Unable to top up current company pension - alternatives?

r6mile

If you want to increase your pension via lump sum then your best bet is to set up a separate personal pension or SIPP.

Dazed_and_C0nfused

portoman said:

la531983 said:

There is a calculator on the LGPS website that tells you how much you get out of it, have you taken a look?  Regular or one off payments are accepted, but there is a cap. 

https://www.lgpsmember.org/help-and-support/tools-and-calculators/buy-extra-pension-calculator/

As said though the employer contribution is irrelevant in the normal scheme. They may contribute to the AVC I believe, but you will have to ask. 

The problem is that I've been told via email that the Merseyside Pension Fund doesn't allow it 

"Thank you for your recent query.

Merseyside Pension Fund regulations do not allow one-off payments into the scheme, if you would like to increase your benefits this must come out of your monthly pay.

Please find link below to the Fund's website to find out ways of increasing your benefits:

https://mpfmembers.org.uk/content/how-can-i-pay-more- increase-my-benefits

Kind Regards"

Then they need to amend this part of their website.

https://mpfmembers.org.uk/content/paying-additional-pension-contributions-apcs-buy-extra-lgps-pension

Any extra pension you purchase is payable each year in retirement and is payable on top of your normal LGPS benefits. You can pay for this extra pension either regularly from your pay or via a lump sum.

la531983

If that's the case then, all you can do is put the money aside and let them take it out of your wages for a set period at £X per month.

You will need to do the maths to work out if doing this will be better than just investing a lump sum elsewhere. 

portoman

Dazed_and_C0nfused said:

portoman said:

la531983 said:

There is a calculator on the LGPS website that tells you how much you get out of it, have you taken a look?  Regular or one off payments are accepted, but there is a cap. 

https://www.lgpsmember.org/help-and-support/tools-and-calculators/buy-extra-pension-calculator/

As said though the employer contribution is irrelevant in the normal scheme. They may contribute to the AVC I believe, but you will have to ask. 

The problem is that I've been told via email that the Merseyside Pension Fund doesn't allow it 

"Thank you for your recent query.

Merseyside Pension Fund regulations do not allow one-off payments into the scheme, if you would like to increase your benefits this must come out of your monthly pay.

Please find link below to the Fund's website to find out ways of increasing your benefits:

https://mpfmembers.org.uk/content/how-can-i-pay-more- increase-my-benefits

Kind Regards"

Then they need to amend this part of their website.

https://mpfmembers.org.uk/content/paying-additional-pension-contributions-apcs-buy-extra-lgps-pension

Any extra pension you purchase is payable each year in retirement and is payable on top of your normal LGPS benefits. You can pay for this extra pension either regularly from your pay or via a lump sum.

Oh dear! What a palaver!!

Silvertabby

portoman said:

Dazed_and_C0nfused said:

portoman said:

la531983 said:

There is a calculator on the LGPS website that tells you how much you get out of it, have you taken a look?  Regular or one off payments are accepted, but there is a cap. 

https://www.lgpsmember.org/help-and-support/tools-and-calculators/buy-extra-pension-calculator/

As said though the employer contribution is irrelevant in the normal scheme. They may contribute to the AVC I believe, but you will have to ask. 

The problem is that I've been told via email that the Merseyside Pension Fund doesn't allow it 

"Thank you for your recent query.

Merseyside Pension Fund regulations do not allow one-off payments into the scheme, if you would like to increase your benefits this must come out of your monthly pay.

Please find link below to the Fund's website to find out ways of increasing your benefits:

https://mpfmembers.org.uk/content/how-can-i-pay-more- increase-my-benefits

Kind Regards"

Then they need to amend this part of their website.

https://mpfmembers.org.uk/content/paying-additional-pension-contributions-apcs-buy-extra-lgps-pension

Any extra pension you purchase is payable each year in retirement and is payable on top of your normal LGPS benefits. You can pay for this extra pension either regularly from your pay or via a lump sum.

Oh dear! What a palaver!!

It may be than this is an employer discretion, of which there are many.  For example, LGPS rules allow main scheme transfers in from previous DC schemes -  but many employers have used their discretionary rights to block these due to possible increased future costs.

xylophone

https://mpfmembers.org.uk/content/how-can-i-pay-more-increase-my-benefits#:~:text=you can still pay Additional,concurrent personal pension plan or

seems to be the current link.

It does direct you to 

https://www.lgpsmember.org/help-and-support/tools-and-calculators/buy-extra-pension-calculator/

but points out that this is a general LGPS site.

Lump sum contributions are mentioned on this site but perhaps the Merseyside specific form (which you would need to request by e-mail) only covers monthly contributions?