Dealing with change and financial planning
The Local Government Pension scheme provides the following pension benefits:
- early retirement - ou can choose to retire from age 60 and receive your benefits immediately, although they may be reduced for early payment. It’s also possible to retire from age 55 and receive your benefits immediately or if you are made redundant
- flexible retirement for employees - from age 55, you could reduce your hours or move to a less senior position and, if your employer consents, draw your benefits – helping you ease into retirement, although your benefits may be reduced for early payment.
- options to pay extra - you can boost your pension by paying extra pension contributions to purchase additional pension. You get tax relief on these too.
Useful links and advice
- Nottinghamshire Pension Fund website - how the Local Government Pension Scheme (LGPS) works and how it can benefit you and your family.
- employee counselling service
The County Council is working in partnership with an external provider, Care First (a division of Partnerships in Care Ltd), to offer counselling services to employees. - Money Advice service - helps people manage their money through their our own free and impartial advice service. They are an independent service, set up by government.
- redundancy information for employees factsheet [PDF] - information to help you find another job, improve your skills and get advice on redundancy related issues.
To help you decide whether to apply for voluntary redundancy, a 'ready reckoner' redundancy payment calculator [PDF] is available, which gives an indication of the redundancy payment you may qualify for.
