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LGPS - left eight years ago, not returning to local government employment
Mapbroke
Posts: 17 Forumite
Hi, I would like some advice on how to proceed with a pension.
I'm 33 years old, and paid into a LGPS for six years, from 2002 - 2008 when I left for self employment. I left my pension frozen at that point and did not start a new pension scheme.
I've now been unemployed through ill health for the last 5 years, and I'm not certain if or when I'll be fit enough to return to work. Eventually I hope to do this but as I'm getting older I've been thinking about what to do with regard to my pension.
Can anyone tell me if I am better off leaving the frozen LGP and starting a new separate private pension? Or should I proceed with transferring the LGP to a new private pension?
I have no plans to return to Local Government if I am able to return to work.
Any help you can offer greatly appreciated
I'm 33 years old, and paid into a LGPS for six years, from 2002 - 2008 when I left for self employment. I left my pension frozen at that point and did not start a new pension scheme.
I've now been unemployed through ill health for the last 5 years, and I'm not certain if or when I'll be fit enough to return to work. Eventually I hope to do this but as I'm getting older I've been thinking about what to do with regard to my pension.
Can anyone tell me if I am better off leaving the frozen LGP and starting a new separate private pension? Or should I proceed with transferring the LGP to a new private pension?
I have no plans to return to Local Government if I am able to return to work.
Any help you can offer greatly appreciated
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Comments
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Ask your LGPS ex-employer if they will allow you to access your LGPS pension now, on ill health grounds. This would involve a medical by your ex-employer's Occupational Health Dr.
If your application is approved, your LGPS pension would be paid without any early payment reductions, but wouldn't be enhanced as you are not currently employed by Local Government.
You may not qualify, but if you don't ask you definitely won't get.0 -
I would not transfer it to a private pension. LGPS was final salary pension until 2014 so you must have preserved benefits which would have been quite good at time. You could ask your pension administrator what your options are and the value of your benefits plus transfer value for information only.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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