Don't understand my LGPS

Kim1965

Andy_L said:

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)

Im sure some body who regularly visits this site has deliberately got a local gov job to pay in a slice if his dc pot. 
 Its not a bad idea. 
Im sure Silvertabby will be along soon and give you a oroper answer. 
I think the lgps accruel rate is a 47th?? So every year you buy 1 / 47th of your pay as a retirement income at your scheme retirement age for life. If the financial world is in ruins, the lgps pays out regardless. Plus you have death in service benefut. If you croak it, your spouse gets 37.5%of it.
 

hyubh

first78 said:

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?

first78 said:

Projection of Benefits to Normal Pension Date of

05/03/2046

Normal Pension Age

67/360

Annual Pension

£16,561.32

I would have thought that gives you your answer. The £16,561.32 will be assuming you stay in your current employment on the same rate of pay to your normal pension age in the scheme (I would imagine the notes state that).

first78 said:

there was also this:

Projection of Benefits to Normal Pension Date of

05/03/2046

Normal Pension Age

67/360

Annual Pension

£377.62

<snip>

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

If you haven't aggregated the two memberships, then I would expect two separate statements - presumably the quoting of £377.62 is from a different statement to the one with the £16,561.32 projected pension quoted? (I would be surprised if each statement doesn't have a section explicitly specifying the membership period(s) and employer(s) for the pension being summarised.)

savingholmes

If you ask HR they will be able to give you a phone number for your pension team who could explain it to you in more detail. County council's often have their own dedicated web pages for their scheme with a variety of FAQs to help you. There are three options 1) if you are in year 1 of employment you can transfer pension in from elsewhere as someone else said - doesn't apply in your case) 2) you can buy AVCs but it's important to note they can't be taken at a different date to your main pension 3) you can buy additional years. The reason you might choose option 2 over option 3 - is because of the tax free lump sum benefits and also different rules apply to the scheme around death in service / early death.

The annual statement normally tells you how much you have accrued so far
How much you accrued this year
What you will get if you stay until normal retirement age
Not everyone has the lump sum option and it may only apply to pension accrued before a specific date - so perhaps check into that bit

While it's a fantastic scheme for the individual - in ensuring you get a guaranteed amount each year - assuming you live long enough - if you were to die 'young' it's not inheritable in the same way some other pensions are - although as another poster said there is a death in service grant and a pension for your other half if you are married. Again the latter figure should be quoted on your annual statement.

AlanP_2

Kim1965 said:

Andy_L said:

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)

Im sure some body who regularly visits this site has deliberately got a local gov job to pay in a slice if his dc pot. 
 Its not a bad idea. 
Im sure Silvertabby will be along soon and give you a oroper answer. 
I think the lgps accruel rate is a 47th?? So every year you buy 1 / 47th of your pay as a retirement income at your scheme retirement age for life. If the financial world is in ruins, the lgps pays out regardless. Plus you have death in service benefut. If you croak it, your spouse gets 37.5%of it.
 

I did that. Transferred a near 6 figure DC pot in and got ~10 years added membership in the pre-2014 Final Salary Scheme.

Used AVC option to build a cash pot up alongside to take tax free so win / win as far as I am concerned. Downside was the that LG salary was only 2/3rds of private sector salary but still felt pros outweighed the cons.

bioboybill

In addition to what everybody has said above you can usually register to check your benefits online.