SIPP v LGPS for early retirement

kidmugsy

JohnnyJet wrote: »

I'm 42 ... I want to go before I am 67 so want this under my control.

If your wife will be under 40 at 6/5/17 you could also consider a LISA in her name. That would give the pair of you good flexibility after age 60 (for her) with the ability to get money out in the meantime in an emergency, with a tolerable penalty.

hyubh

AlanP wrote: »

My understanding is that you cannot split your pot & have to take Pre & Post 2014 elements at the same time.

Indeed, it's like that for all the 'public service' schemes.

JohnnyJet

kidmugsy wrote: »

If your wife will be under 40 at 6/5/17 you could also consider a LISA in her name. That would give the pair of you good flexibility after age 60 (for her) with the ability to get money out in the meantime in an emergency, with a tolerable penalty.

Unfortunately she is a few years older than me.

JohnnyJet

AlanP wrote: »

My understanding is that you cannot split your pot & have to take Pre & Post 2014 elements at the same time.

Take at 65 and suffer a reduction on the Post-2014 CARE element.

Take at "67" ad the Pre 2014 increases in deferment.

Oh I was advised by an independent financial advisor that I could split the pre and post 2014 contributions and start them in different years, not only that he said that if I made additional voluntary contributions I could also split that.

Is this not true?

AlanP_2

JohnnyJet wrote: »

Oh I was advised by an independent financial advisor that I could split the pre and post 2014 contributions and start them in different years, not only that he said that if I made additional voluntary contributions I could also split that.

Is this not true?

Not my understanding from our LGPS administrators and nor is it Hyubh's either (see above).

In my limited experience with IFA's they don't know much about specific DB schemes (why should they?) so I would suggest you check your Scheme Booklet and wit your administrators.