LGPS pensions

Paddleboarder

No chance of redundancy sadly... reading on the LGPS website if I retire next year 6 years early  like now, it will be reduced by 25.7% or I stick it out until next year to get the 85 year rule. I really want to go as soon as possible (like now) but will stick it out until next year  if it's my birthday that they let me to to under 85 rule. However if it's November 2021 then not sure I can stay that long.. But because I have been in for so long part of it is covered/ protected under old rules but really not sure how to work it out. It's almost impossible to get any such info from my pensions people..

hyubh

Paddleboarder said:

Thank you for your comments, defering from age 61 until 66  I think would be my last resort . My main concern isif I retire early ie next year under 85 year rule, will I loose out so much on an already very small pension which  I have worked 24 years for .

Yes, the actuarial increase ouraggie alluded to only applies after 65 for final salary benefits (after SPA for CARE), so in effect, you would just be losing the pension for the years deferred (while in deferment, it will increase by the same rate it would have done had you taken it). On the flip side however, you would avoid an actuarial reduction on the parts of your pension without 85 year rule protections.

Paddleboarder

Thanks for all your suggestions. Can anyone help on details in my first post as to the figures re leaving next yr under 85 rule when it's should be next April or Nov 21. Also should I just defer ? No idea how much I would loose out on going next year. All I do seem to know if I go this year I will loose newly aquarter.. Are there any experts out there who can help.. I need an end date as I am so unhappy. Thanks.

OldBeanz

Paddleboarder said:

Thanks for all your suggestions. Can anyone help on details in my first post as to the figures re leaving next yr under 85 rule when it's should be next April or Nov 21. Also should I just defer ? No idea how much I would loose out on going next year. All I do seem to know if I go this year I will loose newly aquarter.. Are there any experts out there who can help.. I need an end date as I am so unhappy. Thanks.

Most LGPS authorities give access to the LG Shared Services online portal which allows you to see your pension statements, current and forecast pensions, and play about with end dates. 
https://lgssmember.pensiondetails.co.uk

Paddleboarder

Sadly no ours doesnt, all you get is your annual statement, there is no facility to play about with dates etc.All the info they provide is literally the yearly  statement. It took me over 6 months at a cost of £100 to get an extra one for next April when I believe the 85 year will kick in, but this wasn't broken down, so wasn't much help, just the same as others & I can't tell if they have taken 85year rule into consideration or not.. 
There seems absolutely no way of as you say adjusting dates at to see the best option..

Silvertabby

Paddleboarder said:

Sadly no ours doesnt, all you get is your annual statement, there is no facility to play about with dates etc.All the info they provide is literally the yearly  statement. It took me over 6 months at a cost of £100 to get an extra one for next April when I believe the 85 year will kick in, but this wasn't broken down, so wasn't much help, just the same as others & I can't tell if they have taken 85year rule into consideration or not.. 
There seems absolutely no way of as you say adjusting dates at to see the best option..

Based on your age and dates of service, you only have Rule of 85 protections in respect of your pre 2008 benefits.

After that, benefits accrued between 2008 and 2014 will be reduced if taken before age 65, and benefits accrued between 2014 will be reduced if taken before SPA (66).

There is no right or wrong retirement date - it's your choice.  The early retirement factors are listed per year, but the actual calculations are done on a daily basis.  

carebabe

No harm in asking Pensionwise for help in understanding your options.  If you decide it’s better to stay on in Local Government for longer you could consider using a days Annual Leave here and there to make a shorter week.  This could make staying on more bearable.  Alternatively could you apply for another Local Government post closer to home? If you do this make sure you have no break in service.

savingholmes

LGPS scheme providers normally also offer pension surgeries, FAQs and phone numbers. Have you tried those routes?

stephenadarglas

I would suggest you leave just after April.  This gives you an extra year for your state pension contributions. Leave before and they don't count. 

stephenadarglas

For that year that is.