Current pension with nest

cherry76

Am due to start a new job with LGPS? Need some advice what to do with my current small nest pension approx 6 yrs memberships? Leave it as it and contribute whenever I can. The charge is very low,am not looking at others as I am going to get more confused. Is there a possibility I could get less than my contributions when I retire with nest. As I am a late started 40 this yr I intend to contribute 15% of my salary to the LGPS. Thanks

tacpot12

There is virtually no possibility of you getting less than your contributions when you retire if your leave your existing NEST Pension in place. This is due to the charges being much lower that the average rates of return on all NEST funds.

If you can only make ad-hoc contributions, then making them to NEST is a reasonable plan If you can make regular additional contributions, investigate the options within the LGPS to increase your pension as this will be better value.

GunJack

cherry76 wrote: »

Am due to start a new job with LGPS? Need some advice what to do with my current small nest pension approx 6 yrs memberships? Leave it as it and contribute whenever I can. The charge is very low,am not looking at others as I am going to get more confused. Is there a possibility I could get less than my contributions when I retire with nest. As I am a late started 40 this yr I intend to contribute 15% of my salary to the LGPS. Thanks

There may be a possibility of transferring your Nest pot into LGPS..quite possibly a very good move.

Also, your "intend to contribute 15% of my salary to the LGPS". It's a Defined Benefit (career average) scheme, your contribution is a fixed % based on your salary. It's not a "pot of money" like Nest, which is a Defined Contribution (money purchase) scheme. DB scheme superior.

SilverTabby is one of our resident LGPS experts, hopefully she'll comment when she's about.

cloud_dog

cherry76 wrote: »

Am due to start a new job with LGPS? Need some advice what to do with my current small nest pension approx 6 yrs memberships? Leave it as it and contribute whenever I can. The charge is very low,am not looking at others as I am going to get more confused. Is there a possibility I could get less than my contributions when I retire with nest. As I am a late started 40 this yr I intend to contribute 15% of my salary to the LGPS. Thanks

Hi.... What is your salary? Is it well in excess of the personal allowance of £12500 (19/20)?