News

We know things might be tough at the moment, as everything just seems so expensive!

You might be thinking of ways you can make savings where you can, but here’s why your pension shouldn’t be one of the things to drop;

• It’s one of the most tax efficient ways you can save for the future. All pension contributions (including any you pay in to AVC’s or APC’s) attract tax relief.
• It might be actually costing you less than you think. Although your contributions may look quite hefty on your payslip, tax relief means that you’re paying less tax because you’re in the pension fund.
• The EAPF is a fund of the LGPS which is one of the best, and most secure schemes available to join. It’s a ‘defined benefit’ scheme so your benefits are ‘defined’ - meaning you’ll know, or be able to work out what you’ll get, based on defined calculations. It doesn’t carry a risk to members linked with investments performance, like the pension schemes you’ll find in the private sector (known as defined contribution schemes). Ours is backed by a government promise too.
• Saving for the future is so important. When you get to the age where you can think about no longer working, you’ll be so glad that you did save.
• Being in the scheme means that you have protection for your loved ones in the event of your death. Your nominated beneficiary would get 3 x your salary as a lump sum payment, and a spouse or nominated cohabiting partner would also get a pension for life.
• With EAPF, you get ill health cover. If you became too ill to work, and if you meet certain criteria following an assessment by a medical practitioner approved by the fund, you’d also be able to access payment of your pension at whatever age you meet the criteria. There are 3 tier’s of ill health, depending on the severity of the condition, and likelihood of being able to work in the future. Two of these tiers include an enhancement to the benefits you’ve built up.