Merseyside Pension Fund - Offer

Malchester

For the first two months of my LGPS pension I paid tax as I was put on a rate by hmrc that meant all my income on the pension was taxed. I rang them up and they have now divided my personal allowance between my LGPS pension and my current salary to my best interest. I have to say that hmrc were extremely helpful when I contacted then and my online record was updated very quickly and all is working well

Malchester

Thanks for your comment Silvertabby in response to my post. The reason I mentioned it was that all the documentation I received from West Yorkshire pension service said my commutation rate was 1:12. All the annual reports and valuations said and even my quote as I came up to retire said it. It was only as I looked at the figures I realised it was around 1:19. It made a difference to my decision

hyubh

Malchester wrote: »

The reason I mentioned it was that all the documentation I received from West Yorkshire pension service said my commutation rate was 1:12. All the annual reports and valuations said and even my quote as I came up to retire said it. It was only as I looked at the figures I realised it was around 1:19.

Would this be averaging out the maximum lump sum taken, so including the standard lump sum on pre-April 2008 membership ('service'), or literally just the rate on additional lump sum...?

lazyred

Malchester wrote: »

Thanks for your comment Silvertabby in response to my post. The reason I mentioned it was that all the documentation I received from West Yorkshire pension service said my commutation rate was 1:12. All the annual reports and valuations said and even my quote as I came up to retire said it. It was only as I looked at the figures I realised it was around 1:19. It made a difference to my decision

West Yorkshire administer schemes for different employers with different rules. I think all local govt employees get 1:12 but other schemes are more generouse eg fire service can get 1:19

Silvertabby

“ Thanks for your comment Silvertabby in response to my post. The reason I mentioned it was that all the documentation I received from West Yorkshire pension service said my commutation rate was 1:12. All the annual reports and valuations said and even my quote as I came up to retire said it. It was only as I looked at the figures I realised it was around 1:19. It made a difference to my decision
Originally posted by Malchester

I remember this - but wasn't it because your employer was the Fire Service and that you left before 1998? OP left in 2000, so 1:12 will apply.

antdon

Many, many, Thanks to everyone who replied....

I was at the point where I was going to make an appointment with Merseyside Pension Fund to try to 'get my head around' this...

All my questions have been answered here...

All that I have to do now is some basic maths to work out my best option

Again, Many thanks all

antdon

Malchester wrote: »

I rang them up and they have now divided my personal allowance between my LGPS pension and my current salary to my best interest. l

Thanks for the reply....

But, How does this work... Surely it doesn't matter where your personal allowance is deducted???

Silvertabby

antdon wrote: »

Thanks for the reply....

But, How does this work... Surely it doesn't matter where your personal allowance is deducted???

It doesn't - you'll still pay the same amount of tax. Personally, I've gone for my tax allowance against my RAF pension, and BR against my LGPS. Much easier to ensure that it's right that way!

Malchester

I remember this - but wasn't it because your employer was the Fire Service and that you left before 1998? OP left in 2000, so 1:12 will apply.


Ah not this again. If you review the previous thread you will see I was not in the Fir Service Scheme but in the LGPS WYPF scheme. Never worked for the fire service. IT just happened that my start and end dates fitted exactly the dates for a 1:19 commutation rate.

Silvertabby

Malchester wrote: »

I remember this - but wasn't it because your employer was the Fire Service and that you left before 1998? OP left in 2000, so 1:12 will apply.


Ah not this again. If you review the previous thread you will see I was not in the Fir Service Scheme but in the LGPS WYPF scheme. Never worked for the fire service. IT just happened that my start and end dates fitted exactly the dates for a 1:19 commutation rate.

I stand corrected. However, there must be an element of employer discretion here - because I can say without a shadow of doubt that the LGPS I worked for only used 1:12, regardless of dates of service.