Pension Scheme update
03 December 2009
Most LJMU staff are a member of either the Local Government Pension Scheme or the Teacher’s Pension Scheme. Both are excellent pension schemes - here's a reminder of some of the flexibilities available to members.
Local Government Pension (LGPS)
Did you know that you can:
- Nominate a co-habiting unmarried partner to receive a pension in the event of your death
- Nominate anybody to receive a Death Grant of 3 times your salary in the event of your death in service
- Transfer in benefits from previous pension schemes within the 1st year of joining the Scheme
- Increase your benefits by:
o Paying Additional Regular Contributions (ARCs) to buy extra LGPS pension
o Contributing to the Scheme’s In-house Additional Voluntary Contributions (AVC) arrangement with Standard Life or Prudential - Request to take flexible retirement from age 55 (50 if you joined the LGPS before 1 April 2008 and you take flexible retirement before 1 April 2010) if you reduce your hours or move to a less senior position. Flexible retirement is drawing pension benefits whilst continuing in employment.
- Access your pension forecast online by registering to use the ‘My Pension Online’ facility via the Merseyside Pension Fund website at http://www.merseysidepensionfund.org.uk/
The website is also a useful source for:
- Downloading information e.g. scheme leaflets and forms
- Viewing newsletters/updates about the scheme and wider pension matters
- Updating your address
Teachers’ Pension Scheme (TPS)
Did you know that you can:
- Nominate a co-habiting unmarried partner to receive a pension in the event of your death
- Nominate anybody to receive a Death Grant of 3 times your salary in the event of your death in service
- Transfer in benefits from previous pension schemes within the 1st year of joining the Scheme
- Increase your benefits by:
o Purchasing Additional Pension within the main scheme
o Contributing to the Teachers’ Additional Voluntary Contribution (AVC) arrangement with Prudential - Request to take phased retirement from age 55 (drawing part of your benefits while continuing in service) if you reduce your hours or move to a less senior position
- Access your individual pension forecast by registering to use the ‘My Pension Online’ facility via the Teachers’ Pensions website at http://www.teacherspensions.co.uk/
The website is also a useful source for:
- Viewing news updates about the scheme and wider pension matters
- Accessing the calculator tools to help you plan for retirement and assess the cost for increasing benefits
- Changing your personal details
- Submitting death grant / unmarried co-habiting partners nominations / opt-out forms
Further details and information can be accessed via the websites or from the Pensions Manager, Jayne Brown, on ext: 3300.
