The Government have confirmed changes to the late retirement factors and methodology for the Local Government Pension Scheme (LGPS), which will affect members who carry on working beyond their normal pension age (NPA). A consultation was issued in March, which resulted in new factors and guidance being issued in July.
The changes are effective from 1 September this year.
In broad terms, members who retire after their NPA but within 2 years will not see a significant change to the late retirement increase, and those members retiring more than 2 years later will see a bigger increase.
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