The Local Government Pension Scheme (LGPS) is one of the largest public sector pension schemes in the UK with over 4 million members.
The Isle of Wight Pension Fund is part of the LGPS and is administered by Isle of Wight Council. If you join the fund you become a member and you will get a pension paid to you when you retire.
Members include people who work for Isle of Wight Council, and a whole range other organisations such as local colleges or town and parish councils who have applied to be part of the fund as well as other organisations who provide community services or carry out services on behalf of the Council. More than 30 employers allow their employees to join the fund.
The LGPS is a statutory scheme. This means that it is very secure because the amount members are paid in retirement is defined and set out in law.
Teachers and operational staff in the police and fire and rescue service have their own pension schemes and are not part of the Isle of Wight Pension Fund.