Added years in the LGPS

woolly_wombat

If you can afford to do so, then why not leave her Added Years contract running and contribute to a SIPP as well?

She could draw down all the SIPP to cover the gap before her LGPS NPA without having to take a hefty actuarial reduction on the LGPS.

System

Hi

"one where she stopped paying for the Added years in 2016"

This, historically, was when the pension/redundancy would be at aged 50, and perhaps a co-incidence or maybe intentional.

The original paperwork must be on file, in paper and/or on the AXIS - ALTAIR system as a database entry. When / how does the payroll section know when it ends or if it gets varied or terminated early.

Ask the administrators.

The cost of added years cost needed to cover the EE & ER contributions (EmployE & EmployeR) to buy the pension value at who knew what salary and for how many years, with survivor benefits added on.

So the cost is high, but I do consider the value to be equally high.

hyubh

johndough wrote: »

The original paperwork must be on file, in paper and/or on the AXIS - ALTAIR system as a database entry.

A pedant writes - not all are with Heywood...

Ask the administrators.

Yep!

saucer

johndough wrote: »

Hi

"one where she stopped paying for the Added years in 2016"

I probably didn't make this clear, but this is when she asked the scheme to outline the difference between pension and lump sum payable at 63 if she continued paying into the Added years contract until then, versus stopping at that point, in 2016. We will speak to the scheme administrators as suggested and see how the added years contact is for. From what my wife gathered the last time it sounded like the potential additional benefits of the contract may now be less favourable as time goes on, so we thought she might be better stopping the contract and putting the money in a SIPP, or even using it day to day, which we could do with. I should have a very good DB pension and, given we are relatively cash poor at the moment, it seems a bit unbalanced to be putting all our spare cash into pensions and be missing out on a little bit of spare spending money now...life being short and all that :-)

System

hyubh wrote: »

A pedant writes - not all are with Heywood...



HERESY!