LGPS early retirement

SimonEvans

She started her post late 2011. Her pre - 2014 Pensionable membership is listed on all three statements as 2 years and 57 days - which is correct. She has worked in this same role and at the same premises, ever since. However, her hours increased from 32.5 hours (classed as part time) to 37 hours (full time) a few years after she started. Surely this wouldn't explain it?

Silvertabby

SimonEvans said:

She started her post late 2011. Her pre - 2014 Pensionable membership is listed on all three statements as 2 years and 57 days - which is correct. She has worked in this same role and at the same premises, ever since. However, her hours increased from 32.5 hours (classed as part time) to 37 hours (full time) a few years after she started. Surely this wouldn't explain it?

No, it wouldn't.  If you are absolutely sure that she has only ever had the one job (same payroll/post reference number) then I would have only expected to  see the one statement.  However, thinking back to my LGPS days, I recall a long involved conversation with a lady who was adamant that she only ever had one job, and that as our records were split into 3 parts they were wrong.  Turned out that she worked in the same care home, but X hours as a cook, X hours as a cleaner and X hours as a care assistant.  3 different jobs/payroll references.  Not so much of an issue now, with CARE, but only way to account for all of this service on a final salary/pensionable service basis was to record each job separately.

Back to your wife...

In very round figures, and ignoring the unknown annual revaluations (as the estimates would have) and assuming her DOB to be 31 March 1969 ...

DOB 31Mar 1969

Age 60 31 Mar 2029

SPA age 67

Join LGPS end 2011

Pensionable pay £25,651.08 

End 2011 to 31 March 2014

2 yrs 57 days pensionable service

£25,651.08 / 60 X 2.16 = £923.44

NRA = 65 = 22.2% early payment reduction at 60 = £718.44

1 April 2014 to 31 March 2029

15 years CARE service

£25,651.08 / 49 = £523.49 X 15 = £7,852.37

NRA = 67 = 29% early payment reduction at 60 = £5,575.18

Total (reduced) pension at 60 = £6,293.62

Even if your wife's records have been split into 3, there is still a difference of £1.5K per year.  You will need to go back to the LGPS to request clarification I'm afraid.

SimonEvans

Thanks so much for this Silvertabby - your calculations are pretty much in line with our own. My wife's birthday is August 1968 so the retirement would arrive about 7 months earlier than your estimate, which is obviously not going to make a huge difference.
We will raise the query with the pension fund managers and report back but please don't hold your breath; the quality of service has been less than perfect so far....

Thanks again.

sevenhills

Silvertabby said:

No, it wouldn't.  If you are absolutely sure that she has only ever had the one job (same payroll/post reference number) then I would have only expected to  see the one statement.

I started my present job in 2007, so I was surprised that when I looked at my pension statements it says 2006.

I worked for a school on a 6 or 12 month contract, I don't recall paying into a pension, perhaps it was automatic in those days.

Silvertabby

sevenhills said:

Silvertabby said:

No, it wouldn't.  If you are absolutely sure that she has only ever had the one job (same payroll/post reference number) then I would have only expected to  see the one statement.

I started my present job in 2007, so I was surprised that when I looked at my pension statements it says 2006.

I worked for a school on a 6 or 12 month contract, I don't recall paying into a pension, perhaps it was automatic in those days.

Yes it was/is.