UMSS to LGPS pension club transfer

jaks101

Hi all, 

I will try to keep this brief. 

I will be moving job where they have LGPS, previously I was with UMSS which I believe would fall under the club transfer rules. 

My pension up until i think 2014 was final salary, however frustratingly when they closed this to CARE system the value on this final salary section was frozen at my current salary in 2014 which was 30K rather than my final salary when i retired would have hopefully been much higher as i was in a junior position. I built up 10 years. 

Since then my salary increased, and I am moving to this new job which pays a little more again. 

I'm under the impression that the LGPS scheme has better benefits and the old final salary proportion all be it now closed is still based on your final salary at time of retirement.

Does anybody know how they would work out a transfer in to the LGPS scheme under the club transfer. Would my 10 years accrued final salary of UMSS translate to a proportion of final salary on the new LGPS scheme which seems to good to be true.


Thanks in advance.

ussdave

UMSS as in University of Manchester?  I don't believe it falls under club transfer rules any more.

Best thing to do is start an application with LGPS for a transfer in and get a CETV from UMSS.  I'm not sure how likely it is that it'll be worth transfering but it's a guessing.game without the transfer quote.

Silvertabby

USS dropped out of the Club scheme in 2016.

ussdave

Silvertabby said:

USS dropped out of the Club scheme in 2016.

UMSS is a different scheme to USS.  Suspect similar is true though.

JoeCrystal

ussdave said:

Silvertabby said:

USS dropped out of the Club scheme in 2016.

UMSS is a different scheme to USS.  Suspect similar is true though.

With effect from 15 April 2016, on actuarial advice, UMSS ceased to participate in the Public Sector Transfer Club.

Indeed.

Silvertabby

ussdave said:

Silvertabby said:

USS dropped out of the Club scheme in 2016.

UMSS is a different scheme to USS.  Suspect similar is true though.

Found it - UMSS joined the Club in 1998, then left on 15 April 2016 "on actuarial advice".

However, the LGPS transfer in factors for non-club CETVs are pretty generous, even without the retention of the final salary link.

jaks101

Thanks for the quick reply’s, that’s a shame