pension release

redredwine13

hello to all, here is hoping i can get some clear advice, i have a pension sat with a local authority,i am over 55 below 60, i am not in work at the moment, can i access a lump sum of it now or do i have to wait until i am 60, secondly in september i start a new job which will contribute into the local authority pension scheme in which i already have a pension sat, will this affect my rights in anyway of being able to draw on a lump sum from my original pension,thanks in advance to any answers.

jamesd

I suggest that you edit your post and click go advanced button after that, then change the title to "LGPS lump sum between 55 and 60?". That will attract the people who are best able to answer your question.

At the moment the title makes it look as though you're asking about one of the many illegal schemes that are used to con people out of much of their pension money and that is not what you're really asking about.

mania112

Can you? Yes

Should you? No

Does starting a new pension effect anything? No

Drp8713

redredwine13 wrote: »

hello to all, here is hoping i can get some clear advice, i have a pension sat with a local authority,i am over 55 below 60, i am not in work at the moment, can i access a lump sum of it now or do i have to wait until i am 60, secondly in september i start a new job which will contribute into the local authority pension scheme in which i already have a pension sat, will this affect my rights in anyway of being able to draw on a lump sum from my original pension,thanks in advance to any answers.

Assuming you left the LGPS before 1/4/14 then no, you cannot access your pension before 60 voluntarily, only with employer consent or on health grounds.


If you did start taking your pension and then were re-employed in local government, your pension could be abated. You would have to ensure that the value of your salary in the new job plus the pension in payment did not exceed the salary when you left the first job, plus inflationary increases.


Although abatement is discretionary, some councils abate, some councils do not.