Can I cash in my Strathclyde pension?
You can take tax-free cash from the LGPS. You would be giving up an index-linked pension for life. And LGPS pensions continue to spouses / qualifying partners on your death.
When can I access my Strathclyde pension?
age 55
From age 55 you can choose to access your deferred benefits. All of your LGPS (not your AVC) benefits must be taken at the same time. You will have the option to take part of your benefits as a lump sum.
How do I contact Strathclyde pension?
Call us
- Call us. 0345 890 8999.
- email us.
How does the Strathclyde pension work?
Your Pension Account is revalued each year by the Consumer Prices Index up to your date of retirement. For any service after 31 March 2009 to 31 March 2015, your annual pension will be worked out by dividing your final pay by 60, and you will have the option to take part of this as a lump sum.
Is the Strathclyde Pension Fund a final salary pension?
The scheme was contracted out of the earnings related part of the state scheme until 5 April 2016 and revalues GMP at the full rate. Such members retain a final salary link for their pre-1 April 2015 membership. The final salary used is the “final pensionable pay” at date of leaving the scheme.
Can I take all my pension in a lump sum?
You could take your whole pension pot as one lump sum. But 75% of it will be taxed in the same way as other income like your salary. So by taking it all in the same tax year, you could end up with a big tax bill. Plus, you’ll need to plan how you’re going to provide an income for the rest of your life.
How can I access my pension at 55?
It’s not normally before 55. Contact your pension provider if you’re not sure when you can take your pension. You can take up to 25% of the money built up in your pension as a tax-free lump sum. You’ll then have 6 months to start taking the remaining 75%, which you’ll usually pay tax on.
What is the rule of 85 Scotland?
The rule of 85 gives protection to members who joined the Scottish Local Government Pension Scheme (LGPS) before 1st December 2006 and have membership which, when added to their age, equals or exceeds 85 in whole years. The rule of 85 protections apply when benefits are accessed from age 60 onwards.
Is Strathclyde Pension Fund a final salary?
The final salary used is the “final pensionable pay” at date of leaving the scheme. Final pensionable pay is the average pay based over a year rather than actual rate of pay on leaving and means the best in the last three years of working. Anyone joining the scheme from 1 April 2015 joins the current scheme.
Who are Strathclyde pensions?
SPF is the £25bn local authority pension fund for over 250,000 members currently or formerly employed by over 100 public sector entities, but mainly the 12 councils in the Strathclyde / West Central Scotland region. …