LGPS Death Grant for Deferred members

snowqueen555

hyubh wrote: »

Maybe it's just me, but I find it odd you are concentrating on an unusual scenario (namely, dying deferred, without a partner or dependant children, yet with a desired beneficiary). The primary reason to transfer a DC pension into the LGPS is surely to acquire more index-linked income on retirement, and on pretty preferential terms, not life assurance.



Of course, and the service or additional pension bought will reflect this somewhat.

PS - what's with this 'working life' thing though, thought you were looking to die deferred...?



This is academic, given the window for transferring in is not open-ended. That said, under the old final salary scheme, transferring in earlier rather than later would be preferable if you came to outpace the scheme's assumptions on salary growth, and vice versa if you didn't. It's only with the CARE scheme that you know in real terms what pension at NRA a transfer in buys you.

Nothing sinister at all, I just find it hard to believe I will live to a nice old age. Morbid yes, bu thats it.

Life assurance is a benefit of a pension, and something I have always had before the LGPS as a "pot". I've always seen my pension as a legacy I can give to my family.

Shimrod

snowqueen555 wrote: »

Life assurance is a benefit of a pension, and something I have always had before the LGPS as a "pot". I've always seen my pension as a legacy I can give to my family.

I would rephrase that - life assurance is a benefit associated with a pension while you are working - and not a benefit of a pension. Once you are deferred (which was your original comment), then life assurance is up to you.