Pension refund LGPS

taktikback

not really -that's why there are rules such as not accessing pensions before 55 - it protects people from themselves - yet still we see a stream of "can I cash my pension in" threads

why not make pensions a mandatory part of an employment contract? - it's not a big leap - auto enrolment is here to stay -why not just do away with opting out?. Opting out of S2P has been done away with - and the extra contributions rolled up into a single state pension - no choice there

still sounding ridiculous?

hyubh

taktikback wrote: »

still sounding ridiculous?

Someone comes onto the board asking for help regarding an opt out and refund that they have freely chosen to pursue, and when explaining what they have done so far, show a clear understanding of the facts of the situation; your sole input is to then say the OP is a fool. Really, why bother?

taktikback

OK - I accept you don't want to consider the bigger picture, and at no point have I said the op is a fool - and commenting on the op's enquiry wasn't my sole input.

As proxy mentions - the forum is also for education - I make no apologies for challenging the wisdom of the course of action the op is taking.

I bother because I don't like to see people take a wrong turn, when it may be preventable.

jdevins

Hello

@hyubh first letter of the employer is S. Thank you all for kindly replying. It's been very helpful.

@taktikback I am aware that it is a big decision to opt out of the pension scheme but I do have my reasons but thanks for your advice.

hyubh

jdevins wrote: »

@hyubh first letter of the employer is S.

Ah! I see you've referred to their outsourced payroll provider as 'NG' though - is that the initials, or 'not good'? If the S is the S I had in mind, the payroll provider would begin with a C!

bilbo51

hyubh wrote: »

Ah! I see you've referred to their outsourced payroll provider as 'NG' though - is that the initials, or 'not good'? If the S is the S I had in mind, the payroll provider would begin with a C!

Certegy perhaps?

jdevins

Hi it is Northgate. I discovered yesterday they still never sent any paper work to LGPS until last week. And despite sending Northgate an opt-out form they sent the LGPS a joining form so I received a welcome pack from them yesterday!! Apparently there is a backlog of issues from other employees with Northgate. They haven't been passing on information or doing their job correctly so HR are now dealing with the matter. Hopefully it will be sorted soon. Thanks again for your help.

taktikback

You say you are aware of the consequences of opting out - are you aware that you are giving up an employer contribution of between 15 and 20% of your salary?

hyubh

jdevins wrote: »

Hi it is Northgate.

Ah, OK, not the employer I hand in mind then.

I discovered yesterday they still never sent any paper work to LGPS until last week. And despite sending Northgate an opt-out form they sent the LGPS a joining form so I received a welcome pack from them yesterday!!

While there's not really much they can do, given that, have you been in touch with the LGPS administrator to say you have in fact opted out? They might just turn round and say 'speak to your employer's payroll', but there's an outside change they might do something more informally.

In the case I was thinking of, this other LGPS employer also beginning with S was/is a large employer within its fund, so its payroll people and their incompetence are well-known. Given that, every so often quiet words are given to hurry particular cases along.

They haven't been passing on information or doing their job correctly so HR are now dealing with the matter.

Ah well, progress of sorts.

hyubh

taktikback wrote: »

You say you are aware of the consequences of opting out - are you aware that you are giving up an employer contribution of between 15 and 20% of your salary?

Can't you just give it a rest? Your witterings have nothing to do with the answering the OP's question. As an aside, and without wishing to deny employer rates are high, your percentages are also likely BS (think now: what could possibly influence employer contribution rates in a final salary scheme? How does this compare with the likely profile of the OP? And what's happening in 2014, LGPS-wise?).