Your life, your pension

Pensions are important at all stages of your life. You can use the links below to see what you should be thinking about as your circumstances change.

I am entering the workforce

When you first start working your retirement will seem like it's a long way off.

Small regular amounts add up over time

You may not have much spare money when you're just starting out in the workforce, and saving for your retirement might not be high on your list of priorities.

Being able to join a scheme like the LGPS can be an advantage, helping you on your way to a reasonable level of income when you retire. But the pension you eventually receive and any other pensions you might have built up may not be enough for you to retire comfortably on.

If you can afford it, it may be worth putting away a bit of extra into your pension each pay day. It doesn't even need to be much, but whatever you put in will build up over time and, you could be thanking yourself later on. Find out how you can pay extra into your pension.

Any decision to join a pension scheme or to pay extra in is an important one and you should make sure you receive proper financial advice before making any decisions.

Get your pension together

You should keep track of all your pension savings during your career and take time every now and then to plan how much monthly income you think you will need in retirement. The younger you are the harder it will be to plan what you might need, but try to work it out and keep it under review. As you get older you will get a better idea of how much pension you think you will need and if you have planned well it will be easier to reach your goal.


I am changing jobs

If you're moving into a new job you will have important decisions to make.

You will probably have the opportunity to join another company pension scheme with your new employer and may well be entered into that scheme automatically under auto-enrolment. Make sure you ask about it when you are going through the recruitment process.

You will also need to decide if you want to keep your benefits in the Pension Scheme or transfer them to your new employer's pension scheme. Changing jobs is also a good time to make sure your pension is still on track for a healthy retirement.

Small regular amounts add up over time

When you move to a new job you may want to reconsider how much you contribute to your pension. If you are earning more you may be able to afford to contribute more.

Whatever decisions you take about joining your new employer's pension scheme or transferring what you have in the Pension Scheme, you should make sure you get financial advice.


I am supporting my family

It can be a busy time having a family. But it's important not to let your pension slip away.

Make sure you've got your family covered

Your pension gives you security for you and your family. If you were to die whilst you were still working a lump sum and pensions can be paid to your family.

You can also pay more so your family receives a bigger lump sum or pensions if you die while still working or after you retire. These are valuable benefits which give you and your family some security if the worst were to happen.

Make extra contributions - every little bit counts

With children running around it's hard to find time to tie your own shoes, let alone make sure your pension's ok. You may not have a lot of spare money, but don't forget the difference a small amount each week will make to your final retirement benefits.

Think about a temporary reduction to your contributions.

If you are thinking of opting out because of the cost you can stay in the Fund but pay less.

There is an option called '50/50 that allows you to pay half of the contribution but only build up half the pension.

If you have more than one job you can make this choice in one, all or some of them.

Your survivor's benefits are unaffected.

Your employer will need you to make your choice in writing.

This is only meant to be a short term solution and you will have to again pay the full contribution rate when your employer has to re-enrol you every three years.

If you are away from work without pay due to sickness you will have to pay the full rate when your pay recommences.

Find out how you can pay extra into your pension.

You should get financial advice before making any decision to pay more into your pension.


I am planning to retire

Pensions are a long term savings plan so it's important to start planning as early as possible in your career.

The first thing you need to do is see whether you will have enough to fund the kind of retirement you want.

Consider your retirement options

As you approach retirement we will send you details of your options.

You need to make some important decisions about how you want to take your benefits. You can take the standard package, for most members that will be a pension with an option to choose to give up some of your pension for a lump sum. If you have Additional Voluntary Contributions these will give you even more options!

Get some advice

Before you make any major decisions it's important to get financial advice. You can also contact us to talk about your retirement, or you can attend one of our free pre-retirement seminars.


I am being automatically-enrolled/re-enrolled

When you are first automatically-enrolled or when you are re-enrolled you have important decisions to make about whether you choose to remain in the Scheme.

Small regular amounts add up over time

You may not have much spare money when you are automatically-enrolled or re-enrolled, and saving for your retirement might not be high on your list of priorities at that time.

Being able to join the LGPS can be an advantage, helping you on your way to a reasonable level of income when you retire. But the pension you eventually receive and any other pensions you might have built up may not be enough for you to retire comfortably on.

If you can afford it, it may be worth putting away a bit of extra into your pension each pay day. It doesn't even need to be much, but whatever you put in will build up over time and, you could be thanking yourself later on.

Find out how you can pay extra into your pension.

Whatever decisions you reach about remaining in the Scheme or opting back out of it you should make sure you receive proper financial advice before making any decisions.

Get your pension together

You should keep track of all your pension savings during your career and take time every now and then to plan how much monthly income you think you will need in retirement. The younger you are the harder it will be to plan what you might need, but try to work it out and keep it under review. As you get older you will get a better idea of how much pension you think you will need and if you have planned well it will be easier to reach your goal.

Helpful information