Insufficient information from Local Gov Pension Scheme

ashpan

im a member of my LGPS and have employed an IFA to help me with retirement planning

we are looking at whether to transfer my total pension pot to another provider or to keep the pension in situ and reduce my hours a little whilst starting to take my pension in 6-9 months

i have been unsuccessful in obtaining a forecast any further than the next 3 months, this means i am unable to plan my retirement in a well-informed way

currently my IFA is unwilling to produce any recommendations as to which of the above options i should take due to the 3 month limit on predictions

chiefie

ashpan wrote: »

im a member of my LGPS and have employed an IFA to help me with retirement planning

we are looking at whether to transfer my total pension pot to another provider or to keep the pension in situ and reduce my hours a little whilst starting to take my pension in 6-9 months

i have been unsuccessful in obtaining a forecast any further than the next 3 months, this means i am unable to plan my retirement in a well-informed way

currently my IFA is unwilling to produce any recommendations as to which of the above options i should take due to the 3 month limit on predictions

Flexible retirement could work well for you. Your organisation should have a policy on this.

With regard to transfer values, lgps are on the low side.

AnotherJoe

Id have thought it was unlikely to move dramatically from one quarter to the next so are your options really that close ? Are you seeking a needless and unlikely level of certainty ?

Silvertabby

Do you mean the CETV (the transfer value)? If so, that won't change much from 3 months to 3 months. Unlike some private sector final salary schemes, which are linked to government gilts and are returning up to 40 times the annual pension, the LGPS uses GAD factors. As chiefie says, these are much lower than some of the transfer values currently being bandied about.

hyubh

ashpan wrote: »

we are looking at whether to transfer my total pension pot to another provider or to keep the pension in situ and reduce my hours a little whilst starting to take my pension in 6-9 months

i have been unsuccessful in obtaining a forecast

By 'forecast', do you mean a CETV estimate or a retirement quote...? Also, is 9 months time when you reach your normal pension age (NPA) in the scheme, or (say) when you're 55 so can leave and draw the pension with an actuarial reduction? If it's your NPA, then be warned the statutory right to a CETV is only up to a year before that.

longleggedhair

My LGPS scheme (West Midlands) are awful. I very often have to explain financial terms to the staff when calling, and when my mother retired it took them almost 9 months to calculate and put the pension into payment. Fortunately she was not without means to support herself but had she not have been it could have been very difficult for her.

hyubh

longleggedhair wrote: »

My LGPS scheme (West Midlands) are awful. I very often have to explain financial terms to the staff when calling

Out of interest, like what...?

when my mother retired it took them almost 9 months to calculate and put the pension into payment.

When did she send in her retirement declaration form?

enthusiasticsaver

I have an LGPS and was under the impression that transfers out are not recommended due to the fact it is a DB scheme. Mine offers flexible retirement and is based on career average so would have thought this might be suitable for you. You can get the pension from 55 and continue working.

ashpan

my retirement age will be reached in 9 years, i mean the CETV - which schemes are returning up to 40 times their annual pension?

ashpan

flexible retirement might be the way forward, what is a DB scheme?

im already drawing my NHS pension but reduced my hours when i moved into eduction - my pension pot from last june is around £66,000 so im not really sure what to do and what the benefits would be of leaving it where it is as opposed to moving it out to some other investment

Thrugelmir

ashpan wrote: »

my retirement age will be reached in 9 years, i mean the CETV - which schemes are returning up to 40 times their annual pension?

Asking someone to forecast years ahead is impossible. Simply too many variables. A pointless request.