Denise's pension

If Denise takes her LGPS benefits at age 65
 
Denise is a 50% part-time Administrator with an annual full-time equivalent pensionable pay of £23,812.  She expects to continue working at 50% full-time hours. She does not anticipate being promoted prior to leaving her post.
 
Denise hopes to stay in the LGPS until she is 65. If she does, her LGPS 2015 pension will be actuarially reduced for early payment as her Normal Pension Age for post 31 March 2015 membership is her state pension age of 67:
 
 
Assumed Annual Pay/Inflation Growth
1% 2.5% 4%
Final Salary Annual Pension (32 years**) £5,702 £6,805 £8,101
LGPS 2015 Annual Pension (13 years**)
£3,466 £3,781 £4,130
Total Annual Pension
£9,168
£10,586
£12,231
Comparison - if pension remained for 22.5** year as Final Salary pension
£8,609 £10,275 £12,231
 
+/- Difference +£559 +£311 £0
 ** Total membership is 45 calendar years (before taking into account 50% part-time working)
 
 
If Denise takes her LGPS benefits at age 67
 
If she stays until 67 no reduction is applied to her LGPS 2015 pension and her pre-April 2015 pension would be actuarially increased:
 
Assumed Annual Pay/Inflation Growth
1% 2.5% 4%
Final Salary Annual Pension (32 years***) £6,410 £7,879 £9,657
LGPS 2015 Annual Pension (15 years***)
£4,654 £5,150 £5,712
Total Annual Pension
£11,064
£13,029
£15,369
Comparison - if pension remained for 23.5** year as Final Salary Pension***
£10,180 £12,514 £15,336
 
+/- Difference +£884 +£515 +£33
***Total membership is 47 calendar years (before taking into account 50% part-time working)
***As these benefits are shown at age 67 (2 years after the protected NPA of 65) they include a 10.22% enhancement

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