Currently in LGPS - Please Help!

Precious_Thing

My current job means I am in the LGPS. I have been in the job 2 1/2 years, but only work in term time, so my pension will be 60% of what it would have been were I full time, full year.

I'm having a really terrible time at work which is making my chronic health problems even worse than usual. I am looking for another job but in my field it is very unlikely that this will mean I can stay in the LGPS.

My questions:

If I have to leave the LGPS, what will happen with what I've already paid in?
What kind of pension should I get if my next job doesn't allow me to stay in the LGPS?
Is the LGPS so much better than other pensions, that it would be worth putting up with my current job to stay in it? (Someone suggested this to me).

I have just bought my council flat and taken on a mortgage for the first time. I'm really scared of losing my job due to the way I'm being treated at work.

Please help. I'd be very grateful.

Precious.

cheerfulcat

Hi, Precious,

Soz can't help on the pension front as such but I would suggest that your health is worth more than any pension, no matter how gold-plated. If you are in such distress at work I don't think that the pension should be a consideration. Would it be possible to change the conditions in which you work to make it less stressful?

Precious_Thing

I'm trying, but scared I'll not get anywhere. You're right about my health being more important. I guess I'm just asking for people who know about pensions to offer me some alternatives/hope!

I can't say too much about the situation as it may end up in court.

Thanks a lot for replying.

Precious.

exil

1. You would have the choice of

a.- freezing your pension - x years service at the salary you left at

b.- transferring it to another scheme

c.- transferring to a private pension

Since the LGPS is a good scheme, you might be best with option (a) but please seek advice.

If you are given "ill health retirement" you may get your accrued pension straight away,
subject to the rules of the LGPS.

It's not worth, IMO, staying in a job you hate JUST because of a good pension scheme. It's only worth a few % of salary every year.

margaretclare

I agree with exil above.

The LPGS is one of the best schemes around, but agreed - don't stay in a job you hate just because of the pension!!!

However, there are lots and lots of jobs in local government which are interesting and rewarding. Changing to another job might be a better alternative.

Aunty Margaret

Precious_Thing

Thanks, but I don't work in local government. They aren't the only ones in the LGPS. Don't mean to be vague, but I don't want to identify myself as you never know who's reading this (ie those I work with).

I agree about trying to find another job, and I am doing this, but there are so few jobs in my area round here.

I have only been in the scheme 2 1/2 years, so early retirement at my age (mid 30s), would amount to a few hundred quid pension wise.

If I froze my pension, what would that mean? Would I then just start a new private one at my next job?

Thanks for everyone's help.

Precious.