Local Government Rule of 85 pension

Silversmith58

saucer said:

There is also the option of course of finishing early but not taking the pension until 60 if you have alternative money to live on until then.  Then you miss out on a couple of years of post 2014 contributions but have the 2008 bit unreduced, unless I am misstaken

Yeah I get what you're saying I could defer it till I'm 60..I only really looking to defer it for the winter of 2023/24 till my birthday in April 2024 that give me something to think about saucer.

Andy_L

Using rule of 85 still needs the employer's permission to go before 60. Are they likely to say yes?

Impressive, I managed to write almost the opposite of what I meant. Let's try again

If they give permission you can go before 60 without reduction. Are they likely to say yes?

Andy_L

https://www.lgpsmember.org/your-pension/planning/taking-your-pension/

Number of years	Pension reduction	Lump sum reduction (for membership to 31 March 2008)
0	0%	0%
1	5.1%	2.3%
2	9.9%	4.6%

Silversmith58

Andy_L said:

Using rule of 85 still needs the employer's permission to go before 60. Are they likely to say yes?

Impressive, I managed to write almost the opposite of what I meant. Let's try again

If they give permission you can go before 60 without reduction. Are they likely to say yes?

No Andy I asked that question and it was No.

Silversmith58

They will apply the reductions if for the period between March 1993-April 2008 whatever that % maybe.

Lemon_dr1zzle

I can’t remember the last time I saw an employer agree to pay the strain to switch on protections before 60

Silvertabby

Lemon_dr1zzle said:

I can’t remember the last time I saw an employer agree to pay the strain to switch on protections before 60

Never seen it happen at all.

Random47

My LA wont pay strain before 60 and any strain after that is always costed out and Head of Service makes recommendation to Finance Director who then does the Cesar thumbs up/down.
I've jibbed my HoS that I want out at 62 with strain paid, see how that one transpires...