Your Pension
Your LGPS benefits are made up of :
• An annual pension that , after leaving , increases every year in line with the cost of living for the rest of your life , and
• The option to exchange part of your pension for a tax-free lump sum paid when you draw your pension benefits .
How is my pension worked out ? Every year , you will build up a pension at a rate of 1 / 49 th of the amount of pensionable pay ( and assumed pensionable pay ) you received in that scheme year if you are in the main section of the scheme ( or half this rate of build up for any period you have elected to be in the 50 / 50 section of the scheme ). If during the scheme year you had been on leave on reduced contractual pay or no pay due to sickness or injury , or had been on relevant child related leave or reserve forces service leave then , for the period of that leave , your pension is based on your assumed pensionable pay ( other than during any part of relevant child related leave where the pensionable pay you received was higher than your assumed pensionable pay ). The amount of pension built up during the scheme year is then added to your pension account and revalued at the end of each scheme year so your pension keeps up with the cost of living . If you joined the LGPS before 1 st April 2014 , your benefits for membership before 1 st April 2014 were built up in the final salary scheme and are calculated differently using your membership built up to 31 st March 2014 and your final year ’ s pay . The following examples show how benefits based on membership in the LGPS built up after 31 st March 2014 are worked out .
SouthYorkshirePensionsAuthority 15