What is flexible retirement LGPS?
What is flexible retirement LGPS?
Your employer will have a policy on flexible retirement. You can ask your employer for details of their policy. If your employer agrees to flexible retirement you can still draw your wages / salary from your job on the reduced hours or grade and continue paying into the LGPS, building up further benefits in the scheme.
Is flexible retirement a good idea?
Flexible retirement gives you the opportunity to take life slightly easier, without giving up the structure and companionship of employment. It means you can continue earning a salary, and any gap in your earnings can be filled by drawing on one or more of your pensions.
What age can you take flexible retirement?
age 55 or over
At what age can I take flexible retirement? Under the regulations any LGPS member who is age 55 or over can approach their employer to ask about accessing their pension benefits.
What are flexible pension benefits?
What is a Flexible Pension Plan (FPP)? An FPP is a personal pension plan that allows you to invest in a pension fund tax‑efficiently. It provides you with the opportunity to delay buying an annuity, with some, or all, of your fund and gives you the option to take an income (drawdown) direct from the fund.
Can I be refused flexible retirement?
There are only limited reasons why your employer can refuse your statutory flexible working request. However, your employer is not allowed to discriminate against you when making a decision. You can check if refusing your flexible working request is discrimination.
What is a flexible retirement income?
Flexible retirement income is often referred to as pension drawdown, or flexi-access drawdown and is a way of taking money out of your pension pot to live on in retirement. It can give you more flexibility over how and when you receive your pension. You can take up to 25% of the pot as a tax-free lump sum.
What is a pension flexibility payment lump sum?
These are lump sums you can take to cash in your whole pension pot – or just some of it, leaving the rest invested. Some people call these ‘flumps’… and HMRC calls them ‘uncrystallised funds pension lump sums’ (or UFPLS).
What is pension flexible access?
Flexi-access drawdown is a pension product that lets you access your pension savings whenever you need to, while reinvesting your remaining funds in a way that’s specially designed to provide an ongoing retirement income.
Can I ask to reduce my hours at work?
The law states that you can ask for changes about the number of hours you have to work; the times when you have to work; and where you have to work. This means you could ask to work fewer hours in the working week by reducing the number of days you work or the number of hours you work on each day.
Do you have to pay into the LGPS if you have flexible retirement?
If your employer agrees to flexible retirement you can still draw your wages / salary from your job on the reduced hours or grade and continue paying into the LGPS, building up further benefits in the scheme. Your election to receive benefits has to be made to your Pension Fund.
When do you draw your pension from the LGPS?
However, you can choose to retire and draw your pension from the LGPS at any time from age 55 to 75, provided you have met the 2 years vesting period in the scheme. If you choose to take your pension before your Normal Pension Age it will normally be reduced, as it’s being paid earlier.
What happens to my pension if I take flexible retirement?
If you take flexible retirement before your Normal Pension Age, your benefits will normally be reduced for early payment. How much your benefits are reduced by depends on how early you take them.
How old do you have to be to take the LGPS?
If you are age 55 or older, you may be able to receive your LGPS pension and continue working in your job. This is called flexible retirement. The normal pension age in the LGPS is 65 or your State Pension age if it is later. Your pension may be reduced if you take flexible retirement before then.
