LGPS Deferred Pension lump sum

Ganga

Silvertabby wrote: »

It depends on the job. I don't know if Mollycat was a front line medic, but a family member is. A&E in a busy inner city hospital on a Saturday night is not for the faint hearted.

As for me and Mr S - as we are now in our 60s, our enemies during our RAF service tended to be Joe Russian and Paddy IRA. Thank God the cold war never went hot, but being on live armed guard (ie, patrolling whilst carrying a loaded rifle) during a high level terrorist alert was hardly a soothing walk in the park.

Nobody said your job was a walk in the park,what has been said is that the people who worked in the NHS had a stressfull job and felt that they were unique in this,whilst i worked in the private sector for a national pump hire company i have been called out in the middle of the night to repair a pump in an opencast quarry or a sewage works,try walking about in the dark with trip hazzards and worse and i can tell you it is not only stressfull but frightening but i am sure people had worse jobs than me and never got a gold plated pension chucked in.:rotfl::rotfl:

LeoTLion

Ganga wrote: »

Nobody said your job was a walk in the park,what has been said is that the people who worked in the NHS had a stressfull job and felt that they were unique in this,whilst i worked in the private sector for a national pump hire company i have been called out in the middle of the night to repair a pump in an opencast quarry or a sewage works,try walking about in the dark with trip hazzards and worse and i can tell you it is not only stressfull but frightening but i am sure people had worse jobs than me and never got a gold plated pension chucked in.:rotfl::rotfl:

Being woken up in the night? Working in the dark? And, trip hazards? Your poor dear, how on earth are you managing to live your life now with all the PTSD you must be suffering?

If only you'd known about torches back then, it could have completely eliminated one source of your stress and made another much easier to avoid.

Still I hear there been some really encouraging breakthroughs with the use of MDMA recently so hang in there help is on the way.
:rotfl: :rotfl:

mollycat

Ganga wrote: »

Nobody said your job was a walk in the park,what has been said is that the people who worked in the NHS had a stressfull job and felt that they were unique in this,whilst i worked in the private sector for a national pump hire company i have been called out in the middle of the night to repair a pump in an opencast quarry or a sewage works,try walking about in the dark with trip hazzards and worse and i can tell you it is not only stressfull but frightening but i am sure people had worse jobs than me and never got a gold plated pension chucked in.:rotfl::rotfl:

Why don't you read people's posts properly; no one said that their difficult jobs were unique.

I described my job, i have no idea what anyone else does for a living but I do have the intelligence to appreciate many jobs will have challenging aspects.

If you read my post properly you will (hopefully) realise that what I meant was the working conditions for a front line health worker are a counterbalance to the fact that we can choose to retire early; hence the use of the term "swings and roudabouts".

Read what is written; not what you think has been written.

Jeez!

Ganga

mollycat wrote: »

Why don't you read people's posts properly; no one said that their difficult jobs were unique.

I described my job, i have no idea what anyone else does for a living but I do have the intelligence to appreciate many jobs will have challenging aspects.

If you read my post properly you will (hopefully) realise that what I meant was the working conditions for a front line health worker are a counterbalance to the fact that we can choose to retire early; hence the use of the term "swings and roudabouts".

Read what is written; not what you think has been written.

Jeez!

Noticed you never mentioned the gold plated pension:rotfl:

enthusiasticsaver

Silvertabby wrote: »

Some cracking reasons, but these were the best:

"My husband has a good pension so I don't need one as well".

"The LGPS is a rip-off - you are charging me over £100 a month, but stakeholder pensions are only £20 a month".

"It's just another council tax - and if I don't have to pay it, then I won't".

"Now that the State pension will be the same as my wages I don't need a works pension as well"
(After I'd explained what restoring the link between salaries and the State pension really meant..)
"Well, the money's better off in my pocket than the Council's".

These stick in my mind because they were all in their 20s/30s on full time contracts and decent rates of pay. I wonder what they think about opting out now!

Hilarious :rotfl::rotfl::rotfl:

jennyjj

Malchester wrote: »

The final words to my query direct from WYPF itself:

if you are a Class C member & as you started in the scheme before March 1987 and left prior to April 1998, you have qualified for the Class C conversion rate. There is a table in their communication but I cannot post it here in a readable form.

I am a class C member (starting 1983 and leaving 1994) so am entitled to 1:18.69 commutation rate

Thanks for all help and suggestions along the way

Well, it seems that they have stated it pretty categorically now.
Consider exploiting their generosity and if they later try to renege, give 'em hell.
JJ
:rotfl:

Ruthie5

I'll just add a note as I stumbled across this thread whilst I was researching 'inverse commutation' - ie: the option of converting lump sum into pension. Although I've read this particular option has been revoked, it will still apply to a few members and I've contacted the pension authority where I have a deferred pension to see if I am in that group.

But out of interest I had a look at the conversion rate at age 60 and if I gave up £100 of lump sum, I would gain an additional £5.35 per annum of pension. I then calculated that conversion rate - 18.69. That's a bit of a weird coincidence? I may not be in the group that can inversely commute anyway, but just thought I would post in case this is of any interest.

Silvertabby

Ruthie5 wrote: »

I'll just add a note as I stumbled across this thread whilst I was researching 'inverse commutation' - ie: the option of converting lump sum into pension. Although I've read this particular option has been revoked, it will still apply to a few members and I've contacted the pension authority where I have a deferred pension to see if I am in that group.

But out of interest I had a look at the conversion rate at age 60 and if I gave up £100 of lump sum, I would gain an additional £5.35 per annum of pension. I then calculated that conversion rate - 18.69. That's a bit of a weird coincidence? I may not be in the group that can inversely commute anyway, but just thought I would post in case this is of any interest.

You must have left the LGPS/ deferred your benefits on or before 5 April 2006 in order to be in with a shout. If you did defer before that date, then it depends on how your LGPS handled the changes. The right way would have been for them to write to you to ask if you wanted to switch to the new rules (commutation of pension in order to realise a larger tax free lump sum) or retain your rights to the old rules (inverse commutation). The letter may have said that non-receipt of an answer (by 2007) would result in the default option of new rules only being applied to the record.