For members of the Local Government Pension Scheme in England and Wales
What does it mean for the LGPS?
This news article was published on 24 Jan 2022
When the LGPS changed from a final salary to a career average pension scheme in 2014, members who were within ten years of their Normal Pension Age on 1 April 2012 were given protection from the changes. The Normal Pension Age in 2012 was generally 65. In simple terms, when a protected member takes their pension, the benefits payable under the career average and final salary schemes are compared. The higher amount is paid. This protection is called the underpin.