In the LGPS the employee's contribution rates are based on your actual earnings, including all overtime. The employer pays 22.4%.

You will receive tax relief on your contributions. To see how this affects you, use the calculator in the sidebar.

You can request to join a scheme by emailing pensions@lboro.ac.uk. Your email must be from your own email address and has to contain the following statement: "I confirm I personally submitted this notice to join a workplace pension scheme." It will be entered from the next available payroll run -  the Pensions Team will contact you to advise when you will be entered into a scheme.

The scheme you will be entered into will depend on your grade.

If you do not want to be in the scheme, you will need to complete a form to “opt out”. Visit the Leicestershire County Council website for a form or call the scheme for a form on 0116 305 4000. Completed forms should be returned to the Pension team at the University.

For staff paid on the Claims Payroll, enrolment into the scheme is not automatic but you will be assessed against the criteria for Auto Enrolment and enrolled if you meet the criteria. We will contact you to advise if you are enrolled into a scheme.

Transfers requests must be completed within 12 months of joining the scheme by entering the information onto the Transfer form available from the scheme’s online member service. Only other LGPS service or Public Sector Pensions will be permitted. If you decide that you wish to consider a transfer after 12 months or are uncertain if your previous scheme is eligible for a transfer then, you will need to contact County Hall directly to see if they will allow the transfer.

The scheme produces annual benefits information, which is accessible via your online account. You will need to register at Leicestershire County Council Pension website. If you do not have access to a computer or require a paper statement, please contact the scheme providers.

If you are commencing a new role that moves you from grade 5 to grade 6 or above, you will be entered into USS. If you are a member of the LGPS scheme and this is the first time you will be in a position that is eligible for USS (grade 6 or above), you have an option to remain in the LGPS scheme providing that you meet the following criteria:

• You were active members of the Local Government Pension Scheme (LGPS) immediately before the position change.
• You have not held a grade 6 (or above) position at the University
• You have not been a member or opted out of the USS pension scheme previously.

If you wish to remain in the LGPS, you will need to contact pensions@lboro.ac.uk and complete an application form before the start of your new position.

Note
• This election can be made only once, and that it remains binding for as long as you remain in employment with Loughborough University.
• You will not be permitted to join USS in the future whilst employed at Loughborough University.

We cannot give financial advice, but the links below give further information about the schemes. Applications cannot be accepted after your new position has commenced.

https://www.uss.co.uk/for-members/youre-a-new-joiner

https://leicsmss.pensiondetails.co.uk/home/scheme-member/lgps/index.html

If you are leaving employment, we will notify the scheme within 4 weeks of your last payment from the University. The scheme will then contact you directly at your home address with your options.

If you have less than two years membership, and have not completed a transfer in from another pension, you will be offered a refund from the scheme, minus any deductions for tax that should have been paid.

If you have more than 2 years’ service, you will have a deferred membership. This means the pension is kept ‘on hold’ in the Leicestershire scheme. This will apply to you if you have been a member of the LGPS for 2 years more or have transferred in any pension from another scheme. You will be sent a statement of the value of your pension benefits and the date you can expect to receive them, and then a statement every year to tell you by how much your benefits have increased.

You will therefore always need to let the Pension Team know if you change your address. You will be contacted at retirement age and offered the benefits.

You can retire in the LGPS scheme between the age of 55 and 75; you need to have at least 2 years membership to qualify for benefits.

Your Normal Pension Age is simply the age when you can retire and take the pension you have built up in full – for any pension built up from 1 April 2014 your Normal Pension Age is the same as your State Pension Age (but with a minimum of age 65).

If you choose to take your pension before your Normal Pension Age it will normally be reduced, you can use the modellers on your online account to see what impact this will have on your benefits.

If you take it later than your Normal Pension Age it’s increased because it’s being paid later.  Please ensure that you are aware of the effects of any reductions before deciding to retire early, as the reductions can be substantial. 

The retirement calculator on the Online Service will show you the effect on your pension of retiring across a range of dates, which will help you plan for the future. You should use this tool for an indication. If you are considering a date in the next 6 months, you can ask the scheme for a quote to be sent to you.

There is a facility for an employer to allow a member to receive their pension without leaving that employment, by authorising flexible retirement. In order to qualify for flexible retirement, a member must reduce their hours by a minimum of 20% or reduce their grade.

The University must agree to flexible retirement and an FR1 form should be completed with HR and your Line Manager. Once LGPS receives that form you will be sent an estimate, so you can decide if you want to go ahead. Be aware that the University has the right to refuse flexible retirement and in most cases there may be a cost to the employer to allow this. Most employers have a published policy on the criteria that they look for in order to grant flexible retirement – seek guidance from your HR Partner.

If you are over age 55, you will be able to access your pension immediately and unreduced, as long as you have been in the pension scheme more than 2 years.  If you are under 55, then it will be frozen in the pension fund, and you will be offered it at age 60, subject to possible reductions for it being paid before your Normal Retirement Age.