Thursday 22 January 2015

Pensions Bulletin - January 2015

Countdown to Scottish LGPS 2015

The new Scottish Local Government Pension Scheme starts on 1 April 2015. As the new scheme
was agreed in principle following a member ballot in November 2013 - it’s worth reminding
members of the main changes:

  •  Service after 1 April 2015 based on a career average rather than final salary.
  •  A 1/49 accrual – better than the 1/60 in the current scheme. This, together with pensionable service and pay, is the main factor in setting the cash amount of your pension.
  •  Contribution rates remain the same.
  •  Pensionable pay will include additional hours paid to part-time workers.
  •  Part-time workers will only pay contributions on actual pensionable pay, not FTE pay.
  •  A 50:50 option that we hope will attract those not in the scheme at present.
To read the full Bulletin

The main changes and much more are explained at a new website There
are videos and a modeller to help members understand how their new pension account works.
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