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Redundancy or Efficiency

Under the Local Government Pension Scheme (LGPS) rules that are in place at the moment, if a member of the LGPS is age 55 or over and is made redundant, or leaves employment on the grounds of business efficiency, then the member's LGPS benefits are payable immediately without any early retirement reductions.   

 

In November 2020, the government introduced legislation to limit the amount of exit payments in the public sector (referred to as the £95,000 exit cap).  This had an impact on the LGPS benefits of some members leaving on redundancy or business efficiency grounds.  From 12 February 2021 this legislation has been disapplied, so the exit payment cap no longer applies in England.  More information about the background to the £95k cap can be found on the Scheme Advisory Board website.

 

The Government has announced that the earliest age you can take your pension will increase from 55 to 57 from 6 April 2028.  Please go to our regulation changes page for more information.

 

Bedfordshire Pension Fund does not accept requests for redundancy or efficiency estimates from individual members.  The request for an estimate of benefits must be made through the employer's Human Resources department.