LGPS - did I misunderstand?

molerat

Well done, you have just dodged one of the worst mistakes you could make in you life.

atush

Well done for reversing. Sorry if my post sounded a bit strident but I was concerned for you.

Anyway, all the pension stuff int hew news is mainly about DC or money purchase pensions (which aren't a patch on what you have).

Where these new pension rules will help you is in future. Once you have a home and some emergency savings and maybe a S&Sisa, I would open another pension- a personal pension. This would be a DC pot of your own.

You can use this if you want a lump sum when you retire (as you dont want to take a lump sum from your LGPS but want the highest pension possible) and if you want to retire early (say from age 55-66 etc) as It hink your LGPS pension will be taken in full at age 67. TI you take it early it gets reduced (not a good thing) so take the personal pension first and live off that?

System

Hi

The "pot" is money from you, your employer and what the investment board can make.

Even though you may not be in London, this principle applies across the country...


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The London Pensions Fund Authority (LPFA) is one of the largest Local Government Pension Schemes (LGPS) in the UK. The market value of assets under management at 31 March 2014 was £4.8 billion.




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Also...


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The market value of Local Government Pension Scheme funds in England at the end of 2013/14 rose by 6.3% from the previous year to reach £178bn.
Figures released by the Department for Communities and Local Government this week demonstrated a rise of 83% on March 2009.
Overall income during 2013-14 was £11.6 billion, an increase of £534 million (4.8%) when compared to 2012-13.

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