Unlike personal pensions, your pension is not affected by how well investments perform. As a final salary scheme, you are guaranteed to receive a pension, which will normally be based on your final pay in your last year of membership and on the length of time you have been a member.
If you are a local councillor, your pension will be based on your career average pay.
The LGPS is run in the Lothian area by the Lothian Pension Fund, part of the City of Edinburgh Council, which is the Administering Authority. As a member of the LGPS your benefits are guaranteed by law. To meet this guarantee, the City of Edinburgh Council controls a pension fund that must be run completely separately from any other local government finances. The regulations, which set the benefit levels, also say that the LGPS funds must be valued every three years to make sure there is enough money to meet the pensions it guarantees. The regulations also lay down rules which the City of Edinburgh Council and your employer must meet.You can view the regulations on the Scottish Public Pensions Agency website.
Find out more about the benefits the Scheme provides on the Local Government Pension Scheme website.
There is more detailed information on the scheme in the leaflet A Guide to the Local Government Pension Scheme. There is a separate guide for councillors.