LGPS vs Teaches pension

blackeberg

This is going to sound a bit vague but others might be able to clarify.

1) I'm sure I read somewhere that the LGPS has some advantages to the AVC scheme at the moment (related to the way you take the lump sum when you retire).

2) Whilst the TPS has scrapped the ability to buy additional years they have added the right to buy an additional pension annual sum up to £5000 per annum at todays prices. This would currently cost £47600 to buy if you were protecting 50% of the sum for a partner. You can buy this in small instalments e.g. I bought £500 for £4760.

3) The LGPS was considering a similar scheme change to the one described in point 2. I wonder if you could buy additional pension through both if you had the funds available. I might look into this further as I think my lecturer post might get changed to an admin./professional grade at some point in the future.