You can buy a limited number of added years' membership in the Fund. Find out more on the Local Government Pension Scheme website. Or fill in this form for an added years quote request.
You can also download the leaflet Increasing Your Pensions Benefits .
You can choose to make Additional Voluntary Contributions (AVCs) to a separate investment pot. The Lothian Pension Fund’s AVC provider is Standard Life. You can invest in up to 12 of their funds at any one time. You can view the latest Annual Report from Standard Life here.
Do you know how much money you will have when you retire? During the course of the last year we have been working with Standard Life to improve our processes and look help you plan for your retirement. You can now use online tools to see how much you need to save to reach a certain income when you retire and to choose which funds to invest your money in. Take a look at the interactive online planning tools on the LGPS-dedicated website at www.mypensioninfo.com. The user name is "LGPS."
To use the retirement planner, put in your predicted Lothian Pension Fund pension in the 'yearly income for age' box on the left side of the screen. You can find your predicted Lothian Pension Fund pension on your latest annual pension forecast. The planner will show any difference you may wish to make up by paying AVCs, and how much extra you might want to pay.
Or you can call the Standard Life helpline on 0845 60 60 047. Calls will be charged at your local rate and lines are open from 9am to 5pm Monday to Friday. The Standard Life staff taking these calls know about the LGPS and will be able to help you choose funds that will suit you.
You can download an application form for AVCs from this site. From December, the Scheme rules are changing so that you will only be able to make additional contributions from your regular pay. One-off payments will no longer be allowed. See our member briefing for more.
If you make Additional Voluntary Contribution (AVC) payments to the Lothian Pension Fund's in-house provider Standard Life, you need to ensure that all contributions are received by Standard Life at least one month before retirement. Any contributions paid after this deadline cannot be included in your total fund value (and used to provide tax free cash). Please contact Lothian Pension Fund 6 weeks before your retirement to arrange cessation of your AVC.
Remember, pensions are just one of many ways of saving. Though pension saving is often tax-efficient, you should always consult an independent financial adviser.