Devon Pension Services
The scheme in brief
- Joining
You can join whether you are full time, part time, temporary or permanent, as long as you have a contract of 3 months or more. There is no lower age limit, and you can join up to 75 years old as long as you are still working.
You will be automatically made a member of the LGPS unless you choose to opt out. You can download the opt-out form.
- Cost
The rate at which you contribute to the fund depends on your full time equivalent pay. This rate varies from time to time and is currently between 5.5% and 7.5% Your employer pays the balance of the cost of providing your benefits in the LGPS.
More information on costs.
- Transferring a previous pension into the LGPS
You can apply to transfer a pension you have already built up in the LGPS and / or other pension arrangement; this will buy membership of the LGPS. This must be applied for within 12 months of joining. This period may be extended if your employer agrees.
- Drawing your benefits
Normal LGPS retirement age is 65 for men and women, but you can voluntarily retire and draw your benefits from 60. It is possible to retire before then if your employer agrees. Your benefits may be reduced if you draw them before 65.
- Protection
You have the reassurance of being able to draw your benefits early if you retire on permanent ill health grounds at any age, or if you are made redundant from 55 plus. From the day you join you have pension provision for your dependants. This cover even extends into your retirement.
- Future inflation
Pensions are increased each year in line with the cost of living, to help protect you and your family against inflation.
- Guaranteed benefits
You can look forward to a pension for life, currently based on your final pay and membership, with a possible lump sum when you retire. You may swap up to 25% of your annual pension for a one-off lump sum. This is at the rate of 12:1, so if you surrendered £500 per year pension you would receive a lump sum of £6000. Your employer is required to pay in enough to the fund to guarantee your benefits.
- Survivor’s benefits
A spouse or registered civil partner will automatically receive a pension when a member dies. Cohabiting partners must have completed and returned the Cohabiting Partner’s form before the member’s death.
- Death grant - lump sum life cover
From the moment you join, you have valuable lump sum life cover. If you die in service, we will pay out a lump sum equal to 3 years’ final pay. And even if you die in retirement, we may be able to pay a small lump sum, depending on how long you have been in retirement. You can choose who is to be the recipient of this sum in an Expression of Wish form.
- If you leave
You can choose between a transfer to another scheme, or defer your benefits (leaving your benefits frozen or deferred). If you have been a member less than 3 months, you may take a refund of your contributions, less any deduction for tax and the cost of buying back into the Addtional State Pension (Second State Pension Scheme - S2P) providing you haven’t transferred in a pension from a previous employment.
