LGPS forecast

sevenhills

Below is what my WYPF states, I find it very misleading. It gives a yearly figure of £4,079.46, but that is how much I would get if I retired in my early 60s, seems strange to quote that figure.

My March 31st  2019 pension = Total yearly pension = £3,620.90 and One-off lump sum £1,210.70

You're over 55 so you could decide to finish work and start drawing your pension straight away. But the amounts payable might be lower than those shown above. The next page shows how much you would get if you retire soon.

My March 31st  2020 pension =Total yearly pension = £4,079.46 and One-of flump sum £1,242.90
You're over 55 so you could decide to finish work and start drawing your pension straight away. But the amounts payable might be lower than those shown above. The next page shows how much you would get if you retire soon.

What if I retire at the end of next month?

Standard benefits
Pension £2,889.61 Lump sum £1,061.18

What if I retire on my 60th birthday?

Standard benefits
Pension £3,592.50.76 Lumpsum £1,106.77

If I retire at 65 I get £6,233.67

I joined the scheme in 2006. I guess many will opt for ill-health retirement in order to get a full pension. I have had very few sick days myself, but I do suffer mild arthritis. It seems working and not taking time off goes against some people. I know some that have carried on working with arthritis affecting their hands. I drive, so that would be easy for me. I think I do sometimes worry about my future health. Healthy at the moment tho.

Dazed_and_C0nfused

Isn't the £4,079 the pension you have actually accrued at 31 March 2020?

If you worked another year earning say £23,000 then you would pay £1,495 in pension contributions and accrue an additional £469.  And so on each year.

Silvertabby

When exactly did you join - if before 1 Oct 2006, then you will have R85 protections in respect of your pre 1 April 2008 service.  (Every little helps !)

How old are you now, and are you seriously considering early retirement?

Note that ill health retirement isn't something that you 'opt for'.  It's only awarded after a full medical assessment, and if you meet the criteria.

sevenhills

Silvertabby said:

When exactly did you join - if before 1 Oct 2006, then you will have R85 protections in respect of your pre 1 April 2008 service.  (Every little helps !)
Note that ill health retirement isn't something that you 'opt for'.  It's only awarded after a full medical assessment, and if you meet the criteria.

My pension started in Feb 2006, I have the idea that I want to cease working for the local authority in the next few years, I am 59 now.

I don't have enough money to stop working, I do have an interest in local politics, so I would like to stop working for the local authority because I cannot stand for election. That may not happen, but as I get older, I find I can find myself things to do in my local area.

Driving is quite a responsible role, with up to 16 passengers and needing stricter health rules

sevenhills

Dazed_and_C0nfused said:

Isn't the £4,079 the pension you have actually accrued at 31 March 2020?

If you worked another year earning say £23,000 then you would pay £1,495 in pension contributions and accrue an additional £469.  And so on each year.

It states that figure(£4,079) and a lump sum.

hyubh

sevenhills said:

Dazed_and_C0nfused said:

Isn't the £4,079 the pension you have actually accrued at 31 March 2020?

If you worked another year earning say £23,000 then you would pay £1,495 in pension contributions and accrue an additional £469.  And so on each year.

It states that figure(£4,079) and a lump sum.

Right, those figures are if you had left on 31 March 2020 without drawing your pension and so became deferred. The next sentence notes you are however old enough to draw your pension, so the following paragraph quotes the figures with the applicable actuarial reduction.

sevenhills

hyubh said:

Right, those figures are if you had left on 31 March 2020 without drawing your pension and so became deferred. The next sentence notes you are however old enough to draw your pension, so the following paragraph quotes the figures with the applicable actuarial reduction.

If that is the case, surely it would be better to state the total value of the pension, which could be around £40K and then state the amounts if claimed at 60/65/67 etc.

Silvertabby

sevenhills said:

hyubh said:

Right, those figures are if you had left on 31 March 2020 without drawing your pension and so became deferred. The next sentence notes you are however old enough to draw your pension, so the following paragraph quotes the figures with the applicable actuarial reduction.

If that is the case, surely it would be better to state the total value of the pension, which could be around £40K and then state the amounts if claimed at 60/65/67 etc.

That would cost too much.  

Retireinten

Driving is quite a responsible role, with up to 16 passengers and needing stricter health rules

As a manager in the LGPS I have had no choice but take a few people through capability on the grounds of Ill health.


Given some of the cases I've dealt with, I would say you are highly unlikely to get any form of Ill health retirement due to mild arthritis. In fact, I'd put your chances at very close to zero. The rules are now very much focused on whether you can do any job not just your job. And as Silvertabby says, you don't opt for anything, this would be a consideration as part of a capability process, usually towards the end as part of your dismissal from the Council.  


It sounds like you are still managing to work with minimal sickness. As an arthritis sufferer myself I know how debilitating this can be so I really do sympathise. 

sevenhills

Retireinten said:

The rules are now very much focused on whether you can do any job not just your job. And as Silvertabby says, you don't opt for anything, this would be a consideration as part of a capability process, usually towards the end as part of your dismissal from the Council. 

If it's any job, not just my own, then I will be ok to carry on until I am ready, I didn't know how these things work. They tend not to transfer workers between departments, which does make them inefficient.

We are home-based workers, so we tend not to meet other employees quite so much. Thanks all.

hyubh

sevenhills said:

Retireinten said:

The rules are now very much focused on whether you can do any job not just your job. And as Silvertabby says, you don't opt for anything, this would be a consideration as part of a capability process, usually towards the end as part of your dismissal from the Council. 

If it's any job, not just my own, then I will be ok to carry on until I am ready, I didn't know how these things work.

We are home-based workers, so we tend not to meet other employees quite so much.

Read up on the 3 tiers of an ill health retirement from active membership:

https://lgpsmember.org/tol/thinking-leaving-illhealth.php