If you have previously opted out or ceased pension membership more than 12 months prior to the re-enrolment date (June 2022) you will be automatically enrolled to the LGPS, if you meet the requirements. The relevant Pension deduction will be taken from June salaries.
Letters will be issued to relevant employees following the payroll being run to advise of auto re-enrolment.
More information on the pension schemes offered by Falkirk Council
Please note the information below only gives a high-level overview of the benefits. For specific details of the benefits provided by each scheme, please refer to the membership guides of each Scheme.
What would joining the pension scheme mean for you?
Each time you are paid, both you and Falkirk Council would pay money into the Local Government Pension Scheme (LGPS) or the Scottish Teachers Superannuation Scheme (STSS) to provide you with pension benefits when you retire.
If you are a taxpayer, the government would also be contributing to your pension through tax relief.
Contribution rates
As a member of the scheme, you would be required to contribute a percentage of your salary. The contribution you pay will vary dependent on your salary but will range from a minimum of 5.5% to a maximum of 12% for LGPS members and from a minimum of 6.4% to a maximum of 12.4% for STSS members.
A breakdown of the contribution rates for members of the LGPS are shown on the Falkirk Pension Fund website.
Actual contribution rates in respect of Teachers in the STSS can be found at Your contributions | SPPA.
Benefits
Pension Schemes are one of the best ways to plan for retirement with an excellent range of benefits that both full-time and part-time employees can enjoy.
These include, after 2 years in the scheme:
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A tiered ill-health retirement package if you have to leave work at any age due to permanent ill-health. This gives graded levels of benefit based on how likely you are to be capable of gainful employment after you leave, with a higher level of benefit for those more seriously ill.
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Early payment of benefits if you are made redundant or retired on business efficiency grounds and you are aged 55 or over.
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The right to voluntarily retire from age 55, even though the scheme's normal pension age is State Pension Age.
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Flexible retirement from age 55 if you reduce your hours, or move to a less senior position. You can draw some or all of your benefits – helping you ease into your retirement – but you need the Council's permission.
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If you choose to voluntarily retire before State Pension Age, or take flexible retirement before then, your benefits would normally be reduced to account for them being paid for longer.
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You can even stay in the LGPS if you carry on working beyond State Pension Age, although you have to draw your benefits by age 75. Benefits drawn after State Pension Age will be paid at an increased rate.
There is also:
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Life cover from the moment you join, with a lump sum of 3 years’ pay being paid if you die in service.
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Cover for your family, with a pension for your husband, wife, registered civil partner or cohabiting partner and for your eligible children if you die.
On retirement:
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You would get a pension for life that increases with the cost of living, and
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You can exchange part of your annual pension for a one-off tax-free cash payment.
What's more:
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Once a year you would get a statement indicating how much your pension has built up so far and how much you might get when you reach retirement age.
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As a member of the scheme you could, if you wish, increase your pension benefits by paying Additional Voluntary Contributions (AVCs) or Additional Pension Contributions (APCs).
Where to go for further information
The workplace pension schemes Falkirk Council provides are the Local Government Pension Scheme (LGPS) or Teachers Superannuation Scheme (STSS). These are both qualifying pension schemes, which mean they meet or exceed the government’s standards.
The contact details are as follows: