📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

LGPS Flexiable Retirement cost to employer

2»

Comments

  • Silvertabby
    Silvertabby Posts: 10,181 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    edited 21 December 2019 at 3:08PM
    Tiggy777 wrote: »
    Hi Silvertabby..thanks again for this, so just to confirm if I 'fully' retire there is no costs to the employer : if I take flexible retirement there is a cost to employer ? (as before if there is a cost they will say no)

    I guess I could leave at 58 and delay taking my pension until 60 which would boost it a bit.

    Kind regards

    Tiggy


    Yes, you could fully retire at 57.5 and take the full hit yourself, with zero cost to your employer. However, retiring at 58 and deferring your benefits until 60 would be beneficial as you wouldn't incur any reductions to your pre 2008 benefits - and you would accrue a little more pensionable service/incur lesser reductions to your post 2008 benefits.
  • Tiggy777
    Tiggy777 Posts: 94 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    edited 21 December 2019 at 7:04PM
    Yes, you could fully retire at 57.5 and take the full hit yourself, with zero cost to your employer. However, retiring at 58 and deferring your benefits until 60 would be beneficial as you wouldn't incur any reductions to your pre 2008 benefits - and you would accrue a little more pensionable service/incur lesser reductions to your post 2008 benefits.

    Great I understand now.

    Thanks Silvertabby

    Tiggy :)
  • Silvertabby
    Silvertabby Posts: 10,181 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    Tiggy777 wrote: »
    Sorted roll on 58

    Thanks Silvertabby

    Tiggy :)


    You're welcome !
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.3K Work, Benefits & Business
  • 599.5K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.