Do lgps forecasts account for the rule of85?

daz378

My 22 pension forecasts at my nra   about 16k  approx 5k final salary and 10k...but only shows 9k at 60 with actuarial reduction...I will meet r85 conditions at 60...my wishful thinking calculation   if its 12 k at that point...1/3 will have no actuarial reduction

daz378

Sorry maths a bit out 11k

Sarahspangles

The statements for my LGPS pension that does fall under the R85 don’t give forecasts at 55, 60 and 65 (unlike my other LGPS pension which is all post 2008). But there’s a calculator in the MyPension section of the first pension’s website which does seem to correctly calculate for R85 rights, because there’s a significant increase between a forecast for retirement just before age 60 and on my 60th birthday. You may have to ask them.

Have you checked you meet all the conditions here? There’s then a table with the reductions for the unprotected portion.

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

Silvertabby

How old are you, and when did you join the LGPS?

You would only be eligible for R85 if you joined before 1 October 2006.  And even then your protections would be limited to your pre 2008 benefits.

daz378

57 and I joined in 2001

Silvertabby

Then your protections may not be as much as you are hoping for.

As they only kick in from age 60, your routine annual benefit statements may not be entirely accurate in your case. They are only a guide to what you could  receive provided all of the information on your pension record is correct.  However, as Sarah says, running an estimate on MyPension may give you a better idea.

Sarahspangles

Silvertabby said:

Then your protections may not be as much as you are hoping for.

As they only kick in from age 60, your routine annual benefit statements may not be entirely accurate in your case. They are only a guide to what you could  receive provided all of the information on your pension record is correct.  However, as Sarah says, running an estimate on MyPension may give you a better idea.

Good point, my service + age already sums to over 85 so when I enter my details the system picks up that R85 applies.  So it’s a just matter of waiting/surviving to 60 and starting payment.

OP, if your fund does offer a calculator it may be a matter of trying different dates around anniversary of joining and birthdays to see when the rule kicks in.  I don’t really understand how the ‘whole years’ work - is it the actual dates, I assume it’s not tax years.

Silvertabby

Sarahspangles said:

Silvertabby said:

Then your protections may not be as much as you are hoping for.

As they only kick in from age 60, your routine annual benefit statements may not be entirely accurate in your case. They are only a guide to what you could  receive provided all of the information on your pension record is correct.  However, as Sarah says, running an estimate on MyPension may give you a better idea.

Good point, my service + age already sums to over 85 so when I enter my details the system picks up that R85 applies.  So it’s a just matter of waiting/surviving to 60 and starting payment.

OP, if your fund does offer a calculator it may be a matter of trying different dates around anniversary of joining and birthdays to see when the rule kicks in.  I don’t really understand how the ‘whole years’ work - is it the actual dates, I assume it’s not tax years.

It's the actual dates.  Unless someone joined on their birthday, a R85 qualifying period will be XX years XX days.

daz378

Yes I have just gone back into voluntary retirement calculator...it does include r85 protections....when I did  the calculator 2 years ago showed  9k a year at 60...now it's showing 10600 at 60...you can input  estimated salary increases, which I leave blank...seeing as I got 10% rise in April...probably reason for big jump..pleasantly surprised 

Sarahspangles

daz378 said:

Yes I have just gone back into voluntary retirement calculator...it does include r85 protections....when I did  the calculator 2 years ago showed  9k a year at 60...now it's showing 10600 at 60...you can input  estimated salary increases, which I leave blank...seeing as I got 10% rise in April...probably reason for big jump..pleasantly surprised 

It’s handy if (2026-2001) + 60 = 85 just as you turn 60.  I assume you didn’t plan it that way.

I left the job that is covered by R85 not long after the rules changed so 93% of it pays out unreduced. But I still have 4.5 years to wait, grump.