Local Government Pension Scheme and transfer previous pension.

Foxy0_0

Hi everyone. I am 59 next month and have nearly 5 years membership of the Teacher's Pension Scheme. However, I have secured a new job which means I can re join the Local Government Pension Scheme. I have previously been a member of the LGPS from 2013-2016 in another role which I left for retirement. My question is 'Would it be beneficial to transfer the Teacher's Pension into the LGPS when I start my new job?'  Many thanks in advance.

Andy_L

Maybe, maybe not.
Only way to know is to start the process and find out what the transfer offers and then decide.

hyubh

Foxy0_0 said:

Hi everyone. I am 59 next month and have nearly 5 years membership of the Teacher's Pension Scheme. However, I have secured a new job which means I can re join the Local Government Pension Scheme. I have previously been a member of the LGPS from 2013-2016 in another role which I left for retirement. My question is 'Would it be beneficial to transfer the Teacher's Pension into the LGPS when I start my new job?' 

Presumably your TPS benefits are all CARE then, if you didn't transfer out from the LGPS into the TPS...? If so, in principle it shouldn't make much of a difference (the TPS revaluation rate for active members would carry over, under 'Club' transfer rules), but regardless, once you start, I'd kick off the process to get a formal quotation.

Foxy0_0

Thank you for taking the time to reply. Much appreciated. I believe the process may take some time and I have just 12 months to do this.

hyubh

Foxy0_0 said:

Thank you for taking the time to reply. Much appreciated. I believe the process may take some time and I have just 12 months to do this.

There's no point trying to 'game' the transfer, since it will be a 'Club' one and so what you get (if you decide to transfer) will not be determined by the CETV. So just kick off the process in order to get a formal quotation.