Deferred Pension

billyclark

Hi All,
I need advice about a deferred pension i have with the local authorities.
I opted out of it in June 2002 with 8 yrs 200 days.

I am now back with the same local authorities and they asked if i want to keep or cancel my deferred pension

Can any one give me advice on this please.

Thanks

xylophone

keep or cancel my deferred pension

Do you mean leave the old pension deferred or transfer it to a new LGPS pension?

billyclark

Hi ,
Thanks for the reply

Yes i mean do I keep the old pension Deferred or transfer it

hyubh

billyclark wrote: »

I am now back with the same local authorities and they asked if i want to keep or cancel my deferred pension

Can any one give me advice on this please.

Cancelling the deferred pension = moving the membership (i.e., years and days you were in the scheme previously) to go against your current job, and more particularly, your final salary in it. As such, if your current whole-time equivalent salary is less than what it was in June 2002, allowing for inflation, then keep the old membership deferred.

Since LGPS administrators by law have to issue deferred annual benefit statements, you probably don't even have to do the maths - you should have had a statement two or three months ago saying what the current value of your deferred pension is.

missymouse

Hi,

I am in a very similar scenario to you Billy. I will be paying into the same local authority scheme that I started paying into around 2000.

In 2010 I left that place of work and started a new job which paid into a different scheme.

My question is, should I transfer my pension of 3 years' from the other scheme into the local authority one? I don't really get it at all and no one will advise me.

What happens if I leave the money there. will it sit dormantly for years'?


thanks

Linton

Was that other pension scheme (2010-2013) a similar Final Salary one to LGPS or a money purchase one as is usual in the private sector? More details please.

Unless we know that we cant suggest what you should do or what will happen if you do nothing.

opinions4u

I need to get a job with a local authority!

hyubh

missymouse wrote: »

I am in a very similar scenario to you Billy. I will be paying into the same local authority scheme that I started paying into around 2000.

'Very similar' would mean looking to transfer previous LGPS membership. It can be a bit more complicated otherwise, since from the member's POV you would be buying not moving membership.

In 2010 I left that place of work and started a new job which paid into a different scheme.

My question is, should I transfer my pension of 3 years' from the other scheme into the local authority one?

Assuming it isn't LGPS to LGPS ('from the other scheme'), complete your current fund administrator's transfer request form to get a quotation - it will be on the administrator's website. Don't dawdle too much or you may miss the transfer window (expect getting the quotation may take a couple of months if the previous service isn't with another public sector scheme).

What happens if I leave the money there. will it sit dormantly for years'?

Nobody can say if you don't report what the old scheme actually is.

hyubh

opinions4u wrote: »

I need to get a job with a local authority!

Don't worry, a local school is bound to be on the lookout for a teaching assistant in the new year.

opinions4u

hyubh wrote: »

Don't worry, a local school is bound to be on the lookout for a teaching assistant in the new year.

To be honest, when I give up on the "real world" that would be right up my street for a few years.

littlelad

billyclark wrote: »

Hi All,
I need advice about a deferred pension i have with the local authorities.
I opted out of it in June 2002 with 8 yrs 200 days.

I am now back with the same local authorities and they asked if i want to keep or cancel my deferred pension

Can any one give me advice on this please.

Thanks

IMHO transfer it, the scheme is excellent and this will keep your arrangements simple if you stay til retirement