Opting out lgps

r6mile

I wouldn't worry so much about projected value and precise figures.

The LGPS scheme I excellent and crucially provides guaranteed income - between what you’ve transferred plus what you’ll accrue working there even for a year you’ll get about 2k in stable income, to add to your state pension of 11.5k, both of which will rise by inflation.

You said you are in your 30s - if you don’t think  you’ll stay in the job long, take the opportunity while you can to build some Defined Benefit income. You have plenty of time in future jobs to build a Defined Contribution pot that can be invested etc.

Matt_22

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thats my current peoples pension

sevenhills

Matt_22 said:

Thanks I have money in stocks and shares ISAs which has done well with compound interest. This is why am struggling abit with knowing what's right. I was set in the lgps offer to diversy. But unsure after I had an attempted work out 

You don't get interest from stocks and shares, you mean dividends. The dividend payment will amount to around 3/4% per year, over and above any rise in the share value. UK dividends are slightly higher than in the USA.

Swipe

If you are unsure, don't transfer it. I don't think there's any more advice that can be offered. Maybe time to make a decision and put it to bed and get on with your life instead of forever wondering what if.

Matt_22

Problem being all my money at the moment including pension is tied in stock market
 This may give me diversification

LoopySnooker

Swipe said:

If you are unsure, don't transfer it. I don't think there's any more advice that can be offered. Maybe time to make a decision and put it to bed and get on with your life instead of forever wondering what if.

Think we’ve got a little while to go yet…….

would it be worth getting this thread closed ?

Swipe

Matt_22 said:

Problem being all my money at the moment including pension is tied in stock market
 This may give me diversification

Which exactly why I value both my DB pensions. I also transferred in a small private pension I had within my first year of joining the LGPS a few years ago.

Matt_22

Thanks you obviously thought the LGPS pension was a good offer then?

Dazed_and_C0nfused

Matt_22 said:

Thanks you obviously thought the LGPS pension was a good offer then?

Do you actually know anyone who doesn't think the LGPS is as close as it gets to a gold plated pension?

AlanP_2

I did the same and transferred in a 6 figure DC pot.

Providing both my wife and I don't die in the next 8 years it will be the most profitable 2 minute job I ever undertook.


I'm confused TBH. In some aspects you seem ultra cautious in others the complete opposite.

Maybe a simple point may help. In 30 years time this will all be a slight blip in your overall financial / retirement journey.

My DC pension, which I also have alongside LGPS, can move more than £14k in a few weeks. 

Use Nike's and slogan as your guide.