Pensions - information for retired members
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Take your Pension from age 55?
From 14th May 2018 the regulations were amended to allow deferred members to take their pension from age 55. This means that most people are now able to access their deferred LGPS pension from age 55 with an actuarial reduction for early payment.
Although these regulations cover most people, an unforeseen consequence of this change has meant that some people who left before 01/04/1998 and are already over age 55 are not covered by this change and cannot access their pension earlier. The majority of people who this applies to can still access their pension at age 60. For anyone who cant access their pension from age 60 we will write to you separately to let you know.
The government hopes to fix this unintended consequence later in the year so look out for further updates.
Pensions Increases 2018
This year’s ‘cost of living’ increase to pensions is 3% which is payable from 9 April 2018. The full increase is only payable if your pension began on or before 10 April 2017. A smaller pro-rata increase will apply if your Pension began after this date. Please see table below for more information;
|10 April 2017||→||24 April 2017||3.00%|
|25 April 2017||→||24 May 2017||2.75%|
|25 May 2017||→||24 June 2017||2.50%|
|25 June 2017||→||24 July 2017||2.25%|
|25 July 2017||→||24 August 2017||2.00%|
|25 August 2017||→||24 September 2017||1.75%|
|25 September 2017||→||24 October 2017||1.50%|
|25 October 2017||→||24 November 2017||1.25%|
|25 November 2017||→||24 December 2017||1.00%|
|25 December 2017||→||24 January 2018||0.75%|
|25 January 2018||→||24 February 2018||0.50%|
|25 February 2018||→||24 March 2018||0.25%|
|25 March 2018 onwards||NIL|
For your information, please find below payment dates for your pension.
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