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Move from LGPS to private sector...now what?
chris_cooper
Posts: 30 Forumite
Hi guys, I've never had to think about my pension because I've always paid into the Local Government scheme, for which I now have 12 years worth of contributions.
However I am now changing jobs and moving into the scary real world of the private sector and know not what to do with my pension. As it stands my current payout is worth about £3k p.a with a lump sum of about £8.5k. Do I leave that as is and settle for this in 30 years, or can I transfer this into some other personal pension scheme? Or am I better off cashing it in and putting a large whack of cash somewhere else, ISA's or the like?
I'm 34, and like everyone don't relish the thought of working until I die just so I can afford to live!
New salary about £25k p.a. with about £300/month to squirrel away.
This is all new to me so if there is some blindingly obvious information I have missed out please ask.
All opinions gratefully received.
However I am now changing jobs and moving into the scary real world of the private sector and know not what to do with my pension. As it stands my current payout is worth about £3k p.a with a lump sum of about £8.5k. Do I leave that as is and settle for this in 30 years, or can I transfer this into some other personal pension scheme? Or am I better off cashing it in and putting a large whack of cash somewhere else, ISA's or the like?
I'm 34, and like everyone don't relish the thought of working until I die just so I can afford to live!
New salary about £25k p.a. with about £300/month to squirrel away.
This is all new to me so if there is some blindingly obvious information I have missed out please ask.
All opinions gratefully received.
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