Frequently Asked Questions

1.  What benefits do I get as a member of the Local Government Pension Scheme?

As a member of this defined benefit scheme you can look forward to:

  • A guaranteed pension for life based on your pensionable pay in each scheme year (or membership and final salary for any membership accrued up to 31st March 2014).
  • An increase in your pension each year in line with the cost of living.
  • The option of a tax free lump sum upon retirement.
  • Death benefits for a surviving spouse, civil partner, nominated co-habiting partner and/or an eligible child(ren) plus a death grant lump sum.
  • Ill health retirement benefits if you ever become seriously ill.
  • Early retirement from age 55. Your pension might be reduced due to their early release.
  • Flexible retirement - you can elect to ease yourself into retirement if your employer allows.

For full details of the retirement options available to you please visit the When can I retire? section.

2.  If I retire early, why will my pension be reduced?

Your local government pension is payable for life. So if you retire early, your pension is anticipated to be in payment for longer. Consequently, we account for this by reducing your pension.

3.  Is it possible to receive a refund of my contributions?

You can receive a refund of your contributions, less any deductions for tax and the cost of re-instating you into the State Second Pension (S2P), if you:

  • Opt out or leave the scheme within two years of joining.
  • Have no other LGPS pension rights.
  • Have not transferred previous pension rights into the scheme.

If you wish to opt out of the scheme please Gwynedd Pension Fund for an opt-out form.

4.  Can the pension section advise on pension issues?

The Gwynedd Pension Fund cannot legally give financial advice on any pension issues under the Financial Services Act 1986, but we are available to assist you with any queries you may have. Please contact us if we can be of any assistance.

 5.  How can I contact the Gwynedd Pension Fund?

Please visit the Contact us section of this website for full details of how you can contact the Gwynedd Pension Fund.