Transfer in to LGPS?

Pitlanepiglet

I've read a number of the old threads and I think the answer to this is clear but I would be grateful for some confirmation that I've understood this correctly.

I am 43 and have recently started a job in which I'm eligible for the LGPS.

I have always paid pension contributions in previous jobs since I was 18 and have three or four previous scheme entitlements knocking around - I think 2 were inhouse schemes (one is now Aviva through various take overs) - I don't think either of these were final salary pensions. I then I have what I think is a Stakeholder pension with Scottish Life or someone similar that I paid into from two employees for a period of perhaps 7 or 8 years (although my salary was low/part time for some of that period).

I am hoping to stay in local government and I would hope that my salary will end up as an equivalent of c. £40k/£45k.

I am right in thinking that given the changes in 2014 I need to get a wriggle on and get valuations and transfer values for my previous pension pots to move them into the LGPS before April 2014?

I'd also be grateful for any advice about AVC's/ARC's and the like - I am married but my husband is older than me and does not have much in the way of a personal pension pot so I am likely to have to rely on my pension only in later life (no children).

Obviously the simple answer needs to be "get decent advice" but I'd be really grateful for a steer on the things I ought to be considering.

hyubh

I am right in thinking that given the changes in 2014 I need to get a wriggle on and get valuations and transfer values for my previous pension pots to move them into the LGPS before April 2014?

To be sure the service credits from transfering in go towards your final salary pension (which is likely to be advantageous were your salary to increase faster than CPI), you will want the transfers actually completed before April 2014. Given the standard time limit for transfering in previous pension rights is a year from starting the new job however, that shouldn't be a problem - i.e., if you dawdle too much, you'll lose the right to transfer in anything.

I'd also be grateful for any advice about AVC's/ARC's and the like - I am married but my husband is older than me and does not have much in the way of a personal pension pot so I am likely to have to rely on my pension only in later life (no children).

As a (rough) rule of thumb, ARCs are probably better for poorer paid people, if they can afford it, and AVCs for higher paid people, in which case they act as an excellent tax dodge - the main benefit is the ability to use the proceeds from an AVC to max out your tax free lump sum at the end without digging much (if at all) into the main LGPS pension.

Pitlanepiglet

Thank you hyubh - I hadn't realised that there is a time limit for transfers in anyway - will get onto this next week.