Pension Issues

 

Teachers’ Pension Scheme

As you will be aware, the Teachers Pension Scheme is changed on 1 January 2007. For anyone who was a scheme member on 31 December 2006 the normal pension age remains 60 with an accrual rate of 1/80th per year of service. However, the minimum retirement age (other than for ill health) will rise to 55 by 2010. For those joining the scheme from 1 January, the normal retirement age will be 65 with an accrual rate of 1/60th per year of service. For more information please refer to the Teachers Pensions Website.

 

Local Government Pension Scheme

The Local Government Pension Scheme is set to change on 1 April 2008. From this date it will have an accrual rate of 1/60th per year of service with the amount of members' contributions based on salary band. A summary of the key changes can be found in the ACM briefing New Look Local Government Pension Scheme.

For general information on the scheme please refer to the LGPS Website