Forum Home» Pensions, Annuities & Retirement Planning

Should transfer my pension schemes into my LGPS ?

New Post Advanced Search

Coronavirus: The latest from MSE


The MSE team is working extremely hard to keep the info we have about your travel rights, cancellation rights, sick pay (and more) up to date.
The official MSE guides: UPDATED MSE Coronavirus Guides

NEWSFLASH


New, free ‘Academoney’ course from MSE and the Open University launches
All the key areas of personal finance are covered, so that you can master your money decisions


Should transfer my pension schemes into my LGPS ?

8 replies 431 views
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?

Replies

  • edited 28 February at 5:34PM
    JoeCrystalJoeCrystal Forumite
    2.3K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    edited 28 February at 5:34PM
    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.
  • SilvertabbySilvertabby Forumite
    5.5K posts
    1,000 Posts Third Anniversary Photogenic
    ✭✭✭✭
    Have you asked if your employer will accept the transfer?  
  • mmunro2013mmunro2013 Forumite
    10 posts
    Sixth Anniversary Combo Breaker First Post
    MoneySaving Newbie
    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.
  • sm50sm50 Forumite
    9 posts
    First Post
    MoneySaving Newbie
    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.

  • edited 25 March at 9:59PM
    Gary1984Gary1984 Forumite
    73 posts
    Fifth Anniversary 10 Posts
    edited 25 March at 9:59PM
    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! 
  • mmunro2013mmunro2013 Forumite
    10 posts
    Sixth Anniversary Combo Breaker First Post
    MoneySaving Newbie
    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! 
  • Gary1984Gary1984 Forumite
    73 posts
    Fifth Anniversary 10 Posts
    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. 
  • Oasis1Oasis1 Forumite
    504 posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    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


Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support