We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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!
West Yorkshire Pension plan

Georgiasian
Posts: 1 Newbie
why is it not possible to access my pension funds as other pension schemes can. If not can it be transferred to one that will let me
0
Comments
-
Is this a defined benefit scheme rather than a defined contribution scheme?
If so which other defined benefit schemes are you referring to?0 -
You may find that nobody has any idea what West Yorkshire Pension Plan is .
What kind of pension is it ( Defined Benefit or Defined Contribution ) https://www.moneysavingexpert.com/savings/discount-pensions/#need-9
How old are you ?
0 -
Google suggests it's be a LGPS (DB): https://www.wypf.org.uk/active/all-about-your-pension/about-the-scheme/
Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
If this is LGPS, it is possible to transfer out to a DC arrangement. However, if your benefits are valued in excess of £30,000, you must by law take the advice of a Pension Transfer Specialist.
https://www.lgpsmember.org/arl/already-left-tvout.php
https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/pension-transfers-conversions/
https://www.royallondon.com/media/press-releases/2018/may/five-good-reasons-to-transfer-and-five-good-reasons-not-to-royal-london/
1 -
If this is the West Yorkshire Pension Fund (WYPF) then it is indeed LGPS.As xylophone says, you could look at transferring your benefits to a personal pension, but just because you can do something doesn't mean that you should. One of the things that your Pension Transfer Specialist will look at will be the transfer factor - and as the LGPS factors are set by GAD, they are low. Very low. A transfer valuation of just 16 or 18 times the annual pension given up wouldn't raise my eyebrows.How old are you, and are you still contributing to the WYPF?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards