Local Government Pension Scheme

SallyH57

Hi - thanks for this. I was told my employer would have a Policy (they don't!) and the LGPS can't advise - it is up to the employer.

Silvertabby

Neasy wrote: »

Definition of "eligible cohabiting partner" here https://www.lgpsmember.org/more/cohab-partner.php

Completion of the co-habiting partner nomination form is now optional - but let's just say that if a valid nomination form exists, then it may make the process easier for the pension administrators, thus leading to an earlier payment.

A lot of confusion also seems to exists over the two nomination forms, which are quite different.

The Death Grant Lump Sum nomination form relates to the one-off death grant only (where applicable) and may be left to anyone (or a number of people) as long as the details are clear. One I rejected was for "Mrs Bloggs, Manageress of the Furry Bottoms Cat Sanctuary" because it wasn't clear if the beneficiary was Mrs Bloggs or the cat sanctuary.

The Co-habiting Partners nomination form, as per the link, is for an eligible survivor's pension for life.

Note: Different LGPSs may use slightly different titles for these forms.

Silvertabby

SallyH57 wrote: »

Hi - thanks for this. I was told my employer would have a Policy (they don't!) and the LGPS can't advise - it is up to the employer.

Do you mean ill-health retirement? If so, then your employer must have a policy! Usual process would be for your HR to refer you to Occupational Health for an ill-health retirement medical. If the Dr agrees (and bear in mind that he/she could specify one of 3 very different tiers) then it all goes to the LGPS for their bit.

SallyH57

Sorry no - flexible retirement

Silvertabby

SallyH57 wrote: »

Sorry no - flexible retirement

Then your employer should still have a policy. Even if it is 'we don't do it'. Is it because no-one has asked for it before? If so, I'm sure if your HR speak to HR of a comparable employer within your LGPS, then they'll be able to sort something out.

Your LGPS can't help at this stage - they only administer the pension scheme for your employer, abiding by scheme rules and employer discretions. Only once your employer confirms that they are at least looking at flexi for you can your LGPS produce any figures for you to look at.

The reason for this is that if flexi is authorised before 60 - and if the pension member has any Rule of 85 protections - then your employer may have to throw some extra money into the pot. In your case, as you are over 60, then any employer concessions would be voluntary.

Silvertabby

SallyH57 wrote: »

This is exactly my point. I feel I am being discriminated against because, after two divorces (!) I do not want to marry again and I am actually happier living alone. I have a daughter and grand-daughter, both who I help financially, but they are not considered "dependent" although I don't know what they would do without me.

Times are changing - hopefully this is something that will be changed in the near future but probably not soon enough for me.

The changes you want have happened - just not for the LGPS (and probably most if not all other defined benefit pension schemes) because of the costs involved. With the LGPS/DB schemes you pay a notional amount of pension contributions throughout your working life in return for the promise of a guaranteed pension for the rest of your life and a survivor's pension for the rest of their life. Extending this to a child/grandchild would mean that the scheme would have to pay out benefits for many more years - yet the money you have paid in only covers the first 5 to 10 years of payments.

Pension freedoms, however, allow you to transfer benefits into a draw down scheme, leaving any monies left after your death to be paid to your nominated beneficiary. This is possible because the risk is all yours - you just have a pot of money which is linked to the stock market, and so could go down as well as up, meaning you have no guaranteed pension for life to look forward to. Of course, there is always the danger that there won't be any money left for your daughter/granddaughter when you die because you will have spent the lot. There is also the danger that your money will run out before you die, leaving you nothing but the State pension to live on.

Unlike most (if not all) other public sector pension funds your LGPS pension may be transferred to a private pension draw down scheme - but just because you can do something it doesn't mean that you should. As I mentioned before, the transfer factors used by the LGPS are low and you would really struggle to find an IFA willing to sign off the transfer.

daveyjp

Barny1979 wrote: »

Flexible retirement has to be a reduction of at least 40%, therefore down to 3 days a week.

Do you have a link to this info?

I suspect it may be locally negotiated and not set in stone.

Silvertabby

“ Flexible retirement has to be a reduction of at least 40%, therefore down to 3 days a week.
Originally posted by Barny1979

daveyjp wrote: »

Do you have a link to this info?

I suspect it may be locally negotiated and not set in stone.

It's an employer discretion, not a LGPS rule. I've seen flexi retirements based on dropping down to 4 days per week.

AnotherJoe

Rich2808 wrote: »

I think its a terrible shame that there is no way long term survivor pensions (bar the death in service lump sum and short term pension) can be passed onto friends or close relatives - such as siblings - in the same way those for civil partners and married couples can. Its not as if you can opt out and pay a lower contribution if you are single.

Given civil partnerships will soon be legal for heterosexual couples that might of course be an answer - as pension benefits for partners can then be applied.

All that would do is massively lower the pension you got, since it would be a very costly option to the provider. Pension are costed on the basis of overall expected life span of the recipient and partner. If you now start making that term at least double, then the pension, roughly should halve.

Silvertabby

Given civil partnerships will soon be legal for heterosexual couples that might of course be an answer - as pension benefits for partners can then be applied. Originally posted by Rich2808

Ummm - I don't think the idea of civil partnerships for heterosexual couples means that any two people, regardless of relationship status, can form a partnership just to access pension benefits.