LGPS deferred pension

Lild

Hi I know I probably need independant financial advice, but I wanted to ask on here first.

I rang the pension office as I have a deferred local gov pension, and wondered if I can access it, as the gov new policies come in force.

I was told I cant as its deferred, im no longer paying into the scheme and it will be pain out in full in 2017.

I have been ill for many yrs and I have thought about asking for it to be released as ill health but they cannot give me any details of amounts unless I go through a medical etc first. I have many hospital appointments and i do not want to be pulled around.
I know it probably sounds stupid but i cant make any decision unless i have some figures which they said they cant provide.

I thought that under LGPS pensions could be accessed after you are 55 but mine will be full term when Im 61 which is also an unusual age I think.
sorry if this is a bit garbled if you want to ask anything please do.:rotfl:

mgdavid

Have you ever requested a Benefit statement in the past, or perhaps you've been receiving them annually?

Drp8713

Nope, you have never been able to voluntarily access an LGPS pension until at least age 60, with a normal retirememt age of age 65 (however, some members, like you by the sound of it, do have protections).

Its only the 2014 regulations that permit access from 55, but they dont affect anyone who left before 1/4/14.

Regarding the ill health quote, that is the standard policy across all of the authorities I have worked for. You dont give people quotes for things they cant have, it just causes problems.

Youre either too ill to work or you are not, if you are go to see the council doctor and get your ill health pension.

MARTYM8`

OP – as has been said you should be getting an annual statement in the post with your pension valuations. Most authorities also have online record systems – which you can register for.

If you left pre 2008 your pension is calculated as follows – albeit the salary element will have been uprated annually for the cost of living since you left (was RPI now CPI). You also have death benefits equivalent to 5 times your yearly pension as well.

Formula for calculating deferred benefits:
Yearly pension = period of membership X 1/ 80 X final pay
Lump sum = yearly pension x 3

So ring them up – and insist they send you a statement and when you can retire without deductions (e.g. do you meet the 85 year rule – if your years worked in the LGPS plus years to retirement when you left plus your age exceeds 85 you can take your pre 2008 benefits without deduction)

As for your ill health benefits – if you think you are unfit to work ring them up and ask for the appointment with the council’s doctor. You have nothing to lose – bar attending the appointment – as it won’t affect your pension payment adversely if you don’t qualify.

This article may be of use

http://www.walkermorris.co.uk/business-insights/ill-health-early-retirement-under-lgps-how-far-must-employer-go-obtaining-expert

“In order to qualify under regulation 31 of the Local Government Pension Scheme Regulations 1997 (the relevant one), a member had to be permanently incapable of discharging efficiently the duties of his former local government employment because of ill-health or infirmity of mind or body. The former employer, before making a decision, is required to obtain certification as to the member's incapacity under the test from an independent registered medical practitioner.”

xylophone

http://www.lgps.org.uk/lge/core/page.do?pageId=101769

MARTYM8`

xylophone wrote: »

http://www.lgps.org.uk/lge/core/page.do?pageId=101769

That doesn't of course cover the 85 year rule protections - which apply to anyone who had LGPS service before April 2006 but may be particularly useful to the OP as they are reaching 60 before 2020.

Now I don't know if the OP is eligible under the 85 year rule to take their benefits now without deduction - but if they had a lot of LGPS service or left a long time ago its quite possible.

http://www.wmpfonline.com/CHttpHandler.ashx?id=4695&p=0

http://www.mylgpspension.co.uk/Member-Information/Member-information/Deferred-Member/Retirement-guide/Early-retirement/85-year-rule.aspx

"The 85-year rule applied to members who were active members of the LGPS before 1 October 2006.

If you hold deferred benefits in the LGPS, you will meet the 85-year rule when your age (in whole years) and the membership you have built up in the LGPS plus the potential membership (in whole years) you would have built up had you stayed in the LGPS until your Normal Retirement Age add up to 85 years or more. If you are part-time, your membership is treated at its full calendar length in deciding if you meet the 85-year rule criteria.

The 85-year rule does not entitle you to retire - it is simply a tool to determine the amount of reduction, if any, that should be applied to your benefits if paid prior to age 65."

Lild

Thank you for your help everyone
I left LG over 10 yrs ago, and have been ill ever since, I was going to put in for ill health pension when I was 55, but I was quite poorly at the time in and out of hospital I couldnt deal with anything.

I still have the same illnesses and also a few new ones, which has made me think about what youve said and maybe I have to go down the ill health pension route, or I will have to wait another two yrs for my pension without deductions.

Has anyone else gone down this route here any advice. I think I just have to write contact my previous employer to start the ball rolling.

I off to read the links youve given me
thanks