Notice to opt out of pension saving

Opting out of the Local Government Pension Scheme in England or Wales

For Warwickshire County Council

Employees Only

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Address
Employment
Name of post (or posts) from which you wish to opt out of membership of the LGPS:
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Declaration

I declare that by opting out of the Local Government Pension Scheme (LGPS) I am knowingly giving up the opportunity to be a member of the LGPS which would provide a guaranteed package of benefits that are backed by law including: 

  • a secure pension – payable for life that increases with the cost of living
  • tax-free cash – the option to exchange part of my pension for some tax-free cash at retirement
  • life cover – with a lump sum of three times my pay if I die in service
  • cover for my family when I die – including a survivor’s pension for my spouse, civil partner or eligible cohabiting partner as well as children’s pensions

and, once I have two years’ membership in the Scheme:

  • voluntary early retirement – from age 55 (even though the Scheme’s normal pension age is the same as my State Pension age with a minimum of age 65). Benefits taken before normal pension age may be reduced for early payment.
  • serious ill health cover – if I have to retire due to serious illness I could receive immediate benefits based on an enhanced period of Scheme membership
  • redundancy cover – early payment of pension benefits if I am made redundant or retired on business efficiency grounds at age 55 or over.