Retiring at 59

polardesign

Reply from SCC..
*****************************
The SCC scheme is part of the LGPS.

In terms of claiming his pension at age 59, Mr XXXX actually meets the 85
year rule already so the Council would need to pay his benefits without
reductions and this involves a cost to the Council. For this reason, a
'standard' application which is not on compassionate grounds is very
unlikely to be successful.

*****************************

Has anyone got any ideas...it looks like he will have to wait untill he is 60 to recieve his pension.

Does anyone now if you can waiver the 85 Year rule?

Debt_Free_Chick

polardesign wrote: »

Reply from SCC..
*****************************
The SCC scheme is part of the LGPS.

In terms of claiming his pension at age 59, Mr XXXX actually meets the 85
year rule already so the Council would need to pay his benefits without
reductions and this involves a cost to the Council. For this reason, a
'standard' application which is not on compassionate grounds is very
unlikely to be successful.

*****************************

Has anyone got any ideas...it looks like he will have to wait untill he is 60 to recieve his pension.

Does anyone now if you can waiver the 85 Year rule?

I would reply and ask if there is an option for him to receive a reduced pension, which does not involve the Council in any additional cost.

Let us know the reply, please

A_Nice_Englishman

Could he get work near his daughter for a year to avoid taking his pension early and suffering a reduction?

EdInvestor

Does he have any other pensions that he could access early (perhaps with his new job?) You can take 25% of a personal pension in tax free cash from age 50 which might be enough to tide him over until the main pension kicks in next year.

Andy_L

If he goes a year early he will lose 6% of pension & 2% of lump sum.

http://www.lgps.org.uk/contributing/benefits-reduction-table.html

polardesign

I have tried to see if there is anyway around getting the pension paid a year early....SCC rely

*************************************
SCC reply

I sympathise but unfortunately there isn't a way round it. The Regulations
governing the LGPS are inflexible in so far as this aspect is concerned.

*************************************

it looks as though my father in law will have to wait another year...
Its not right...................

polardesign

EdInvestor wrote: »

Does he have any other pensions that he could access early (perhaps with his new job?) You can take 25% of a personal pension in tax free cash from age 50 which might be enough to tide him over until the main pension kicks in next year.

Can you explain the above...He is unable to get any of the Surrey County Councils Pension until he is 60...

He has an Atkins Pension which he pays into at the moment but not sure what it is worth, his HR person keeps draggering her heels when he asks for a forcast

EdInvestor

polardesign wrote: »

He has an Atkins Pension which he pays into at the moment but not sure what it is worth, his HR person keeps draggering her heels when he asks for a forcast

If he plans to stop work, he could take benefits from this pension.
As well as finding out the value of the fund now, find out what kind of pension it is. If it's a "group personal" or "group stakeholder" pension ( run by a life insurance company), he should have no problem doing this. 25% of its value can be taken in tax-free cash and the rest will provide an annuity type income.

If it's an occupational defined benefits scheme, he will have the same age related problem as with the council.

If it's an occupation defined contribution scheme, he should be able to get the money but it's not automatic.

Does he have an annual pension statement?