When you draw your pension benefits you will have the option to exchange some of your pension for lump sum. You must inform them if you wish to take up this option in writing before your pension benefits are paid.
What is maximum conversion to lump sum?
Limits. You can take up to a maximum of 25% of the capital value of your LGPS benefits as a lump sum. The lump sum must not exceed 25% of the lifetime allowance (£268,275 in 2021/22) less the value of any other pension rights in payment.
Does the 85 rule still exist?
If you were a member of the LGPS at anytime between 1 April 1998 and 30 September 2006, some or all of your benefits could be protected from an early payment reduction under what is called the 85 year rule. If you have 85 year rule protection this continues to apply from 1 April 2014.
When do social workers get paid Kent County Council?
Payment to be made in January 2020 to any social workers and senior practitioners, who will be completing 3, 4 or 5 years’ service within social work services in KCC during the year ending 31.12.19 (i.e. start date within social work services would be during 2014, 2015 or 2016).
How can I find out how much lump sum I can take?
You can use the calculator below to provide you with an estimate of how much lump sum you can take, up to the maximum, and how this affects your yearly pension. Please note, the calculator does not take into account in-house AVCs. Enter the amount of yearly pension payable from your chosen retirement date.
What are the benefits of working for Cambridgeshire County Council?
Including generous maternity provisions, paternity leave, adoption leave and parental leave. We have a number of offices situated in great locations around Cambridgeshire and most remain open with Covid secure risk assessments in place. Many of our offices house multiple teams which our social workers have found to be an important advantage.
When do you draw pension from Cambridgeshire County Council?
You are guaranteed defined benefits. The scheme is flexible – you can choose to pay less or more, and you can draw your benefits anytime from age 55 to 75 Benefits you get include a pension when you retire as well as immediate life cover (3 times your annual salary from day one) and ill-health protection.
