Advice wanted on 'newcomer' to LGPS

blackshaw

Would someone be able to help..??

I have worked for Tesco for the past twenty years, and due to a redundancy situation I have now accepted a position working for our local council.
I have paid into my Tesco final salary pension for 17 years.
When I start my new role with the council would I be better to transfer my Tesco pension into the LGPS or to leave the Tesco pension where it is and start a new pension with the LGPS..??
Also, is the LGPS a good scheme (I dont have a clue when it come to pensions..??)

Any advice would be much appreciated.

Thanks in advance...

dunstonh

When I start my new role with the council would I be better to transfer my Tesco pension into the LGPS or to leave the Tesco pension where it is and start a new pension with the LGPS..??

What will LGPS give you for the transfer value compared with what Tesco will give you if you leave it where it is?

blackshaw

Thanks for your reply. :T

I wont know that until I start my new post in the new year.

Can you give me any basics - ie. if they are offering a similar amount..??

I would be grateful for any pointers....

seven-day-weekend

LGPS is one of the best Final Salary Schemes still around, AFAIK, someone will come along to say othrwise if I'm wrong!

Mortgage_&_debt_free

I'm in the LGPS. It is an excellent scheme & the recent A day changes have made it (in my view) even better.

Andy_L

LGPS detalis:
http://www.lgps.org.uk/

Highligts 6% contributions, full (ie no actuarial reductions) at 60/65 (depending on length of service), 1/80th accrual rate with a x3 lump sum

Tesco (no official info but googling about)

"Members make a contribution worth 4% of their earnings while Tesco contributes about 8%. After a 40-year career members can expect a guaranteed pension worth 60% of their average earnings" (Guardian 2001)

It also appears to be a salary sacrafice scheme, reducing your NI contributions.