Greater Manchester Pension Fund Logo
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Key features

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Costs

The standard cost is from 5.5% - 12.5% of your pay, but if you earn enough to pay tax, you will get tax relief on your contributions, so this will bring down the cost.

The cost to you

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Joining

You can join whether you are full time, part time, temporary or permanent, no matter how long your contract is for. And you can join at any age up to 75.

How to join

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Your benefits

We're a career average scheme, so you can literally see your pension building up year by year. And depending when you joined, there is a tax free lump sum, either built into the standard package, or offered as an option when you retire.

Working out benefits

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50/50 option

A chance to stay in the scheme, but pay in half the standard costs. This halves your own benefits, but has no effect of life cover, dependants pensions, and so on.

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Drawing your benefits

Normal pension age is tied into your State pension age, but there are various options to retire before then. But watch out... if you retire early at your own choice, your benefits are likely to be reduced by a percentage.

When you can retire and draw your benefits

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Protection for you

You have the cover of being able to draw your benefits early if you are made redundant (age restrictions apply) or if you fall ill.

Retiring on ill health

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Protection for your loved ones

From the day you join you have valuable lump sum life cover, and the cover of pensions for your dependants.

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If you leave

You can choose between a transfer to another scheme, or deferred benefits (leaving your benefits on hold). If you have been a member less than two years, you can have a refund or a transfer.

Leaving

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