Statistics - LPFA fund

We have collated a number of statistics which provide useful background to the debate around the affordability of the LGPS. These statistics are from the LPFA fund which has over 70,000 members and 200 not for profit employers around the UK.

1. Pension Amounts

The chart above shows the distribution of pensions in payment showing both ex full time (light) and part time (dark) staff. As can be seen the majority of pensioners fall to the left hand (lower pension per annum) side of the graph. The numbers range from over 8,000 of our 27,000 penioners receiving less than £2,000 per annum up to only 23 in receipt of more than £50,000 per annum

The average pension in payment is £2,200 per annum for pensioners who were part time and £6.800 for retired full time staff. Less than 4% of LPFA pensioners receive more than £20,000 per annum with 64% getting less than £6000 per annum

Finally the proposal to restrict pensions to a maximum of £50,000 per annum would have reduced LPFA's pensions payroll bill in 2009-10 by just 0.83%.

2. Pension Age and Service

The chart above shows the distribution of age on retirement. This shows significant peaks around age 60 and age 65 exploding the myth that most lgps pensioners retire in their early 50s.

The average retirement age for all types including ill health is 59 and excluding those it is age 60. The youngest ill health retiree was 22 whilst the oldest pensioner who continued in work past 65 was 80 at retirement. Almost 60% of LPFA pensioners worked beyond their 60th birthday.

LPFA's oldest pensioner is 109 (we now have 40 pensioners over the age of 100) and our youngest is 35. Our longest serving pensioner retired in 1946 and will be aged 99 next birthday.

The smaller inset chart shows the distribution of service accrued at retirement. This shows peaks at the 5, 12 and 20 year mark then a sharp fall off and a final mini peak at 40 years. The average length of service is 17 years with only 406 (1.7%) members achieving 40 or more years service.