Calling all lgps 2014 experts

chiefie

Hi all
I left local government in may this year. When i left i was in the 2014 scheme but having been there 14 years i had also been in the previous schemes.

The 2014 scheme states that a member can take pension at 55 (with act reduction of course) without employers consent.

Does anyone know if this means i can take all 14 years at 55 ?

Just need to understand for planning purposes. I have a private sector db pension and a sipp so i may want to take the lgps pension at about 58.

Cheers all

pete-20-11

This is the old LGPS info, which suggests you can retire at 55, but this may be reduced

http://www.lgps.org.uk/lge/core/page.do?pageId=102174


The 2014 scheme also allows early retirement at 55, but with reduced benefits

http://www.lgps2014.org/content/when-can-i-take-my-pension-1

hyubh

chiefie wrote: »

Does anyone know if this means i can take all 14 years at 55 ?

Short answer: yes. Longer answer: yes, but taking a hit on the LGPS pension rather than the private sector DB one is a curious strategy (even the worst performing LGPS fund is fundamentally less likely to enter the PPF compared to the best performing private sector DB pension fund). Maybe I'm assuming too much though - what's the normal pension age of the private sector DB scheme...?

chiefie

The db pension nra is 65 but its actuarial reduction is higher than lgps.

Ideally i would leave them both there as long as poss but my wife is older than me and we want to spend some time together.

I expect i will take them both at about 58. Ill avoid it as long as possible

Its not a strategy yet as such, just trying to get informed for all options. I have a sipp too to tide me over as and when i need to take some money before taking the db schemes.

Thanks

hyubh

chiefie wrote: »

The db pension nra is 65 but its actuarial reduction is higher than lgps.

Ah, makes sense.