Opting out lgps

Matt_22

Thanks I'm new to the pension world don't have much knowledge and starting to now thanks to all the advice

Matt_22

I'll hopefully try and come up with a decision tomorrow. Abit unsure whether to leave were is and get the refund if leave and hope the money grows more in stocks or that the annuity. I was looking on my peoples pension at the moment it's worth 14500 so gone up 500 since the quote. It's says on the quote letter the quote is accurate to the value of the investment at the time so maybe adjusted when it goes through.

swindiff

I don't know why you came on here for opinions on what to do when you seem determined to go against all those given.

Matt_22

I don't I think I'm going to go with it

QrizB

Matt_22 said:

 Abit unsure whether to leave were is and get the refund if leave and hope the money grows more in stocks

There is a near-zero chance that a refund of contributions will grow to be worth more than the deferred pension you would have if you allowed it to vest.

Matt_22 said:

I was looking on my peoples pension at the moment it's worth 14500 so gone up 500 since the quote.

If you really don't want to transfer in your PP pension, stick £500 into Vanguard and transfer that in instead. From what I understand it'll still vest your LGPS pension.

swindiff said:

I don't know why you came on here for opinions on what to do when you seem determined to go against all those given.

OP might want to read this near-trolling thread to see what private sector people think of government pensions:

https://forums.moneysavingexpert.com/discussion/6495588/one-word-obscene/p1

swindiff

Pretty sure this guy is a troll now he is talking about having his LGPS contributions refunded lol 
Silvertabby and I have both posted earlier in this thread how much better it is to transfer than get a refund.

r6mile

14 pages of this thread!! OP please listen to literally everyone on this thread and transfer in your old pension into LGPS. You said you are in you are in your 30s and not likely to stay in this job - unless you later get another public sector job this may be your only chance to get some very valuable Defined Benefit pension coverage. You’ll have plenty of time to build up a Defined Contribution pot through other jobs.

LoopySnooker

Might be worth OP getting this first: https://www.amazon.co.uk/dp/B0BVMQMKT3?smid=A1G3UP32AZJ14F&tag=pepperegc22-21&ascsubtag=2632204317

Matt_22

QrizB said:

Matt_22 said:

 Abit unsure whether to leave were is and get the refund if leave and hope the money grows more in stocks

There is a near-zero chance that a refund of contributions will grow to be worth more than the deferred pension you would have if you allowed it to vest.

Matt_22 said:

I was looking on my peoples pension at the moment it's worth 14500 so gone up 500 since the quote.

If you really don't want to transfer in your PP pension, stick £500 into Vanguard and transfer that in instead. From what I understand it'll still vest your LGPS pension.

swindiff said:

I don't know why you came on here for opinions on what to do when you seem determined to go against all those given.

OP might want to read this near-trolling thread to see what private sector people think of government pensions:

https://forums.moneysavingexpert.com/discussion/6495588/one-word-obscene/p1

Sorry I have read that thread it does appear then that transfering is the best thing to do. Im sorry I'm new to pensions 

Matt_22

That comment throw my abit with regards to the refund values etc.
I'm going to post it tomorrow then I can forget about it thanks for all the advice.swindiff said:

My wife left her LGPS role to go back to the NHS before she had completed 2 years service..  The refund would have been around £1500 and the transfer value was around £7500