1. What benefits do I get as a member of the Local Government Pension Scheme?
As a member of this defined benefit scheme you can look forward to:
- A guaranteed pension for life based on your pensionable pay in each scheme year (or membership and final salary for any membership accrued up to 31st March 2014).
- An increase in your pension each year in line with the cost of living.
- The option of a tax free lump sum upon retirement.
- Death benefits for a surviving spouse, civil partner, nominated co-habiting partner and/or an eligible child(ren) plus a death grant lump sum.
- Ill health retirement benefits if you ever become seriously ill.
- Early retirement from age 55. Your pension might be reduced due to their early release.
- Flexible retirement - you can elect to ease yourself into retirement if your employer allows.
For full details of the retirement options available to you please visit the When can I retire? section.
2. If I retire early, why will my pension be reduced?
Your local government pension is payable for life. So if you retire early, your pension is anticipated to be in payment for longer. Consequently, we account for this by reducing your pension.
3. Is it possible to receive a refund of my contributions?
You can receive a refund of your contributions, less any deductions for tax and the cost of re-instating you into the State Second Pension (S2P), if you:
- Opt out or leave the scheme within two years of joining.
- Have no other LGPS pension rights.
- Have not transferred previous pension rights into the scheme.
If you wish to opt out of the scheme please visit the opt out section of this website.
4. My partner and I are living together, will my partner be entitled to any benefits?
The Local Government Pension Scheme that came into operation on the 1st April 2008 saw the introduction of survivor benefits for cohabiting partners of either opposite or same sex.
To be eligible you must be able to prove that for a continuous period of at least 2 years that all of the following criteria have applied:
- You have been free to marry or enter into a civil partnership.
- You have been living together as if you were husband and wife or registered civil partners.
- Neither of you have been living with someone else as if you were husband and wife or civil partners.
- You are financially interdependent on each other, or your partner has been financially dependent on you.
5. How do I inform you of my change in circumstances, such as an address or marital status?
If your circumstances change at any time during your membership you must inform the Gwynedd Pension Fund in by completing a change in curcumstances form.
Alternatively you can elect to write to us by letter or e-mail. Please visit the Contact us page of this website for our contact details.
6. Can the pension section advise on pension issues?
The Gwynedd Pension Fund cannot legally give financial advice on any pension issues under the Financial Services Act 1986, but we are available to assist you with any queries you may have. Please contact us if we can be of any assistance.
7. How can I contact the Gwynedd Pension Fund?
Please visit the Contact us section of this website for full details of how you can contact the Gwynedd Pension Fund.
8. Do you deal with the State Pension?
The Gwynedd Pension Fund do not deal with any issues relating to the State Pension. For any queries you have, contact the Pension Service on 0845 60 60 265 or visit the state pension website.
9. I am a teacher, can you help with my query?
As a teacher you will pay contributions into the Teachers Pensions Scheme not the Local Government Pension Scheme. You can contact the Teachers Pensions on 0845 60 66 166 with any query you may have, or visit the teachers pensions website.