Private pension plan v Local Government pension plan

Nol20

Hello.

I have recently started working F/T for my local council and have joined their pension scheme. I currently have a private pension policy with Scottish Widows and an AVC with Standard Life. Should I transfer the private pension and AVC into the local government pension scheme?

jem16

Nol20 wrote: »

Should I transfer the private pension and AVC into the local government pension scheme?

How may years will it buy you in the LGPS?

Nol20

Thanks for response. It would buy 16years. I have not personally added to them. They were taken out in early 90s

Thanks


Regards

Nol

jem16

Nol20 wrote: »

Thanks for response. It would buy 16years. I have not personally added to them. They were taken out in early 90s

What's the current value? What age are you?

Nol20

I was kind of hoping for a broad based answer, such as; Go for it, great opportunity - or conversely - no don't touch it ???

Any help.

Regards

Colin

jem16

Nol20 wrote: »

I was kind of hoping for a broad based answer, such as; Go for it, great opportunity - or conversely - no don't touch it ???

Any help.

Regards

Colin

Broad based answer would normally be yes go for it. However it all depends on what terms and what guarantees (if any) your current pension has.

atush

I agree, you are asking for personal advice but wish to give no personal details.

I think, 16 years is a great addition to your FS pension. but we don't know if this cost you 100K, 200, 300 etc.

If you added to them or not means nothing. What means something is, how much is the pot worth, and how many years will you be adding to those 16 ( ie how many years will you work before retirement) and what your salary is now.

If you don't want actual opinions, dont ask Q's that need a bit more detail.

opinions4u

Nol20 wrote: »

I was kind of hoping for a broad based answer, such as; Go for it, great opportunity - or conversely - no don't touch it ???

Any help.

Regards

Colin

Forty two.

gozomark

Nol20 wrote: »

I was kind of hoping for a broad based answer, such as; Go for it, great opportunity - or conversely - no don't touch it ???

Any help.

Regards

Colin

1. go for it !

2. don't touch it !

or

3. how the hell are we supposed to know when we don't have enough info to judge

your choice