Tim's pension

If Tim takes his LGPS benefits at age 65
 
Tim is not optimistic about his promotion opportunities and does not wish to speculate.
 
If he leaves at age 65 with 23 years pensionable service in the new scheme his pension amounts would be those shown in the table below. Only Tim’s LGPS 2015 pension has been actuarially reduced for early payment as his Normal Pension Age for pre-1 April 2015 membership is protected at 65:
 
Assumed Annual Pay/Inflation Growth
1% 2.5% 4%
Final Salary Annual Pension (11 years) £6,214 £8,595 £11,832
LGPS 2015 Annual Pension (23 years)
£18,878 £22,096 £26,045
Total Annual Pension
£25,092
£30,691
£37,877
Comparison - if pension remained for 34 year as Final Salary Pension
£20,873 £28,870 £39,743
 
+/- Difference +£4,219 +£1,821 -£1,866

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