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  • FIRST POST
    • excelpaul
    • By excelpaul 17th May 17, 4:03 PM
    • 98Posts
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    excelpaul
    Small LGPS Pension and small CETV
    • #1
    • 17th May 17, 4:03 PM
    Small LGPS Pension and small CETV 17th May 17 at 4:03 PM
    Would be extremely grateful if anyone could make any suggestions about the way forward on the issue below.
    I have asked a similar question previously but the position has changed.


    A few years ago I built up an extremely small pension of 132 lump sum and 51 a year from age of 65 as the result of carrying out school dinner duties. (LGPS) I am nearly 59 years old.


    I took early retirement last August from teaching taking a slightly reduced pension and maximum lump sum. I am currently completing a ten month fixed term part time contract at my school. I have been advised by Teachers Pensions that this will generate a small short service annuity that will be added to my pension which is no problem.


    However I would like to do something about the small LGPS pension. I have been given a CETV of 1000 and now have to decide what would be the best way to deal with it. Any ideas? I could possibly add to it modestly, if placed elsewhere. I cannot at this late stage add it to my Teachers Pension and this has been confirmed by the TPS today. I am not allowed to take it as cash.


    Many thanks for reading. Comments very welcome.
    Last edited by excelpaul; 17-05-2017 at 5:07 PM.
Page 1
    • xylophone
    • By xylophone 17th May 17, 4:23 PM
    • 21,305 Posts
    • 12,232 Thanks
    xylophone
    • #2
    • 17th May 17, 4:23 PM
    • #2
    • 17th May 17, 4:23 PM
    Perhaps you might open a SIPP and ask the provider to arrange the transfer in - you could make modest monthly contributions thereafter.

    You might give Hargreaves Lansdown a ring and explain your situation.

    They can be sticky about DB pension transfers, but in view of the very modest amount and the fact that you wish to continue to contribute, might choose to be helpful.
    • kidmugsy
    • By kidmugsy 17th May 17, 4:56 PM
    • 9,270 Posts
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    kidmugsy
    • #3
    • 17th May 17, 4:56 PM
    • #3
    • 17th May 17, 4:56 PM
    I don't myself see the problem. Presumably you will be able to buy Premium Bonds with the lump sum and lottery tickets with the pension. Then pray.
    • excelpaul
    • By excelpaul 17th May 17, 5:12 PM
    • 98 Posts
    • 279 Thanks
    excelpaul
    • #4
    • 17th May 17, 5:12 PM
    • #4
    • 17th May 17, 5:12 PM
    Many thanks for the two replies. I think Premium Bonds, the Lottery and Praying are not certain enough for me!
    • johndough
    • By johndough 18th May 17, 9:14 AM
    • 589 Posts
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    johndough
    • #5
    • 18th May 17, 9:14 AM
    • #5
    • 18th May 17, 9:14 AM
    Hi

    What would the amount be IF trivial commutation was available for the LGPS at aged 60.

    If it is about the same (even slightly less), then it would be paid as cash and no fees to transfer or whatever, and would buy a lot of lottery tickets (or put it in an ISA or SIPP).
    • Silvertabby
    • By Silvertabby 18th May 17, 9:40 AM
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    Silvertabby
    • #6
    • 18th May 17, 9:40 AM
    • #6
    • 18th May 17, 9:40 AM
    What would the amount be IF trivial commutation was available for the LGPS at aged 60. Posted by Johndough
    It depends on the OP's age, NRA and amount of widower's pension due, so not just a simple 'pension x constant factor'. However, I doubt that normal trivial commutation would be an option here, as OP has TPS benefits that would would surely take her over the 30K limit.

    OP may be able to take a de minimis trivial commutation, as her total LGPS benefits would be worth less than 10K - but only:

    A. If she left after 2008.
    B. Her LGPS offers de minimas commutation (not all do)

    This is a common problem in the LGPS - teachers volunteer to do lunchtime supervision duties for a free meal and a few extra bob, then complain about the tiny pension they can't do anything with!
    Last edited by Silvertabby; 18-05-2017 at 9:42 AM.
    • excelpaul
    • By excelpaul 18th May 17, 11:18 AM
    • 98 Posts
    • 279 Thanks
    excelpaul
    • #7
    • 18th May 17, 11:18 AM
    • #7
    • 18th May 17, 11:18 AM
    Two points
    1. I am not complaining just looking at options. I believed that this forum was about helping others maximise their opportunities. I am not averse to leaving it where it is should that prove the best option.

    2. I am a 'he' not a 'she', although stunning looking !
    • excelpaul
    • By excelpaul 18th May 17, 11:20 AM
    • 98 Posts
    • 279 Thanks
    excelpaul
    • #8
    • 18th May 17, 11:20 AM
    • #8
    • 18th May 17, 11:20 AM
    One other point. I had to pay for my meal out of the dinner duty allowance so opted to bring in my own packed lunch!
    • Silvertabby
    • By Silvertabby 18th May 17, 11:26 AM
    • 1,017 Posts
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    Silvertabby
    • #9
    • 18th May 17, 11:26 AM
    • #9
    • 18th May 17, 11:26 AM
    Two points
    1. I am not complaining just looking at options. I believed that this forum was about helping others maximise their opportunities. I am not averse to leaving it where it is should that prove the best option.

    2. I am a 'he' not a 'she', although stunning looking !
    One other point. I had to pay for my meal out of the dinner duty allowance so opted to bring in my own packed lunch!
    My apologies on both counts !

    I was going from my experience as a (now retired) LGPS administrator. The Local Authority I worked for DID supply free lunches to the teachers on lunchtime duties, and I DID take a fair amount of verbal flak from teachers who would accuse me of lying when I told them that they couldn't just cash in their tiny LGPS pensions.
    • xylophone
    • By xylophone 18th May 17, 11:51 AM
    • 21,305 Posts
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    xylophone
    I am a 'he' not a 'she', although stunning looking !
    Tell us (show us) more!
    • woolly_wombat
    • By woolly_wombat 18th May 17, 1:24 PM
    • 453 Posts
    • 264 Thanks
    woolly_wombat

    This is a common problem in the LGPS - teachers volunteer to do lunchtime supervision duties for a free meal and a few extra bob, then complain about the tiny pension they can't do anything with!
    Originally posted by Silvertabby
    Why not just use it to fund an annual meal to celebrate your liberation from the dreaded dinner duties!
    • excelpaul
    • By excelpaul 25th May 17, 6:16 AM
    • 98 Posts
    • 279 Thanks
    excelpaul
    Dear all
    Many thanks for your responses. I have decided to leave the pension until I am 65.
    I will use the lump sum to purchase some books. I will request the pension of 51 to be paid annually to finance a school dinner type meal! Probably roast lamb followed by apple crumble! Two favourites of mine!
    Of course rules may change in the next few years but that is the plan for now.
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