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From the date you join the Local Government Pension Scheme (LGPS), you get valuable life cover and financial protection for your family. There are two types of benefits that we…
If you choose to retire before your normal pension age, reductions may apply to your pension and lump sum because they are being paid for longer. Enter your standard benefits and choose how many years early you plan to retire.
Reduction factors
Years early
Pension reduction
Lump sum reduction
0
0.0%
0.0%
1
4.9%
1.7%
2
9.3%
3.3%
3
13.5%
4.9%
4
17.4%
6.5%
5
20.9%
8.1%
6
24.3%
9.6%
7
27.4%
11.1%
8
30.3%
12.6%
9
33.0%
14.1%
10
35.6%
15.5%
11
39.5%
N/A
12
41.8%
N/A
13
43.9%
N/A
These figures are for illustrative purposes only. They do not include any additional pension contributions or specific scheme protections you may be entitled to. Do not make any retirement decisions based on these figures alone — GMPF will confirm your actual reduced benefits in writing as you approach retirement.
Calculate your maximum lump sum
If you know the value of your standard pension benefits, you can use this modeller to give you an idea of your maximum lump sum, under HMRC rules.
The above figures are for illustrative purposes only. They do not include any reductions for early payment of benefits, or any additional pension contributions you may be making. DO NOT make any decisions in respect of your benefits based on these figures.
Retirement living standards
Pensions UK and the Pensions and Lifetime Savings Association publish three retirement living standards — Minimum, Moderate, and Comfortable — showing what a year in retirement typically costs at each tier. Enter the income you expect in retirement to see which tier you reach.
Single person — annual income
Minimum
£13,400
Moderate
£31,700
Comfortable
£43,900
Source: Retirement Living Standards, Pensions UK (2024).
The Retirement Living Standards are a nationally published benchmark and are not a guarantee of any specific lifestyle. Your own retirement costs will depend on where you live, your health, and your personal choices. GMPF is not a financial adviser — for advice please contact an FCA-regulated adviser.
