The LGPS is a defined benefit pension scheme which means your employees’ pension is based on their salary and how long they pay into the scheme. It isn’t affected by how well investments perform. So their LGPS pension is secure.
Could pension scams increase?
Yes. They should watch out for scams related to the stability of pension funds and be particularly wary of people contacting them out of the blue or of adverts offering free pension reviews. They can find out more on how to spot a pension scam on the Money Helper website.
How can they check their pension?
They can check how much pension they have on their online pension account. They can also see how much pension they could get at different retirement dates. If they haven’t registered for their online pension account yet, they can sign up here.