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LGPS to NHS Pension Transfer Advice
geeovana
Posts: 91 Forumite
Looking for some advice on behalf of my partner who has paid a Local Government Pension Scheme (LGPS) between approximately 2014 - 2018. She is now paying into an NHS pension scheme and has started the process of transferring her LGPS with a transfer value of £11,844.99 with a Club earned pension credit £2,059.26.
How do we decide if it's best to transfer or not?
Appreciate any advice and if more information is required let me know.
Thank you.
How do we decide if it's best to transfer or not?
Appreciate any advice and if more information is required let me know.
Thank you.
0
Comments
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The LGPS Scheme is funded and therefore she could potentially transfer out to a DC scheme or a DB Scheme (like NHS).
If she transfers to the NHS Scheme, she could transfer out only to a DB Scheme.0 -
The LGPS Scheme is funded and therefore she could potentially transfer out to a DC scheme or a DB Scheme (like NHS).
If she transfers to the NHS Scheme, she could transfer out only to a DB Scheme.
True, but where else would such a small transfer value buy you that sort of pension? Even if she is still relatively young, it's one heck of a good deal.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
Looking for some advice on behalf of my partner who has paid a Local Government Pension Scheme (LGPS) between approximately 2014 - 2018. She is now paying into an NHS pension scheme and has started the process of transferring her LGPS with a transfer value of £11,844.99 with a Club earned pension credit £2,059.26.
How do we decide if it's best to transfer or not?
In principle, as the LGPS pension (assuming England and Wales) is CARE only, it should be much of a muchness, as the transfer-in would keep the old scheme's active member revaluation rate. Other things like the revaluation rate in deferment, normal pension age, and pension increases are identical between the two schemes.
How did the preserved (deferred) pension with the LGPS compare to the £2,059.26...?0 -
True, but where else would such a small transfer value buy you that sort of pension? Even if she is still relatively young, it's one heck of a good deal.
Nobody is denying this.
I was pointing out a fact in case it should have any bearing on the OP's partner's decision.
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