stakeholder pension transfer into lgps

agentk

As above really is it considered a no brainer? Just checking! And if so would it be best maximising contributions before transfer? From savings. Smallish pot 8k within the transfer time period for a new employee.

Thank you! And for those help others on here may i take my hat off to you.:beer:

Silvertabby

At least ask for a quote - if you don't like it you won't have to go ahead with the transfer.

The factors may well have changed in the year since I retired, but let's say that transfers into the LGPS CARE scheme certainly seemed to be on the generous side!

edinburgher

My personal experience (DC into one of the Civil Service schemes, don't think they do this any more?) was that it was a great deal

Kynthia

It's usually a hood deal but o wouldn't say it's a no brained as everything to do with pensions depends on your individual circumstances and retirement goals.

Do you have any other pensions, how old are you, do you expect to work here for decades or the rest of your career, what age do you hope to retire and what is the retirement age of the civil service pension scheme, how will you fund any gap, do you have a spouse and what is their pension provision, etc.

agentk

Kynthia wrote: »

It's usually a hood deal but o wouldn't say it's a no brained as everything to do with pensions depends on your individual circumstances and retirement goals.

Do you have any other pensions, how old are you, do you expect to work here for decades or the rest of your career, what age do you hope to retire and what is the retirement age of the civil service pension scheme, how will you fund any gap, do you have a spouse and what is their pension provision, etc.

Age 47
8 k pot is all a have
wage offer 15 to 16k as for staying don't know
spouse in lgsp as well 16yrs
my thinking was fold the stakeholder in for some peace of mind! I realise i will not be able to access the lgsp till retirement age without penalties. Maybe start another pp if i wanted and cash in if i wanted to go early. spouse is 44.

I only got the job offer yesterday but i believe they do still offer transfers to lgsp.

I know it looks dire but we currently live on one wage so i am pretty sure any thing would be a bonus above combined state pension. If its still around:eek:

Kynthia

It sounds like it might be worth transferring as much as you can in as it's usually goid value and you don't have any other pension to live on. However I'm not an IFA and don't know everything about you. If you are able to put more in your stakeholder pension without leaving your savings dangerously low then it's worth considering. See what the LGPS quote is for what you have in their before you make a final decision.