07 February 2012
 
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Joining The Scheme

Have you started a new job and are eligible to join the scheme or are you are already employed and thinking of joining? Here are 10 reasons why being a member of the Local Government Pension Scheme is a good idea.




Joining The Scheme
Top Ten Reasons To Join
  1. Your employer shares the cost – In fact employers contributions are significantly higher than those paid by scheme members
  2. Life cover of three years pay - from the second you join. Unlike other forms of life insurance, there's no medical - it's open to all.
  3. If you are a taxpayer you get tax relief on all your contributions - even on extra payments you make to top up your pension.
  4. At retirement you will receive a pension for life with an option to convert some of it to a tax free lump sum. New members - check out the benefit projector and view a projection of your pension benefits.
  5. There are no hidden fees or charges - you simply pay a percentage of your pay.
  6. Three months membership is all that it is needed to build up a pension so if you leave before retirement you will still receive a pension when you eventually retire.
  7. No investment risk - you get a guaranteed package of benefits which are backed by law.
  8. Protection for you in case you have to draw your benefits early through permanent ill health.
  9. Protection for your loved ones in the form of pensions for dependants if you die.
  10. Once you are drawing your pension it will go up in line with inflation, protecting you from rising prices.
At SYPA we have produced a scheme guide to introduce you to the rules of the scheme and how they might apply to you. This booklet can be downloaded from our publications page. However if you want to find out about the many benefits the scheme has to offer through an easy to use website we have linked with the Local Government Employers (LGE) to provide you access to the national Local Government Pension Scheme website.
Joining The Scheme
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