LGPS help

Deans_2

Can I please ask one of the experts for LGPS help?

I am 59 and have 22+ years of continuous service.  My retirement pension age is 67 but we have calculated that we would be in a financial position to retire now if we choose to. However, I enjoy my work so am looking into options to get a better work/life balance. What would be the impact on my pension if I reduce my hours by 50 or 25%?  Or would it be better to consider a flexible retirement request?

Thank you for any help you can give me!

Durban

Can you have a look at your LGPS pension online or sign up to that?

Online there will be your own personal calculator which shows you what pension you will get if you reduce your hours.

Deans_2

Unfortunately this isn’t possible with the online calculator for my scheme.  I can change retirement dates to see the impact and reductions for early retirement but not for a change of hours.

AlanP_2

Your pre 2014 benefits would be based on your full time salary and your CARE benefits going forwards would be based on your actual salary.

So 50% worked gives 50% CARE benefits. 

Kynthia

As long as your full time equivalent salary and any pensionable allowances remained unchanged the final salary part of your pension would be unaffected. Then the career average pension earned up until now would be unaffected. Your future pension would be reduced by the percentage of full time hours you reduced by (eg become 0.4fte and earn 40% of the full time pension you would have earned that year).

daveyjp

You may need to wait until 60 for flexible retirement, but only your HR department can advise on their policy.

Silvertabby

daveyjp said:

You may need to wait until 60 for flexible retirement, but only your HR department can advise on their policy.

That's only usually a problem if the member qualifies for any R85 protections before age 60, as the employer would have to chuck a heap of money into the fund.  Won't apply to OP, as 59 + 22 = 81.