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Pension account

What’s a pension account?

From 1 April 2014 you will have a pension account in the scheme, and if you have more than one job you pay pension contributions on, you’ll have a pension account for each of your jobs.

Your pension account shows the pension you’ve built up in that job.

The Local Government Pension Scheme (LGPS) is a career average scheme, that means each year in the new scheme your pension will be worked out based on your pensionable pay in that year. That pension is then added to your Pension Account.

At the end of each Scheme Year the amount in your Pension Account will be adjusted in line with the cost of living (currently the rate of the Consumer Prices Index (CPI) - to ensure it keeps its value).

To help you understand how Pension Accounts work, there is an interactive Pension Account Modeller available (external link).