Don't understand my LGPS

first78

Hi, I'm 44 I have been with my LGPS for 9 years, firstly in a part time role and then more recently in a full time role for the last 2 years. I don't understand my pension info at all...who would I speak to to just tell me what my projected monthly amount would be once I retire?

We have recently been advised we can make AVCs...is this worth doing? Is there any risk to doing this?

Thrugelmir

What did your last annual pension statement say? 

dunstonh

who would I speak to to just tell me what my projected monthly amount would be once I retire?

You should be receiving an annual benefit statement telling you this sort of thing.

We have recently been advised we can make AVCs...is this worth doing? Is there any risk to doing this?

Using the AVC is one method you can use.  it is not the only one.  It may or may not be the best option but it is certainly better than doing nothing extra.

There is a greater risk by doing noting compared to putting money aside for later life.

Kim1965

Undetstand this, you have a pension plan that i am envious of. 

Andy_L

Kim1965 said:

Undetstand this, you have a pension plan that i am envious of. 

https://www.lgjobs.com/

1863 live vacancies (plus there's the NHS & CS sites as well)

first78

Thrugelmir said:

What did your last annual pension statement say? 

Scheme Section at

31/03/2021

MAIN

CARE Pay in Year to

31/03/2021

£31,284.90

Final Salary Pay in year to

31/03/2021

£0.00

Pay in Main Section

£31,284.90

Pay In 50/50 Section

£0.00

Annualised CARE Pay Used in Projections and death in Service Calculation

£31,284.90

first78

Kim1965 said:

Undetstand this, you have a pension plan that i am envious of. 

Thanks, just wish I understood it!!

Thrugelmir

first78 said:

Thrugelmir said:

What did your last annual pension statement say? 

Scheme Section at

31/03/2021

MAIN

CARE Pay in Year to

31/03/2021

£31,284.90

Final Salary Pay in year to

31/03/2021

£0.00

Pay in Main Section

£31,284.90

Pay In 50/50 Section

£0.00

Annualised CARE Pay Used in Projections and death in Service Calculation

£31,284.90

No projections provided?

JoeCrystal

first78 said:

I don't understand my pension info at all...who would I speak to to just tell me what my projected monthly amount would be once I retire?

We have recently been advised we can make AVCs...is this worth doing? Is there any risk to doing this?

Umm, the current LGPS is very straightforward to understand and you have no need to worry about any investment risks at all. There is even a website for people to understand them. Like his website: https://www.lgpsmember.org/

So just based on your most recent year, you gained a pension of £638 per year in today's term.

first78

Thrugelmir said:

first78 said:

Thrugelmir said:

What did your last annual pension statement say? 

Scheme Section at

31/03/2021

MAIN

CARE Pay in Year to

31/03/2021

£31,284.90

Final Salary Pay in year to

31/03/2021

£0.00

Pay in Main Section

£31,284.90

Pay In 50/50 Section

£0.00

Annualised CARE Pay Used in Projections and death in Service Calculation

£31,284.90

No projections provided?

Projection of Benefits to Normal Pension Date of

05/03/2046

Normal Pension Age

67/360

Annual Pension

£16,561.32

Automatic Lump Sum

£0.00

Survivor Pension

£0.00

Including CARE Pension

£16,561.32

Actuarial Increase

£0.00

Including CARE Pension

£0.00

And Final Salary Pension

£0.00

And Final Salary Pension

£0.00

Actuarial Increase

£0.00

Benefits After Maximum Conversion

Annual Pension

£10,646.57

Lump Sum

£70,977.00

first78

@Thrugelmir

there was also this:

Projection of Benefits to Normal Pension Date of

05/03/2046

Normal Pension Age

67/360

Annual Pension

£377.62

Automatic Lump Sum

£0.00

Survivor Pension

£115.64

Including CARE Pension

£377.62

Actuarial Increase

£0.00

Including CARE Pension

£115.64

And Final Salary Pension

£0.00

And Final Salary Pension

£0.00

Actuarial Increase

£0.00

Benefits After Maximum Conversion

Annual Pension

£242.76

Lump Sum

£1,618.32

Does this relate to the previous part time role I had?