Friday, 6 April 2012

LGPS would you use a 'low cost' option?

The team involved in negotiating over the 'new' Local Government Pension Scheme (LGPS) from 2014 has been considering whether to propose a 'low cost option' as part of the new scheme. 

This would enable members to opt for 50% contributions - and 50% benefits - for future service. 

The option would probably apply for up to a maximum of three years, during periods of financial hardship or reduced pay and might also help those members not in the scheme to join for a short period before entering the full scheme. 

At the end of that period, members could either opt out or transfer to the main LGPS. We also want to encourage as many non-LGPS members as possible to join.


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