The LGPS is one of the largest public sector pension schemes in the UK with over 6 million members. It is governed by regulations made by Parliament. They consult with Trade Unions and employer representatives about the regulations.
Key features of the LGPS
- Annual pension payable for life
- Option to convert some pension to a one-off, tax-free lump sum
- Lump sum death grant for death in service
- Survivor's pensions
- Pension increases with the cost of living - whilst building up and when it is in payment
- Ill health retirement provisions
- Normal retirement age equal to your State Pension age (SPa)
- One forty ninth (1/49th) accrual rate. This means your pension builds up at a rate of 1/49th of your pensionable pay each year
Type of scheme
The LGPS is an occupational pension scheme and a Career Average Revalued Earnings (CARE) pension scheme. A CARE scheme means your benefits are worked out on your pensionable pay each year and added together. Inflation is added to keep its value. Find out more about what type of pension scheme the LGPS is
Guides
Read the LGPS scheme guides and factsheets
Administration of the scheme
The scheme is administered locally through regional pension funds in England and Wales. Kent Pension Fund is one of those regional pension funds. The Kent Pension Fund is administered by Kent County Council.
The administration of members records is administered by Kent County Council and the employers in the scheme. Employers include local authorities and public service organisations. Find out about the administration of the fund
Investments are managed by Kent County Council. Find out about investment management of the Kent Pension Fund
Performance
Read the report and accounts of the Kent Pension Fund to find out how the fund has performed.
The government provide a statistical release each year detailing the performance of the LGPS at a national level. Read the Local Government Pension Scheme Funds England and Wales: 2020 to 2021 statistical release