Should transfer my pension schemes into my LGPS ?

mmunro2013

I have just joined a LGPScheme as a result of signing a contract with a local school as a relief Exam Invigilator... I have 5 pension schemes from previous employment and 2 private pension schemes. I hear that LGPSchemes are good, therefore should I consider transferring all my other schemes into this new one?

JoeCrystal

It depends. Wait until what the quotes are for these pension schemes and see how much it can buy. LGPS is one of the best pension schemes in the country, so it is certainly worth having.

Silvertabby

Have you asked if your employer will accept the transfer?  

mmunro2013

Hi, sorry late response... my new LGPS will accept transfer's in. So I will complete the forms and see what they say. Please 'watch' this post. I very much appreciate your input so far.

sm50

My wife is soon to join and I am thinking of also looking at what this could mean for her. especially her private pension, as i believe there are some favourable terms with LGPS  compared to the private one. I will be interested to see what you decide to do.

Gary1984

Interesting. As a self employed person with a SIPP, how feasible is it to become an invigilator at 55 and transfer in as an alternative to buying an annuity?

Edit: The SQA appear to autoenrol you into Nest, not Lgps so a bit of a non-starter for me. You're lucky to have the Lgps option available! 

mmunro2013

Gary1984: for those following this thread... SIPP is a self invested personal pension. SQA is the Scottish Qualifications Authority, NEST is quote 'The National Employment Savings Trust is a defined contribution workplace pension scheme in the United Kingdom. It was set up to facilitate automatic enrolment as part of the government's workplace pension reforms under the Pensions Act 2008.'... So, I guess I will share here what the new LGPS scheme provider cone back with. All: Take care! 

Gary1984

Yes apologies, that was a lot of acronyms in a single post! Thanks mmunro, it would be interesting to hear what they come back with. 

Oasis1

Hi there. I had a similar question a few years ago so thought I'd post it incase useful for you: https://forums.moneysavingexpert.com/discussion/5690869/standard-life-transfer-into-lgps-career-av-scheme