The law has changed, and there is now much more freedom about the way some types of pensions can be drawn, giving people more freedom on how to draw their pensions. But most of the changes don't have any impact at all on schemes like ours. This is because...
- the changes are targetted mainly at people in defined contribution schemes. Your local government pension scheme is not this type of scheme, instead it is a defined benefit scheme.
- Especially if you are a pensioner who is already drawing a pension, the point at which you could choose various options has already passed. So even if the changes did apply to Local Government, it would be almost impossible to unravel the pensions already paid to.
So although the media are going to get increasingly excited by these new options, remember, there is no impact on the pension you draw from us.
More information for members
More information for Pensioners
Information from Government
Q & A for LGPS Members (138 KB)