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DEFERRED BENEFITS AS A COUNCILLOR MEMBER
Deferred benefits are where the Fund work's out the value of your benefits when you leave the LGPS and hold them in the LGPS for you until either you decide to transfer them to another pension scheme, or they are due to be paid.
Deferred benefits become payable at age 65 (unless you opt to defer payment beyond that age), but may be put into payment at any age earlier than 65 in the event of ill health, without reduction. You can also elect to receive your benefits early, on or after age 50 and before age 60 with your council’s consent, or at or after age 60, without your council’s consent.
Your benefits (unless being paid on the grounds of permanent ill health) will be reduced as paid before age 65 to take account of early payment (although some or all of your benefits could be protected from the reduction if you were contributing to the Scheme on 30 September 2006 and you are a protected member).
Your former council can agree not to make any reduction on compassionate grounds. The percentages will differ from those shown where benefits are paid with the former council’s consent before age 55.
