Job or promotion
Getting a higher paid job can be a good time to top up your contributions.
Managing your LGPS pension
...through life's ups and downs
There are all kinds of things that can affect your Local Government pension, which means you might need to make one or two adjustments along the way.
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Key milestones that might impact your LGPS pension.
Pay cut
A pay cut doesn’t mean you have to opt out of your pension. To free up your finances, you could always try the 50/50 option and halve your contributions.
Marriage or civil partnership
When you’re planning a future together, it can often affect your pension… for example, you might want to nominate your partner as a lump sum beneficiary in the event of your death.
Divorce
Ending your marriage could see your pension divided up, but you may be able to increase your contributions with an AVC or APC.
Children
You might want to split your pension lump sum between your children (or anyone else for that matter) – just remember to add their names as beneficiaries or they could miss out.
Illness
If a serious injury or illness puts you out of work, you may be able to take your pension early.
Turning 55
With most schemes, this is the earliest you can consider taking your pension. Just remember, it will be reduced if you take it before Normal Pension Age!
Mortgage
If your mortgage is delaying your retirement, you could consider using the lump sum from your pension to help pay it off – but be sure to get financial advice before you go ahead.
Normal pension age
This is when you can take your pension without reductions and, if it coincides with State Pension Age, you’re likely to receive a welcome boost in income.
Bereavement
Losing a loved one can impact your financial future. Depending on your situation, you might want to increase or decrease your contributions.
Always speak to a qualified financial adviser before making any adjustments to your pension as it could affect your future income.
