Coronavirus: LGPS benefits
We would like to reassure our members that paying pensions is our top priority, and that their benefits are not linked to stock markets like benefits from defined contribution pension schemes are. LGPS benefits are funded by investing employer and member contributions, but members earn a ‘benefits promise’ that is set out in statutory instruments and that is not dependent on current stock market levels.
We administer the Local Government Pension Scheme (LGPS) and manage over £2,800 million of worldwide assets on behalf of about 200 employers and 62,000 members.
Your contributions (opens in a new window) to the LGPS entitle you to a standard pension and tax-free lump sum at normal pension age, as well as protecting your family on your death. LGPS benefits do not depend on how much you or your employer contribute or on the investment growth we achieve.
Our Guide to the LGPS is written in question and answer format. The guide is for general use and cannot cover every personal circumstance nor does it cover specific protected rights that apply to a very limited number of employees.
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