Local Government Pension Scheme
Regulation 30 - Employers Consent
Under the LGPS there is a provision within the regulations that allows an employee, from anytime after their 55th birthday, to ask the employer to put their pension benefits into payment. The employee must have at least 3 months total scheme membership or have brought a transfer value into the LGPS. I would emphasise that this regulation is discretionary and early release of benefits can only be secured with the employer's consent if you are under the age of 60. It only applies to deferred benefits cases where there is no cost to the Pension Fund.
If you are interested in pursuing early release of your benefits your first port of call will be your Human Resources (HR) Advisor. The HR Advisor will take up your request with the appropriate Director and establish whether or not the employer is in a position to actively look at your request. If the employer is unable to agree to your request your HR advisor will advise you accordingly. If the employer agrees, in principle, to give further consideration to your request, pension benefit figures will be requested by the HR Advisor and forwarded for your consideration.
Of course it may be the case that once the employee receives notification of potential benefits the figures are of a level that would not facilitate comfortable financial retirement at this time. Equally the employing department may decide that any costs that fall to the service area (i.e. cost to the pension fund for releasing benefits prior to the employee's normal retirement date) are prohibitive and therefore early retirement cannot be agreed.
