s important you act as soon as possible. If you pass the 12-month deadline, you may still be able to transfer in, but you would require your employer’s permission to do so. For more information, see Transferring in your previous pension
Further information
For more information, see our New Member Guide