Pension
We are committed to supporting your future through our pension plan. The Peninsula Pensions Local Government Pension Scheme (LGPS) is a valuable component of our pay and reward package for employees.
Key Information:
Career Average Revalued Earnings (CARE): The LGPS is a career average revalued earnings scheme, meaning your benefits are based on your salary for each year you are in the scheme. Each year, your benefits are revalued in line with Pensions Act increases.
Contributions Based on Earnings: How much your pension costs depends on your salary. Contributions are deducted based on the pay you actually earn, ensuring that you only pay what is appropriate for your earnings.
How It Works
Enrolment: All eligible staff are automatically enrolled in the Peninsula Pensions scheme upon joining. You will receive detailed information regarding your benefits and options.
Contributions: Your contributions will be deducted from your salary. The amount will depend on your earnings, ensuring a fair and equitable approach to pension savings.
Benefits Calculation: Your pension benefits will be calculated based on your career average earnings throughout your time in the scheme, providing a stable foundation for your retirement planning.
All staff members who met the criteria are eligible to participate in the Peninsula Pensions scheme.
