Surrey County UNISON branch

The LGPS & you [stock no.2516] Acrobat PDF version
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Draft Regulations for a new look Local Government Pension Scheme
This PowerPoint highlights key elements of the governments proposals.
PowerPoint PPT version

The new LGPS proposals include:

• Retention of a final salary scheme
• Improved accumulation rate from 1/80 to 1/60 (only on contributions from April 2008)
• Partners’ pensions for all, backdated to 1988
• Improved death in service benefit from x2 to x3 the lump sum
• The average employee contribution will be 6.3%. The maximum increase after tax will be 0.7%
  

Some proposals are unacceptable and need further negotiation. These are:

• The limited protection to 2016, tapered to 2020
• The redundancy and efficiency proposals
• Ill health retirement provisions
• Calculation of part time workers’ contribution rates

NB. Full protection from the removal of the 85 year rule has already been proven to be affordable for all existing scheme members. 65% of women and 90% of men, between 2001and 2004, were eligible to retire on a full pension at age 60. The government has already ruled that existing members of the uniformed police, armed forces, NHS, civil service and teachers' pension schemes - colleagues we often work alongside - should be able to retire at 60 and have their pensions benefits protected.