Reasons to Join
| 1 | Your pension is underwritten by Government, making it guaranteed by law |
|---|---|
| 2 | Relieved of tax, as tax is deducted from your pay after pensions contributions are made |
| 3 | Your employer pays in too, covering approximately 2/3rds of the cost to assure the payment of your pension benefits |
| 4 | Pensions available to spouse/partner and children in the event of your death |
| 5 | Option to create or increase your tax free lump sum at retirement |
| 6 | Income payable for life when you retire, which increases with the cost of the living |
| 7 | Early retirement available from age 55 if you stopped paying in after 01/04/2014 |
| 8 | No charges or administration fees |
| 9 | Availability to increase or decrease your pension contributions to control your finances |
| 10 | Protections for loved ones through payment of a death grant lump sum |
| LGPS | New State Pension |
Personal Pension |
Stakeholder Pension |
|
|---|---|---|---|---|
| Guaranteed benefits not reliant on investment returns | Yes | Yes | No | No |
| Pensions increases in line with inflation | Yes | Yes | Yes (costs) | Yes (costs) |
| Administration charges | No | No | Yes | Yes |
| Option for tax free money at retirement | Yes | No | Yes | Yes |
| Relieved of tax upon contributing | Yes | No | Yes | Yes |
| Lump Sum if member dies as active member | Yes | No | Yes | Yes |
| Ill Health benefits | Yes | No | Yes | Yes |
| Employer Contributes | Yes | No | Yes | Yes |
| Option for early retirement | Yes | No | Yes | Yes |
| Reduced National Insurance Contributions | Yes (pre 2016) | No | No | No |