LGPS and TPS

hyubh

johndough wrote: »

If we calculated on £27,930 (which may be a bit low)

Given the contribution rates reported, it will be between £43,501 and £54,999. Personally I wouldn't use this as a factor when making job decisions, but at that pay grade and what I am guessing is the OP's age, I would expect future salary growth to make the higher revaluation rate preferable over a higher accrual rate. That said, I agree with you that there are too many unknowns to take such judgements too seriously.

typeractive

Johndough, hyubh and everyone else who has responded - thank you so much for taking the time to help me out. It's odd how the LGPS pension MIGHT end up being a better option, and the variables differ to how I thought the pensions worked.

It's really helped me to not base an acceptance on what I had originally thought was quite a big deal. I was thinking 'hang on, I'm going to be at a loss based on these rates'.

I still find it complex - no denying that, but using the figures it is making more sense, as these rates would then be multiplied by the time in the pension. The CPI rates change, and also the conditions of the pension schemes.

Hyubh you'd make a good detective!

System

Hi

"Given the contribution rates reported, it will be between £43,501 and £54,999. "

True, I was tempted to pitch it at a manager's salary

49 * 57 * 20 = £55,860.00

but liked the simplicity of just adding a 0 to 49*57.

So thats £1140 LGPS; and TPS is £980:

Personal view is the LGPS has the edge, but what I think don't come into this process.

taktikback

The LGPS accrual rate was revalued to 1/49th when it moved to the current CARE scheme, from the previous 1/60th Final Salary scheme. This looks generous on the face of it, but the CARE scheme is now linked to your state pension age and not age 65 as previously. I think the TPS is linked, worse case to 65 - so if you retired at 65 -the calculations for both schemes are similar.