civil service pension query

OldBeanz

In your position I would leave the 2 pensions separate. Retiring last year my CS pension was based on my 2007 salary and boosted my pension by 10% i.e. CS pay has lost 10% against inflation since 2007. Take your pension at 60 (it takes them 4 months so put a note in your diary to get in touch 6 months before). You then can retire at 60 and await your LGPS pension; as you have presumably a decent CS pension you could justify trying to convert the JGPS to a SIPP and drawing the funds as required; if you felt you wanted to continue working then pay your pension (or at least any money taxed at the higher rate) into a PP or SIPP until you want to retire or have enough money to take you to your SP and LGPS pension. Just take your pensions when they are due.

kidmugsy

Acquinas wrote: »

Essentially, you have to remember that you are a long time dead.

Aye, but you also have to remember that age 80 is nothing nowadays.

kidmugsy

Galoglas wrote: »

I have 31 years accrued in my civil service pension. I have been offered a job in local government and I am trying to find out if I am best to leave my civil service pension as it is or transfer it to the local government scheme. I'll be 55 in April was planning to retire around 60.

If you do retire at 60 that gives you the useful option of taking the CS DB pension and also, perhaps, transferring the LGPS pension to a DC scheme. Then you could draw from the DC pension to bridge the gap until your State Retirement Pension.

if you moved the CS pension into the LGPS then you'd lose the option of diversifying your occupational pensions between DB and DC. It may be an option you'd never use, but it still might be comforting to know it's there.