LGPS APCs for early retirement?

Gin_and_Milk

I'm asking this following some comments I've read on another thread.

I'm 45, hoping to retire at 60. I have 15 years membership in my pension, and I'm now in the CARE part of the scheme.

I pay the equivalent of £100 into Prudential's AVC (through work), but when I asked about paying extra into my pension, I was told no.

I intend to email my pension officer about the possibility of paying APCs (I doubt they will contribute, but I like the security that comes with it). However I've also read that they might not be suitable for someone who wants to retire early (like me).

Am I wasting my time with this?

Thanks

Fubbly

Gin_and_Milk wrote: »

I pay the equivalent of £100 into Prudential's AVC (through work), but when I asked about paying extra into my pension, I was told no.

Are they saying you can't increase your AVC contribution? That seems very restrictive, we can put up to eighty per cent of salary in.

Silvertabby

Gin_and_Milk wrote: »

I'm asking this following some comments I've read on another thread.

I'm 45, hoping to retire at 60. I have 15 years membership in my pension, and I'm now in the CARE part of the scheme.

I pay the equivalent of £100 into Prudential's AVC (through work), but when I asked about paying extra into my pension, I was told no.

I intend to email my pension officer about the possibility of paying APCs (I doubt they will contribute, but I like the security that comes with it). However I've also read that they might not be suitable for someone who wants to retire early (like me).

Am I wasting my time with this?

Thanks

APCs are good value for those who don't intend to take their benefits early, not so much for those who want to retire early due to the early retirement reductions.

Yes, the rules say that your employer may contribute to APCs - but let's just say that hens and teeth spring to mind.

I pay the equivalent of £100 into Prudential's AVC (through work), but when I asked about paying extra into my pension, I was told no.

Is this an in-house AVC? Unless you are part time on very low wages, being told that you can't pay extra doesn't make sense. Is it a case of wrong question right answer?

Gin_and_Milk

Thanks for your replies.

It's an in house AVC, and I can pretty much pay what I want into it. It was when I asked if I could pay extra into my pension I was told no.

If it's not ideal for retiring early, I'd best leave it and just stick with the AVC.