The Local Government Pension Scheme (LGPS) is a Statutory Scheme and is governed by rules made under the Superannuation Act 1972.
Although the Scheme has its origins in the late 19th Century, responsibility for the Scheme as it applies to Scottish local authorities rests with the Scottish Executive.
From time to time it is necessary for Scheme rules to be amended and this is done by the Scottish Ministers after consultation with Trade Unions and Employers Organisations.
The Scheme provides a range of good quality benefits and a secure inflation proofed income after retirement for its members. Because of these high standards the Scheme has been allowed to contract out of the Second State Pension (previously the State Earnings Related Pension Scheme - SERPS). As a result, both employees and employers pay a lower rate of National Insurance than Non scheme members.
The Scheme is also approved by the Inland Revenue, which means that members currently get tax relief on their contributions to the Scheme.
All local authorities in the UK are obliged to operate the Scheme and a number of these authorities, such as Falkirk Council, are required to maintain and administer a pension fund.
For more information please visit: www.lgps.org.uk|