Insufficient information from Local Gov Pension Scheme

OldBeanz

First of all, my wife works for the LGPS and she has online access to her pension details. She can see her pension value broken down and a forecast of her future pension along with her CETV. She used to work for the Civil Service and MyCSP took 10 and a half working weeks to provide a forecast for her retirement date and told her to work out any decrease for drawing her pension early by doing it herself using a proprietary operating system and spreadsheet, so whatever the LGPS is doing is likely to be light years ahead of this.
DB pensions are the holy grail of pensions as they are worked out at retirement based on your final salary and length of service. The real benefit is that the pension you are given is index linked and you do not have to worry about stock markets going up or down or, more importantly, of running out of money. All Government pensions are backed by everyone's taxes so it is unusual for someone not to be on this thread complaining about how lucky you are to have a HMG backed pension. Of these HMG pensions the only main one with actual funds is the LGPS (not NHS, Teachers, CS, Police, Firemen etc) which is the only one where you can transfer your pension as cash. The reason why this is attractive to non Government companies is that provision of guaranteed pensions is now very expensive to fund so they will offer staff a lot of money to leave their pension schemes. Do you think they do that for the benefit of the company or of the pensioner? While the LGPS offers to do this they are not as desperate as companies are to get these liabilities off their books.
From the information you have given, you appear to be 58; drawing an NHS pension (perhaps early but for example mental nurses could draw from 55); have a lump sum of £66k (or perhaps another pension with that amount); are working for your local authority with your NHS pension supplementing your income to keep your hours down.
What would be helpful would be to know; what your income is; what your present pension is; the status of the £66k; how much money you want before you retire. It is still rarely attractive to leave a HMG backed pension especially when you are still in their employment.

hyubh

ashpan wrote: »

my retirement age will be reached in 9 years, i mean the CETV

What Thrugelmir says - when the administrator provides a CETV, the three months is the period for which they will be beholden to the result. Any prospective CETV for sometime after that would be as good as what you can do on a spreadsheet, i.e. a rough guess no one will be beholden too, since no one knows the factors and even the precise calculation basis that will be used in the future.

Essentially the same goes for a CETV from a private sector scheme, though LGPS funds also have the additional aspect of having no control over how their CETVs are calculated (the general approach is set by central government, the calculation and factors by the Government Actuary's Department).

which schemes are returning up to 40 times their annual pension?

Not yours, so I'm not sure of the relevance of the question...?

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

A flexible retirement requires employer approval, which may or may not be hard to get. A DB scheme is like yours, i.e. where pension benefits are defined by the rules of the scheme, rather than investment growth.

xylophone

im a member of my LGPS

already drawing my NHS pension

and have employed an IFA to help me with retirement planning

And yet the OP asks

what is a DB scheme?

:eek:

xylophone

OP, have you obtained a new state pension forecast?

https://yourstatepension.campaign.gov.uk/?utm_source=Mail-Online&utm_medium=Partnership&utm_campaign=GTKY