As a member of the LGPS it is never too soon to start planning for your retirement.
The fact that you are paying into the Scheme means you have already taken one of the biggest steps!
There is now increased flexibility over when you can retire and take your pension. You can now retire and take your pension benefits at any time between age 55 and 75 under the LGPS 2014 regulations.
Your Normal Penion Age is the age when you can retire and take the pension you have built up in full – for the pension built up from 1 April 2014 your Normal Pension Age is the same as your State Pension Age (but with a minimum age of 65). If you choose to take your pension before your Normal Pension Age it will normally be reduced, as it’s being paid earlier. If you take it later than your Normal Pension Age it’s increased because it’s being paid later.
You can request an estimate from LGSS Pensions of what you can expect when you retire – see our Estimates webpage. We are currently in the process of updating our factsheet to show recent changes but more information regarding your retirement can be found on the lgps2014.org website