If you leave, or opt out of the LGPS before retirement, there are several options available to you.
If you have less than 2 years total membership, no previous LGPS pension rights and have not transferred previous pension rights into the LGPS, you can:
- Receive a refund of your contributions, less any deductions for tax.
- Transfer your benefits into a new arrangement, such as your new employer’s scheme, or a personal pension plan.
- Wait until you re-join the LGPS and elect to combine your benefits.
If you have more than 2 years total membership, or have transferred previous pension rights into the scheme, you can:
- Leave your benefits within the Gwynedd Pension Fund until you are entitled to retire. This is known as a deferred benefit: Your pension entitlements will be calculated at the date of leaving but payment will be deferred until normal retirement age.
- Transfer your benefits into a new arrangement, such as your new employer’s scheme, or a personal pension plan.
For more information on the options available to you as a member with a deferred benefit, please visit the Deferred section of this website.