Pension Guidance Needed

enthusiasticsaver

Also are you sure it is final salary?  Mine was a CARE from 2014 and I was under the impression most LGPS schemes are now. 

hyubh

enthusiasticsaver said:

Also are you sure it is final salary?  Mine was a CARE from 2014 and I was under the impression most LGPS schemes are now. 

The OP was referring to their deferred membership. If you rejoin and combine within 5 years, the old service has a restored final salary link.

AlanP_2

Befuddled2021 said:

Thanks for the replies. I am considering the in-house AVC.
I haven’t combined memberships as far as I was aware it was based on final salary. Although I was only part-time in my last post, pro rata the pay was higher for that post, so I have deferred those benefits. I was led to believe the calculation was based on that figure and not the actual part-time take home pay. Once my salary here is greater than the salary of my last post I will combine.

The rationale for the join / defer decision is based on final salary as you say and, if the full-time salary is lower in new role then keeping spearate could / would make sense.

I don't think you can combine later on though, it is a "one off" decision, so you need to take a view on what might happen to your future salary and compare with the CPI increases on the defered pension.

anothergrumpyoldgit

Re; 'Married' Assumption.
Whilst checking through my pension forecast I noted that they have made an assumption that I am married, and that I chose to provide a pension to my wife after I die.
I am not married, and do not have a wife, or a partner. Does this mean I get a bigger pension for being single, unattached?

AlanP_2

anothergrumpyoldgit said:

Re; 'Married' Assumption.
Whilst checking through my pension forecast I noted that they have made an assumption that I am married, and that I chose to provide a pension to my wife after I die.
I am not married, and do not have a wife, or a partner. Does this mean I get a bigger pension for being single, unattached?

You will get better, more helpful responses if you start your own thread rather than adding to an existing one which is discussing something different as the replies to both topics start to get very confused.

What type of pension is it, Defined Benefit or Defined Contribution? If it is DB then no, as the pension terms are the same for each member irrespective of personal circumstances. If it is DC then how you use the pot to fund your retrement is down tio you and the forecast is pretty meaningless.