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Opting out lgps
Comments
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Large refund but annuitys cost a fortune0
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Not many people would take £1,500 (which will probably only actually be £1,200 after non refundable tax is deducted) against a transfer of £7,500 😳Matt_22 said: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 £75000 -
Sorry yes I didn't no whether I'd be better of taking the transfer refund and adding to the pp or next pension. Or if as it seems I'd be better locking a DD pension with the lgps0
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Am I wrong in thinking about that? With regards to a transfer?0
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I really don’t think there’s much more anybody can say to guide you on this one, Matt. You need to re-visit the scheme booklet, the posts on here and your own goals for retirement and then make a decision. Pensions can be daunting and unfamiliar, but for this particular issue you’re making far too much of a meal of it.Matt_22 said:Am I wrong in thinking about that? With regards to a transfer?2 -
Thanks it definitely is unfamiliar. I've possibly made a poor choice in taking the new role. I don't want to mess my pension up too. But moving the pension could be a silver lining?0
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This comment is correct?
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.??0 -
Matt_22 said:Thanks it definitely is unfamiliar. I've possibly made a poor choice in taking the new role. I don't want to mess my pension up too. But moving the pension could be a silver lining?
Being in LGPS in the first place is a gold plated lining.
If the job isn't for you that's one thing but to not end up with a LGPS pension would, in most people's eyes, be a particularly poor outcome.1 -
So the net decision is I'm better of transferring the 14k to buy in to the LGPS0
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!!!!!! stop feeding the troll everyone.6
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