The average retirement pension for GMPF is £4,384 p.a.
It is interesting to note that ⅔ of our pensioners have a pension of less than £5,000 and 90% have a pension less than £10,000 and only 4% have a pension in excess of £15,000.
The pensions in payment reflect the work history of the Fund’s members. Clearly it is not the norm to be a member of the LGPS for 40 or 45 years and retire on a pension (including lump sum) equivalent to ⅔ of pay. Many members are not highly paid, work part time, take career breaks, may have short service etc and have not transferred pensions from other employment, in many cases, probably because they do not have pensions to transfer.
It is also worth noting that for Scheme employers such as local authorities, the employee is automatically enrolled in the Scheme and must take a conscious decision to opt out if they do not want to remain in the Scheme. Hence, the Fund experiences high levels of take up at Scheme employers.
An important element in the cost of the Scheme is the duration on pension. The LGPS now has a normal retirement age of 65. The average age of retirement has been increasing for GMPF members in recent years. The duration of a retirement pension has also been increasing as illustrated below. Clearly, there is a long time lag to influence the duration on pension, but the Actuary can make and has made assumptions to take account of any changes.
The duration of pension is a function of the age at retirement and the age at death. The table below summarises GMPF experience for members (but excludes widows and widowers):
Year |
Duration of Pension |
2002/3 |
16 years 44 days |
2003/4 |
16 years 252 days |
2004/5 |
17 years 40 days |
2005/6 |
17 years 273 days |
2006/7 |
17 years 315 days |
2007/8 |
18 years 92 days |
2008/9 |
18 years 120 days |
2009/10 |
18 years 273 days |
Year |
Women |
Men |
2002/3 |
74.9 |
76.9 |
2003/4 |
75.9 |
76.3 |
2004/5 |
75.4 |
76.8 |
2005/6 |
77.9 |
76.4 |
2006/7 |
77.0 |
76.9 |
2007/8 |
77.3 |
77.3 |
2008/9 |
76.4 |
77.5 |
2009/10 |
76.9 |
78.0 |
The surprise in these statistics is that women are dying at broadly the same age as men, but widows’ life expectancy is more in line with national trends.
The research published by organisations such as a Club Vita provides an analysis of the factors that influence longevity.
 You can also view each chapter using the links to the left of this page
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