Some people have no idea how lucky they are LGPS

MovingForwards

Is there any way of me doing a rough calculation to see what a few DC pensions could buy me if I transferred them in to the LGPS, DB side not AVC side, or do I have to contact LGPS?

I'm on the cusp of going PT, well within the 1 year timeframe and would look to instigate it when my hours have reduced.

Silvertabby

MovingForwards said:

Is there any way of me doing a rough calculation to see what a few DC pensions could buy me if I transferred them in to the LGPS, DB side not AVC side, or do I have to contact LGPS?

I'm on the cusp of going PT, well within the 1 year timeframe and would look to instigate it when my hours have reduced.

There's more involved than just a simple transfer factor, I'm afraid, so you would need to ask your LGPS for the quotes.

Just asking for some figures to look at won't commit you in any way - having been supplied with the figures, you will then be asked if you want to go ahead with all or any (or none) of the transfers.

Do it now - no-one needs the stress of trying to chase a last minute transfer, and your plan to go part time won't make any difference.

MX5huggy

MovingForwards said:

Is there any way of me doing a rough calculation to see what a few DC pensions could buy me if I transferred them in to the LGPS, DB side not AVC side, or do I have to contact LGPS?

I'm on the cusp of going PT, well within the 1 year timeframe and would look to instigate it when my hours have reduced.

You can only transfer into LGPS in the first year of joining LG. The implication is you’ve worked for them for more years? 

MovingForwards

Thanks @Silvertabby my plan to go PT does make a difference as without that contract my job ends. I'll wait for the next PT extension, if it's authorised, and then send the details to LGPS straight away.

MovingForwards

@MX5huggy I've been with them a few months. I should get my new PT FTC within a couple of weeks, assuming it's authorised, and I'll send the form to LGPS straightaway.

MX5huggy

In that case send off for the forms now, if you transfer in even just a little bit of DC you avoid the 2 year vesting period required, normally if you leave LGPS within 2 years your contributions are refunded either as cash and you pay tax or to a another pension you nominate. 

MovingForwards

I wasn't aware I could overcome the 2 year waiting period! Thanks, I'll get the forms in to my former DC providers and see what LGPS come back with.

Lemon_dr1zzle

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. 

hyubh

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...

Silvertabby

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 could still be refundable - along with their LGPS contributions - if they leave with with less than 2 years LGPS membership. 

This is were the fun would start.  If the LGPS leaver expressed an interest in a refund, and if the transfer in paperwork didn't confirm that the member had been entitled to a refund (why would it?) then the LGPS would have to obtain that information, in writing, from the previous scheme.

Personally, I never understood why this was even an option, as surely someone who had originally chosen a transfer over an option wouldn't then take the much inferior refund?