The Local Government Pension Scheme (LGPS) is a statutory final salary scheme and the benefits are guaranteed by law. It is a contracted out scheme, which means it meets the requirements of the Department for Work and Pensions, because its benefits are at least as good as their model scheme. So as a member, you are taken out of the State Second Pension called S2P, and you pay less National Insurance.
The LGPS is a national scheme regulated by the Office of The Deputy Prime Minister, formally the DTLR, and is administered locally by administering authorities, for example County Councils, in accordance with The Local Government Pension Scheme Regulations 1997. Each administers their own Fund, into which all contributions are paid. Every three years, independent actuaries carry out a valuation of each Fund and set the rate at which the participating employers must contribute to fully fund the payment of Scheme benefits for that Fund's membership.
With the exception of teachers, police and fire-fighters who have their own schemes, the Local Government Pension Scheme (LGPS) applies to all employees of local authorities and certain other bodies providing public services.
Employers and Discretions
The Administering Authorityi.e. Flintshire County Councilhas discretion with regards to some of the rules of the Local Government Pension Scheme. Their decision governs not only their own employees but the employees of the participating employers too.
The Employing Authorities e.g Wrexham County Borough Council and Denbighshire County Council have some discretion when it comes to applying the Local Government Pension Scheme rules. All employers have been required to make a decision on :
Whether they will consider releasing the benefits of members who wish to retire between the ages of 55 and 59 (or for members of the Scheme before 1st April 2008, between the ages of 50 – 59 if you reach your 50th birthday by 31st March 2010)
WARNING !
The regulations that apply to members of the scheme can differ depending on their employer and the decisions that employer has made.