Transferring pension from LGPS to NHS

Shones17

I’ve recently moved jobs from local gov to NHS. I have nearly 39 years in the LGPS and now need to decide whether I leave pension  where it is or transfer to NHS scheme. I’m 56 and planning to retire when I’m 60. Any thoughts as to what would be the most sensible option. 

AlanP_2

Ask the NHS to initiate the process of getting a quote for what an LGPS transfer would "buy" you in the NHS scheme.

Until you know how many apples you are comparing to how many oranges its a bit of an unknown although @Silvertabby and @hyubh may have views based on their high level of knowledge.


PS - Take a look at the Pensions board, there have been similar questions in the past.

Silvertabby

By all means ask for a quote to look at, but with that level of LGPS service you will meet R85 in respect of your pre 2008 benefits at 60.  This would be lost if you transfer to the NHS, although the pension figures should be tweeked to help offset this.  Any difference in salaries will also factor into the calculation.

Is your retirement date of 60 set in concrete?  If not, leaving your LGPS benefits where they are would mean that you could draw them while still working for the NHS.

MX5huggy

NHS annual revaluation is CPI +1.5% 
LGPS is only CPI. Just another variable to make comparison harder.