Another LGPS possible transfer out?

Joey_Soap

Sorry, I don't seem able to quote on my phone. A transfer of 25x at a 4% draw down is the same income now as you BV would get waiting for ten years and taking the LGPS income, ignoring inflation etc.. It seems very unlikely I will get a quote of 25x so it would not be very attractive. Certainly, 10x would be a complete none starter.

Thanks again.

Soap.

[Deleted User]

Hello again Joey,
For your interest, and it may not be relevant, the details
for the above CETV as follows...... Female: age 61: 11 years service: 12 hours per week: lowest pay band.
I do not have quote to hand but it was definitely down towards 10 x.
Billy

Joey_Soap

Thanks for that. Mrs Soap is 57. She worked 28 hours a week for about fifteen years. We are asking for a transfer value now and an early payment at 60 in three years time.

Deneb

My LGPS CETV at age 60 was approximately 14 times the estimate of my deferred pension at 66, and about 19 times the value of my actual pension taken at age 61. It is also a "nice to have" pension and not critical to my retirement planning or income. I nevertheless took the view that I would have been mad to transfer out, but opted for early payment of the pension on the basis that the reduction is basically cost neutral over the period of payment based on average life expectancy, and the current payments are more use to me now than deferring it until I am also in receipt of my state pension.

Incidentally the LTA calculation exceeded the CETV in both cases.

Joey_Soap

Deneb wrote: »

My LGPS CETV at age 60 was approximately 14 times the estimate of my deferred pension at 66, and about 19 times the value of my actual pension taken at age 61. It is also a "nice to have" pension and not critical to my retirement planning or income. I nevertheless took the view that I would have been mad to transfer out, but opted for early payment of the pension on the basis that the reduction is basically cost neutral over the period of payment based on average life expectancy, and the current payments are more use to me now than deferring it until I am also in receipt of my state pension.

Incidentally the LTA calculation exceeded the CETV in both cases.

Thanks. Without jumping the gun, but it seems more likely than not, if we do anything, it will be early payment in three years at age 60 rather than a transfer or a ten year wait.

Silvertabby

Incidentally the LTA calculation exceeded the CETV in both cases. Originally posted by

Deneb

That's normal - LTA for all is a standard 20x pension plus any automatic lump sum, whereas the CETV calculation is subject to many factors.

Deneb

Silvertabby wrote: »

That's normal - LTA for all is a standard 20x pension plus any automatic lump sum, whereas the CETV calculation is subject to many factors.

I know, but I thought it worth making the point for anyone expecting a 30x-plus CETV from an LGPS pension.

Silvertabby

Deneb wrote: »

I know, but I thought it worth making the point for anyone expecting a 30x-plus CETV from an LGPS pension.

In their dreams - but people still do it !