Opting out lgps

xylophone

It says first they would have to give me a quote on how much lgps the fund would buy me.

But this is not done automatically - you need to apply. 

Does your scheme offer an explanatory leaflet as below?

https://www.dyfedpensionfund.org.uk/media/1223/transfers-factsheet-english.pdf

Matt_22

Yes and it says on the letter I will apply. I have about 15k in the peoples pension. Any idea what this would possibly cost me?

QrizB

Matt_22 said:

Yes and it says on the letter I will apply. I have about 15k in the peoples pension. Any idea what this would possibly cost me?

It shouldn't cost you anything to apply. Once you get your quote, you can decide whether to proceed or not.

swindiff

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

Matt_22

Thanks how long was she there?

Matt_22

I'm going to see about transferring my 15 of peoples pension in. Will surely be worth more in the lgps even if leave before 2 years

swindiff

Matt_22 said:

Thanks how long was she there?

Around 18 months.

Matt_22

So effectively 7500 extra on here salary for the 18months

LHW99

Matt_22 said:

I'm going to see about transferring my 15 of peoples pension in. Will surely be worth more in the lgps even if leave before 2 years

Good decision IMO

Matt_22

You think that would then offer me a yearly pension?