Published
24th May 2019
24th May 2019
From the 1 June 2019 the Local Government Pension Scheme (Miscellaneous Amendments) (Scotland) Regulations 2019 allow for all deferred members to access their pensions, once they attain the age of 55, in line with the pension freedoms as set out in the Finance Act 2015.
From the 1 June 2019 the Local Government Pension Scheme (Miscellaneous Amendments) (Scotland) Regulations 2019 allow for all deferred members to access their pensions, once they attain the age of 55, in line with the pension freedoms as set out in the Finance Act 2015.
Deferred members who have attained the age of 55 or over may elect to receive immediate payment of their retirement benefits. The benefits will be reduced to take account of the fact the benefits are being paid earlier and for longer. The amount they are reduced by will depend on how many years early they are paid. A table showing the percentage reduction to both pension and lump sum can be found here.
