What does LGSS mean in GOVERNMENTAL
The Local Government Superannuation Scheme (LGSS) is a pension and benefits program offered to local government employees within the United Kingdom. The scheme provides a retirement income and other benefits, such as death in service cover and access to an additional voluntary contribution savings plan. LGSS is managed by MyCSP Ltd, a company owned by the Department for Communities and Local Government.
LGSS meaning in Governmental in Governmental
LGSS mostly used in an acronym Governmental in Category Governmental that means Local Government Superannuation Scheme
Shorthand: LGSS,
Full Form: Local Government Superannuation Scheme
For more information of "Local Government Superannuation Scheme", see the section below.
Essential Questions and Answers on Local Government Superannuation Scheme in "GOVERNMENTAL»GOVERNMENTAL"
Who manages LGSS?
LGSS is managed by MyCSP Ltd, a company owned by the Department for Communities and Local Government.
What type of benefits does LGSS offer?
LGSS offers retirement income and other benefits, such as death in service cover and access to an additional voluntary contribution savings plan.
Who can contribute to LGSS?
The scheme is open to public sector employees of local government authorities within England, Wales, Scotland and Northern Ireland that are designated as members of the scheme.
How often do I receive my payments?
Payments will be made monthly into your nominated bank account on or around the 3rd Wednesday of each month.
Is there any way I can increase my retirement savings through the LGSS?
Yes - members have the option of making Additional Voluntary Contributions (AVCs). These are regular contributions made over and above your normal contributions which are invested separately from your main pension fund. AVCs enable you to make extra provision for retirement without necessarily having to pay increased contributions out of your salary or wages each month.
Final Words:
The Local Government Superannuation Scheme provides an important benefit package for UK local government employees that can help ensure financial security in their retirement years. With access to Additional Voluntary Contributions, members have the option of increasing their retirement savings even further if they choose to do so.