Lgps

Jenalladene

Can anyone answer my querie please? I am 57 and have worked for the local authority for 22 years and paid into the LGPS for 18 years. I am about to be TUPEd over to the local college but it's being rushed and I am not happy with it. I don't believe there will be a job for me there in 12 months time and I am thinking of leaving 31st March. Can I access my LGP and would there be any deductions? I am not being allowed to take voluntary redundancy due to a £29,000 cost to pay up my pension (which I totally don't understand). Jen

Dunnit

Why would you want to take voluntary redundancy when you feel redundancy is on its way? TUPE ensures that you will not miss out on redundancy payments, indeed the local authority are likely to be obliged to pay for any redundancies for the first few years which may well suit your new employer and you.

mgdavid

why would you even consider just leaving, when somebody is going to have to pay you good money to go before NRA?

Jenalladene

Thank you for your replies. I am totally disillusioned with my present employer having been shoved from pillar to post over the years, loads of different Managers, no Manager, rubbish Managers (don't want to go into too much detail for obvious reasons), been through job evaluation and downgraded, and moved buildings 3 times in as many years. I have been considering a change of career direction and just want to go but I am having difficulty in getting an answer about accessing my LGP. HR tell me no I cannot access it but the Pensions people seem to think I can but tell me to speak to HR.

Dunnit

There is a lot of info online re LGPS and drawing it early and it is pertinent by local authority. A quick Google will find the info you require.
If you have been there 22 years it is worth your while hanging in for another year to see what happens unless you have something you really want to do and a job lined up.

hyubh

Jenalladene wrote: »

I don't believe there will be a job for me there in 12 months time and I am thinking of leaving 31st March. Can I access my LGP

Assuming you're in England or Wales, then yes, given you have been an active member since the earliest age for a voluntary retirement went down to 55 (which was 1 April last year).

and would there be any deductions?

Yes. By the sounds of things you have some 'rule of 85' protections; your employer will have the discretion to apply them in the case of a voluntary early retirement, which would minimise the hit somewhat, however it will likely cost them if they say yes.

I am not being allowed to take voluntary redundancy due to a £29,000 cost to pay up my pension (which I totally don't understand)

It's not exactly 'paying up' your pension. According to the scheme rules making someone aged 55 or older redundant for efficiency reasons leads to an automatic early retirement with no reductions applied, with the employer paying a 'strain charge' to the pension fund to make up for these lack of reductions.

HR tell me no I cannot access it but the Pensions people seem to think I can but tell me to speak to HR.

If you just resigned then you could apply to start drawing your pension without involving HR. However, if you don't involve HR you'll lose the possibility of the two things I mentioned above (redundancy and so no reductions at all, or still a voluntary retirement but with lower reductions than normal).

amibovvered

hyubh wrote: »

Yes. By the sounds of things you have some 'rule of 85' protections; your employer will have the discretion to apply them in the case of a voluntary early retirement, which would minimise the hit somewhat, however it will likely cost them if they say yes.

The old 85 year rule only applies if your age plus your length of service equals 85, and it only applied up to 2008 when the scheme was revised. The OP is 57 and only has about 15 years eligible service so as I understand it there will be no protected pension I'm afraid.

hyubh

amibovvered wrote: »

The old 85 year rule only applies if your age plus your length of service equals 85, and it only applied up to 2008 when the scheme was revised.

Not exactly. The 85 year rule was abolished for new starters a few years before the 60ths scheme was introduced, however it lingers on for longer standing members, in varying degrees, even under the CARE scheme:

http://www.lgpsregs.org/images/AdministrationGuides/85YearRule-v1.9clean.pdf

The OP is 57 and only has about 15 years eligible service so as I understand it there will be no protected pension I'm afraid.

She said she had 18 years membership, not 15. At age 62 that would be 5 more years, and 18 + 5 + 62 = 85.

amibovvered

Sorry, I meant to subtract the 7 years from the 18 years pensionable service, not the 22 years OP has worked. Having just googled it I see you are quite correct in saying there is partial protection for several years after 2008 - my apologies. But the OP is talking about retiring now, not in 5 years, so age+service now is not 85 years

hyubh

amibovvered wrote: »

But the OP is talking about retiring now, not in 5 years, so age+service now is not 85 years

See p.7 of the LGPC guidance I linked to.

chiefie

Jenalladene wrote: »

Thank you for your replies. I am totally disillusioned with my present employer having been shoved from pillar to post over the years, loads of different Managers, no Manager, rubbish Managers (don't want to go into too much detail for obvious reasons), been through job evaluation and downgraded, and moved buildings 3 times in as many years. I have been considering a change of career direction and just want to go but I am having difficulty in getting an answer about accessing my LGP. HR tell me no I cannot access it but the Pensions people seem to think I can but tell me to speak to HR.

You can now access it from age 55 without employer approval since April 1st. Speak to the administering authority direct (can be the county council). In the mean time turn up for work with a smile and think about the bright future you will soon have out of the place !