sppa.gov.uk Local Government Pension Scheme United Kingdom : Scottish Public Agency

Name of the Organization : Scottish Public Pensions Agency
Type of Facility : Local Government Pension Scheme
Country : United Kingdom

Website : http://www.sppa.gov.uk/index.php?option=com_content&view=article&id=428&Itemid=7

Local Government Pension Scheme :

** The Local Government Pension Scheme (LGPS) in Scotland is a funded, defined benefit, statutory occupational pension scheme and it is one of the main public service pension schemes in Scotland.

Related : Scottish Public Pensions Agency NHS Superannuation Scheme UK : www.statusin.org/26006.html

** As at 31st March 2011 it had in total 218,232 active members, 96,349 deferred members and 167,332 pensioners and dependants.
** The Scottish Public Pensions Agency is responsible for the LGPS regulations, but it is administered by fund administering authorities, of which there are 11 in Scotland.

** Members should have received an “easy to read” guide for the Local Government Pension Scheme from their Pension Fund administrator but if you have not already done so, do not hesitate to contact them direct to obtain a copy.

Benefits :
** A member of the Local Government Pension Scheme, you can pay extra to increase your pension benefits.
** You may wish to consider paying extra contributions, which are a tax efficient way of topping up your income when you retire.
** You can combine any of these options.

You can improve your retirement benefits by paying :
** Additional Regular Contributions (ARCs) to buy extra LGPS pension,
** Additional Voluntary Contributions (AVCs) to the in-house AVC scheme,
** Free Standing Additional Voluntary Contributions (FSAVCs) to a scheme of your choice,
** Contributions into a stakeholder or personal pension plan.

Are there any limits on how much I can pay to increase my pension benefits?
** At the present time there is no overall limit on the amount of contributions you can pay (although there is a limit on the extra Scheme pension you can buy).
** However, tax relief will only be given on contributions up to 100% of your taxable earnings.

** Additionally, under HM Revenue and Customs tax rules there are controls on the pension savings you can have before you become subject to a tax charge – these will mainly affect some higher paid people.

Can I increase my dependant’s benefits?
** You can pay extra contributions to increase the level of your husband’s, wife’s, civil partner’s or nominated co-habiting partner’s pension and any pension payable to your eligible children on your death.
** You can also increase your death in service life cover as part of an AVC arrangement.

Transfers :
You may be able to transfer pension rights into the LGPS from :
** a previous LGPS Fund, or
** a previous employer’s pension scheme, or
** a self-employed pension plan, or
** a ‘buy-out’ policy, or
** a personal pension plan, or
** a stakeholder pension scheme, or
** an Additional Voluntary Contribution (AVC) arrangement

** You cannot however transfer a pension credit into the LGPS.
** A pension credit is a share of an ex-spouse’s or ex-civil partner’s pension benefits, as awarded by a Court under a Pension Sharing Order, or by a qualifying agreement in Scotland, following a divorce or a dissolution of a civil partnership.
** Please use the menu on the left to find out more about transferring your pension rights.