Local Government Pension Scheme? Very confused!

QrizB

Jon_01 said:

r6mile said:

What are the deferred pension amounts for each? (Or are they combined)

One is Deferred Pension £1,843.71   Lump sum £5,531.12

Two is                              £2,093.00                     £1,477.00

There's a slider for increasing the lump sum, but there seems no way of taking it to zero and increasing the monthly?

OK, so a combined pension of almost £4k pa and a combined lump sum of £7k.

Sounds like a pretty good government-backed DB pension which, added to her SP, will give a solid foundation for retirement.

At what age are they payable?

From your opening post:

As far as I can see, the better option is to transfer out the 80K and all her other pots and buy an annuity, as the LGPS state that the full value of both funds is transferable.

I think, even now, you might struggle to buy an annuity equivalent to a £4k pa LGPS pension for £80k.

Kim1965

Your wife is lucky. She has a hassle free promise to pay, gaureteed fully indexed pension. It will not be affected by market conditions. I have some of this and wish all my pension was as solid and simple, instead i have a lump of money that bounces up and down in value and im terrified to draw on it. Lol

Jon_01

QrizB said:

Jon_01 said:

r6mile said:

What are the deferred pension amounts for each? (Or are they combined)

One is Deferred Pension £1,843.71   Lump sum £5,531.12

Two is                              £2,093.00                     £1,477.00

There's a slider for increasing the lump sum, but there seems no way of taking it to zero and increasing the monthly?

OK, so a combined pension of almost £4k pa and a combined lump sum of £7k.

Sounds like a pretty good government-backed DB pension which, added to her SP, will give a solid foundation for retirement.

At what age are they payable?

From your opening post:

As far as I can see, the better option is to transfer out the 80K and all her other pots and buy an annuity, as the LGPS state that the full value of both funds is transferable.

I think, even now, you might struggle to buy an annuity equivalent to a £4k pa LGPS pension for £80k.

Canada LIfe offer 5,540 for an 80K pot, Avia just a little under. But not index linked.

That was a heck of a learning curve.  Many, many thanks to everyone that helped, I'm sorry if I was confusing but the guy we spoke to at the LGPS really didn't help matters!

She's decided to leave things as they are and to start to claim the LGPS pension at the start of next year and dump all her other pots into an annuity somewhere, research on going.

Thanks again all. . .