Some people have no idea how lucky they are LGPS

hyubh

Silvertabby said:

hyubh said:

Lemon_dr1zzle said:

Contributions can still be refunded within 2 years even if a transfer in has been completed if the member was eligible to receive a refund in their old fund. 

That's only in respect of a deferred refund in the LGPS, not a transfer in from a DC scheme...

Actually, lemon drizzle is right.

That said, it's a right faff on and (thankfully) not something I ever had to deal with 

Briefly, if someone had the choice of a refund or a transfer in respect of previous benefits, but opted to transfer in to the LGPS, then those contributions are still refundable - along with their LGPS contributions - if they leave with with less than 2 years LGPS membership. 

DC pensions vest after only 30 days however...

Silvertabby

hyubh said:

Silvertabby said:

hyubh said:

Lemon_dr1zzle said:

Contributions can still be refunded within 2 years even if a transfer in has been completed if the member was eligible to receive a refund in their old fund. 

That's only in respect of a deferred refund in the LGPS, not a transfer in from a DC scheme...

Actually, lemon drizzle is right.

That said, it's a right faff on and (thankfully) not something I ever had to deal with 

Briefly, if someone had the choice of a refund or a transfer in respect of previous benefits, but opted to transfer in to the LGPS, then those contributions are still refundable - along with their LGPS contributions - if they leave with with less than 2 years LGPS membership. 

DC pensions vest after only 30 days however...

Also applies to DBs other than the LGPS.  And under 30 days DC?

Hens, teeth and rare.  And, dare I say it, not something that's widely advertised.

Lemon_dr1zzle

I’ve processed hundreds of refunds since 2014. Never done one where we actually have refunded the previous schemes contributions but the option is there 

Silvertabby

Lemon_dr1zzle said:

I’ve processed hundreds of refunds since 2014. Never done one where we actually have refunded the previous schemes contributions but the option is there 

Is it still the case that, when offered the choice of a refund or a transfer out, a good 90% go for the refund?

antonic

I am a current Civl Servant with 34 years service (next month) and it was compulsory for me to join the Principal Civil Service Pension scheme (PCPS).
For the first 26 1/2 years I did not have to even contribute to the scheme ! when changes were made in 2015 so I have to contribute I agreed with them !
With the McCloud ruling , I now have a choice when I retire as to have the 7 years contributions between 2015 - 2022 treated as contributions under the Classic Scheme OR keep them under the new Alpha scheme (which accrue at 1/60th instead of 1.80th under Classic).
Plus I still get a lumo sum of 3 x Pensionable amount and can retire at 60 with my CS Pension
I have never been tempted to leave the Pension Scheme as it guarantees some income on top of my State Pension for when I retire (which my be soon as I will be 56 next week !)

Lemon_dr1zzle

Silvertabby said:

Lemon_dr1zzle said:

I’ve processed hundreds of refunds since 2014. Never done one where we actually have refunded the previous schemes contributions but the option is there 

Is it still the case that, when offered the choice of a refund or a transfer out, a good 90% go for the refund?

Majority of the time. Unless they have gone to another public sector scheme 

Silvertabby

Lemon_dr1zzle said:

Silvertabby said:

Lemon_dr1zzle said:

I’ve processed hundreds of refunds since 2014. Never done one where we actually have refunded the previous schemes contributions but the option is there 

Is it still the case that, when offered the choice of a refund or a transfer out, a good 90% go for the refund?

Majority of the time. Unless they have gone to another public sector scheme 

The tax payer thanks them !

Kim1965

I think those in the lgps are lucky. On a slightly different aspect I have had to deal with both the lgps and tps recently with ill health retirement for my wife. 
 Lgps arrange a doctor and put the pension into payment within a couple of months. The local Office was easy to deal with, the staff happy to give thier name and be contactable..
In comparison the tps have been very difficult to deal with. Tier 2 agreed in writing for a terminal diagnosis, 7 months on still not in payment. Service has been woeful, it is impossible to get through to the person who pushes the payment button. Lost forms, telephone operátors  contracting each other,  a complete shambles. 
Some people do not know how lucky they are. 

Dazed_and_C0nfused

antonic said:

I am a current Civl Servant with 34 years service (next month) and it was compulsory for me to join the Principal Civil Service Pension scheme (PCPS).
For the first 26 1/2 years I did not have to even contribute to the scheme ! when changes were made in 2015 so I have to contribute I agreed with them !
With the McCloud ruling , I now have a choice when I retire as to have the 7 years contributions between 2015 - 2022 treated as contributions under the Classic Scheme OR keep them under the new Alpha scheme (which accrue at 1/60th instead of 1.80th under Classic).
Plus I still get a lumo sum of 3 x Pensionable amount and can retire at 60 with my CS Pension
I have never been tempted to leave the Pension Scheme as it guarantees some income on top of my State Pension for when I retire (which my be soon as I will be 56 next week !)

Are you sure about that?

I think you'll be pleasantly surprised by Alpha as its accrual rate is 1/43rd (nearly double Classic) not 1/60th.