Defer LGPS Pension

hyubh

Maria2512 said:

hyubh said:

Maria2512 said:

If I’ve been in the LGPS for 25 years and want to retire at 60, can I defer taking my pension for a couple of years until I’m say 62? If so, will the reductions be less because my NPA will be nearer when I take my pension at 62?

You can, but given you have 10 years membership under the 85 year rule, you would be losing some of the benefit of that. On the flip side 2008-14 and 2014+ pension would have a lower actuarial reduction.

The sweet spot would probably be getting a flexible retirement from your employer, drawing your pre-2008 pension at 60 and leaving the rest while continuing to work at a lower grade or fewer hours than before.

Could I draw my AVCs while drawing only my pre-2008 pension? 

If the AVC contract was taken out before 13/11/2001, you must draw it, otherwise you can.

That said, keep in mind granting a flexible retirement is an employer discretion, rather than a right. So you would need to investigate with HR.

Kniphofia7

Have you spoken to anyone from the Fund?  How old are you now?  You can do your own pension estimates for various dates on the My Pension Online web portal for LGPS.