Your pension builds up in a new way from April 2015, and you can see how this works by using our online tool for modelling your LGPS2015 pension here.
Since April 2015 the LGPS has been a defined benefit pension scheme worked out on a career average basis. This means that your pension is worked out using a set formula. You build up a pension at a rate of 1/49th of the amount of pensionable pay you received in that scheme year (i.e. the main section of the scheme). The amount of pension you build up is added to your Pension Account at the end of each scheme year. For any period you were in the 50/50 section, the pension you build up would be half your normal pension build up.
The example of Susan below explains how a pension is worked out in the Scheme. You can also see further examples here.
Remember you can still swap £1 of annual pension for £12 tax free lumpsum.
Benefits built up to April 2015
Your benefits built up in the Scheme before April 2015 are protected and will be calculate on your membership to 31 March 2015 and your final pay when you leave. Only the membership you build up from April 2015 onwards is calculated under the rules of the new career average scheme.