Council-run pension schemes are those where the government provides a benefit to members of a council or other public body. This can be in the form of a payment, a retirement fund, or both. Council-run pensions can be found in both the public and private sectors.
The advantages of Wiltshire council annuity are that they are usually tax-free, and they offer a secure retirement income. Unlike schemes run by private companies, council-run pensions are usually guaranteed by the government. This means that members cannot lose their benefits if the council is shut down or privatized.
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There are two main types of council-run pension: defined benefit and defined contribution. With defined benefit pensions, the government promises to pay a fixed amount each month into the member’s pension account, regardless of how much money is earned by the member after they retire.
With defined contribution pensions, the member pays into a pension fund each month, and the fund decides how much money to put into the member’s account at retirement.
The process of getting a Council Pension is not as straightforward as you may think. Contact your local authority and ask them about your pension eligibility. They will be able to tell you if you are eligible for a pension, what type of pension you are eligible for, and how much you may be entitled to receive.