LGPS pensions

valedwards1

LGPS Ill health Retirement Tier 1

valedwards1

I have been employed by a school in Admin for over 30 years and have been off work for 7 months and am now on half pay. I am currently being put forward for Tier 1 ill health retirement as I am 13 months away from Full retirement and still awaiting a further op.  The Occ Health have agreed that I will be unable to return before retirement.  Will I be given 3 months full pay notice plus my holiday pay entitlement as well as my pension ?

Retireinten

I'm not sure if this question has been answered fully but the 85 rule applies from the age of 60 BUT to receive any protection under this rule your age plus your years service must add up to 85 or more. If you are 60 now and have been in the scheme since 1996, that's 24 years and so you are hovering at the 84 mark.  You need to work a bit longer to get 85 rule benefits. If your main aim is to retire with 85 rule protection, then its the date this protection applies that is key! 

Your annual pension would be higher if you took the minimum lumpsum which is the lumpsum attached to your 2008 benefits.  Converting annual pension to lumpsum is not considered good value for money, but there is also a  tax implication here that you need to consider (the lump sum is tax free whereas your pension would be taxable IF your total earned income is over the personal allowance of £12,500).  

So do you really need the lump sum?  In your shoes, I would ask for a quote for the point in time where your pension has 85 rule protection and I'd asked for the minimum lumpsum to see how this affects your annual pension payment.