The new Scottish Local Government Pension Scheme starts on 1 April 2015. As the new scheme was agreed in principle following a member ballot in November 2013 – here’ a reminder of the main changes:
- Service after 1 April 2015 based on a career average rather than final salary.
- A 1/49 accrual – better than the 1/60 in the current scheme. This, together with pensionable service and pay, is the main factor in setting the cash amount of your pension.
- Contribution rates remain the same.
- Pensionable pay will include additional hours paid to part-time workers.
- Part-time workers will only pay contributions on actual pensionable pay, not FTE pay.
- A 50:50 option that we hope will attract those not in the scheme at present.
The main changes and much more are explained at http://scotlgps2015.org/
There are videos and a modeller to help members understand how their new pension account works.