Transferring NEST to LGPS

potatobrains

Hi, I've got a NEST pension which is a pot-type one, but I've recently got a new job with the local council which gives me the Local Government Pension Scheme (LGPS), which is a CARE (Career Average Related Earnings), rather than a pot-type pension. I'm about to transfer from NEST into the LGPS one (because the NEST one doesn't get good reviews & to keep things simple by having just 1 pension). I'm wondering how the transferral might work as they're two different types of pension. Any ideas how this goes & is it a good idea?


Thanks for any thoughts in advance!

Silvertabby

You could get an estimate of how much CARE pension your NEST transfer value will buy for you, then decide.


If you do decide to go ahead with the transfer, then you ordinarily won't be able to draw your LGPS pension before State pension age without taking an actuarial reduction for early payment.


Leave it where it is, however, and you'd be able to draw your NEST pension from (currently) 55.

potatobrains

Thanks for your reply Silvertabby. I don't expect to retire early as I'm not earning megabucks, but not being able to draw from it early is worth considering. Actuarial reductions look like a significant %-age after a quick search online.

Might it be a better idea to transfer my NEST pot to a different private pension provider?

Silvertabby

potatobrains wrote: »

Thanks for your reply Silvertabby. I don't expect to retire early as I'm not earning megabucks, but not being able to draw from it early is worth considering. Actuarial reductions look like a significant %-age after a quick search online.

Might it be a better idea to transfer my NEST pot to a different private pension provider?

Can't help you with that one, I'm afraid - but I'm sure someone else will pop up with some thoughts.