Local Government Pension Scheme

Maxydog

Hello, I am starting a new part time job at a school next week. It is only 8 hours a week (plus some extra days if needed). One of the forms refers to joining the Local Government Pension Scheme or opting out of the Scheme. I am a non tax payer and I will earn approx £3k pa from this job. Should I join the LGPS or will I not be earning enough to make it worth while? Thanks for any advice.

Dox

Pensions are 'deferred pay'. Why would you give up what is effectively 'free' money from your employer?

Kynthia

It won't be much free money but it's still free money. If you live more than a few years beyond retirement age you'll get back more than you put in, and continue getting it for the rest of your and your partner's lives.

GDB2222

It used to be that having a small pension did not help, as your benefits got reduced. However, now that the basic state pension is much higher, many people don't get benefits at all, and having even a small extra pension will help.

Really, to be sure about this, you need to work out exactly what benefits you would be entitled to when you retire, if any, and how those benefits would be affected by the pension.