Will there be Pension apartheid?

JoeCrystal

doris540 said:

>Correct me if im wrong here i was under the impression you could access your pension at 55 either a DB or a DC scheme and get a CETV either into a SIPP or other scheme.with a cost  Taking a reduced amount obviously. Most public sector employees wont transfer out because it would do them more damage than good.

Actually, Marcon already points out, most public sector workers are not allowed to transfer their CETV out of the schemes since their schemes are unfunded. The public sector funded schemes such as LGPS does permit it although it is said that their CETV is considered poor value compared to the private sector DB pension schemes due to less generous calculation.

doris540

End of the day nothings gonna change, in perspective our son in law is in the funeral trade so to speak this week just gone they had 63 from the virus and next week looks about the same if not more whatever your views are on my so called rant hope everyone stays safe

MPD

Public sector pensions have recently changed.

LGPS 2014

NHS 2015

TPS 2015

Civil Service 2015

If you can believe what the then PM said at the time then, apart from tweaking contribution rates, the schemes will remain the same for 25 years.