Give me a nudge - either way!

Nebulous2

Happier_Me wrote: »

I'm in the LGPS scheme on £49k and I don't accrue anywhere close to £150 so I would double check your figures. You will be accruing 1/49th of your monthly salary, less actuarial reduction.

I'd also look at the 85 rule and how this affects you. To have accrued as much in the scheme as you have I'd expect you have some 2008 pension benefits, which may well be protected from actuarial reduction from the age of 60, assuming your years service plus age equals 85 or more.

I'm accruing £860 a year plus some indexing on prior years in the care scheme.

My pension entitlement is over £27k and with actuarial reduction of 29% on final salary and 34% on care it brings it down to just under £20k at 31/3/20. What I did was add that reduction back in in a straight line - so just under £1k a year gained from a reduction in the reduction. I have a £800 a year increment for the next 3 years and I assumed 2% payrise, so that increases the salary my FS component is based on. If anything I'd say the £150 a month gain in annual pension is quite conservative.

Unfortunately my scheme tell me I lost any rule of 85 protection by transferring in. The slight silver lining is that my final salary component is only reduced to 65 and not SPA as my care component is.

Nebulous2

mgdavid wrote: »

I'd hang in there a bit longer. If they want you out then it will cost them, to your benefit!

That's a reason why I'm unsure about applying for phased retirement. I don't want to show my hand. I also try not to get too involved in discussions around retirement. For some colleagues it is their main topic of conversation. I sit there thinking, I could possibly be away before any of you!

Triumph13

I'm afraid I don't know much about disability benefits and whether they will stop when your wife reaches state pension age. I've assumed below that they stop, but add £4.3k pa to the post 67 numbers if they continue.

• Your 'number' is £27k
• If you leave next year and take the £20k, then once you are both receiving SP you will have £36k post tax
• Before SP you would have £25.5k post tax. It would take £13.5k of your £160k cash to bring that up to £27k for 9 years or £94.5k of it to bring it up to the full £36k

Sounds to me like you are good to go.

Nebulous2

Triumph13 wrote: »

I'm afraid I don't know much about disability benefits and whether they will stop when your wife reaches state pension age. I've assumed below that they stop, but add £4.3k pa to the post 67 numbers if they continue.

• Your 'number' is £27k
• If you leave next year and take the £20k, then once you are both receiving SP you will have £36k post tax
• Before SP you would have £25.5k post tax. It would take £13.5k of your £160k cash to bring that up to £27k for 9 years or £94.5k of it to bring it up to the full £36k

Sounds to me like you are good to go.

That looks and sounds good to me.... Thanks very much.

frugal90

Just be careful to not run out of time to enjoy your retirement
"One more year" syndrome can be a problem for some. Sounds to me you are ready financially if you want to. Maybe time to discover what makes you tick outside work. I have never, so far been bored!