Leaving the LGPS
It is advisable to take independent financial advice before deciding to opt out.
If having considered the 50/50 option you still decide the LGPS is not for you, you can leave the LGPS at any time.
- You have the right to opt out of the scheme and to do so you will need to complete the opt out form.
- You cannot complete the opt out form until you have started your employment.
- If you opt out before completing 3 months membership you will be treated as never having been a member. Your employer will refund any contributions you have paid with your pay.
- If you opt out with 3 or more months membership but before completing 2 years, you can take a refund of your net contributions. Alternatively you can transfer your pension to another scheme.
The Government want people to belong to workplace pension schemes, so employers have to automatically enrol you back into the LGPS approximately every three years. If/when this happens you will be able to opt-out again.
More information is available on the Workplace pensions website.
Leaving the scheme when leaving your job
Depending on the length of time that you have been in the scheme various options are available:
- Refund of pension contributions
- Transferring your pension savings to another scheme
- Keeping you pension savings in the scheme