completely ignorant about company pensions....

jh2009

Agree with all posts and think that you would be mad to leave the LGPS.

If you and your partner saw any half decent IFA id expect the IFA to not waste to much time on your pension provision. Id expect the IFA to concentrate on your partners pension provision and just tell you to stay where you are. Id be very suspicious if any IFA suggested you should opt out of the LGPS.

In terms of the £200 you pay then if you're paying 20% tax remember if you leave the scheme you will not get the full £200 as extra pay. You will just get £160 extra in your pay as £40 of the contribution is in respect of tax relief. If you pay 40% tax then you will be getting 40% tax relief and may only get £120 in extra pay if you didnt pay in.

If i was you i would contact the Plan administrators and ask for a copy of the scheme handbook if you dont have one already. You are entitled to ask for this at any time, at no charge. They may even refer you online to get a copy. A good read of this will be a good way to start any review of your pension before you see an IFA as it will explain the benefits you will get from being a member. I would get this before you see an IFA, as some will charge you simply for getting this handbook for you even though it won't cost them a penny!

seven-day-weekend

Your colleagues who have come out of the LGPS have made a terrible error of judgement.

Don't you do the same. Stay with it. You won't regret it.

bendix

This might sound harsh and it doesnt apply to just the OP but so many millions of others.

I simply can't fathom how so many people are at best uninterested and at worst totally ignorant of something so fundamentally important as their pension plans.

hbgirl

i'm not on £40,000! maybe i'm not paying as much as i thought, haven't got a payslip to hand. (said i was stupid! but i always leave them at work and can't log on here whilst i'm at work). but i'm very grateful for all your comments, i certainly won't make any rash decisions now! i will try to get some advice for my partner, who doesn't earn much actually but i see it worth investing something now for our futures (do intend to be together when we retire!)

thanks again everyone:T

DiggerUK

You are in two gold standard pension schemes.
Your old Civil Service scheme, and your Local Government Pension Scheme.
Do not leave them under any circumstances. Do not transfer them elsewhere.

Some local government schemes still allow you to purchase what is known as "added years" you have to pay extra but it is what I would advise you to do if you can. No need to go to an IFA, just ring up your pension authority and ask them. If it is still allowed get a forecast of the extra costs. It will be money well spent.

As an aside don't be tempted to leave your job under any circumstances, wrong economic climate for secure jobs at the moment.

Pixieboy

The ability to buy added years went in the April 2008 amendments to the scheme in England and Wales; you can buy additional pension though.
If you are in Scotland Added Years is still a possibility, just. They will disappear on 1st April, so you would need to opt pretty sharpish. The option to pay must be made before 1st April, but contributions would start from your next birthday.
There's always AVCs as well; can be used to improve the tax free lump sum without giving up pension.
Contact the fund administrators for details. You can get their contact details here http://www.lgps.org.uk/lge/core/page.do?pageId=99259 if you don't already have them.
The website here http://www.lgps.org.uk/lge/core/page.do?pageId=1 has loads of information for members of the LGPS whether in England, Wales or Scotland.
Hope this helps.