What happens if I lose my job through redundancy or business efficiency?
If you are aged 55 or over, your main benefits are payable immediately without any early retirement reductions if your employer makes you redundant or you are retired on the grounds of business efficiency and you have been in the scheme for two years.
However, any additional pension paid for by Additional Pension Contributions or Shared Cost Additional Pension Contributions would be paid at a reduced rate if the retirement occurred before your Normal Pension Age (to take account of the additional pension being paid for longer).
If you were a member of the LGPS before 1 April 2014 the pension you built up before then is based on your final pay when you leave the scheme - please read the Member guide If you Joined the LGPS Before 1 April 2014. Also, if you have bought additional pension by Additional Regular Contributions, that additional pension would be paid at a reduced rate if the retirement occurred before your pre 1 April 2014 Normal Pension Age which, for most, is age 65.