The Falkirk Council Pension Fund is part of the national Local Government Pension Scheme (LGPS).
If you join the scheme and stay in it for at least 2 years, you will get a pension paid to you when you retire.
Scheme Members include people who work for:
- Clackmannanshire Council
- Falkirk Council
- Stirling Council
- Scottish Environment Protection Agency
- Scottish Children's Reporter Administration
- and around 30 other public or charitable bodies in the central Scotland area,
and Councillors of the three Councils above, who elect to become scheme members.
Teachers are not able to join the LGPS as they have their own pension arrangements. Likewise, uniformed personnel with Police Scotland and Scottish Fire and Rescue Service have their own pension schemes.
The LGPS is a Public Sector Scheme and is governed by rules made under the Public Service Pensions Act 2013. This means that it is very secure because the amount members are paid in retirement is defined and set out in law.
Responsibility for overarching UK pensions policy rests with the UK Government. However, subject to meeting the requirements of the UK public sector pensions framework, responsibility for the Scheme as it applies to Scottish local authorities lies with the Scottish Ministers. Changes to the Scheme are made by the Ministers after consultation with national Scheme Advisory Board which includes Trade Union and Employer representation.
The Scheme provides a range of good quality benefits and index linked pensions for its members.
Until 2016 when contracting out ended, the Scheme was contracted out of the Second State Pension (previously the State Earnings Related Pension Scheme - SERPS).
The Scheme is certified by HM Revenue and Customs as a UK Registered Pension Scheme, which means that members currently get tax relief on their contributions to the Scheme.
For more information, please visit LGPS.