Pension news

New pensions portal

Members of the Local Government Pensions Scheme (LGPS) who currently work for Islington Council have access to a pension’s portal, to see their pension account at any time, calculate estimates, and more! If you are a current employee of Islington Council, please go to the intranet for more information and to get started on the portal. In the coming months, we will be rolling this out to members of the LGPS who work in Islington schools, followed by our scheduled and admitted body employees. We will be in touch with members and update this area of the council’s website with the details.

Normal minimum pension age is set to increase from age 55 to 57

The normal minimum pension age (NMPA) is the age at which most members of registered pension schemes can draw down on their pensions without incurring a tax charge for unauthorised payments.

The Government plans to increase the NMPA from 55 to 57 on 6 April 2028 to coincide with the rise of state pension age to 67. 

Pension taxation

In the 2023 Spring Budget, the Government introduced the following pension changes with effect from 6 April 2023.

• Standard annual allowance increased from £40,000 to £60,000. 
• Lifetime Allowance (LTA) Tax Charge on pension savings in excess of the LTA was removed. This means that if you take your pension benefits and they are in excess of the LTA after this date, they will not be subject to the LTA Tax Charge.
• Maximum tax-free pension lump sum is capped at £268,275 (25 per cent of the current lifetime allowance) for scheme members without relevant pension protections.