Every April employee pensionable pay bands are reviewed in line with the cost of living to take account of inflationary increases. The bands are adjusted in line with the rate of Consumer Price Index (CPI) at September of the previous year.
Therefore the pay bands for the previous year have been increased by 1%, with the result rounded down to the nearest £100.
New pay bands are effective from 1 April 2017.
A description of the improvements are as follows:
Accessibility – different font sizes and colour schemes have been introduced to make the site accessible to a wider audience - see https://www.lgpsmember.org/access.php
New modellers – three new modellers have been introduced:
Lump sum modeller – allows a member to work out how much pension they can convert to lump sum at retirement
Lifetime allowance quick check tool – allows a member to work out if they are likely to exceed the LTA
Annual allowance quick check tool – allows a member to check the amount of AA used from 2016/17 onwards.
Mobile site – a mobile version of the site has been introduced. If you log onto www.lgpsmember.org from a mobile device you will automatically be directed to the mobile site, however, you will have the option to switch to the desktop version if you want to. If you switch to the desktop version any future visits to the site from your mobile will be directed to the desktop version, unless you switch back to the mobile version. The mobile site can be navigated using the hamburger bar (the three horizontal lines at the top of the page). It is a trimmed down version of the desktop site, loosely based on the short guide to the scheme. It contains all the calculators and the contact your LGPS fund page.
Whilst your LGPS pension forms a very important part of your retirement planning it is important not to forget about your State Pension. If you are not on track to get the full amount of State Pension (or you are not receiving the full amount if you have already drawn your State Pension), then it’s worth considering topping up.