Opting out lgps

Matt_22

Is 15k in the peoples pension 

Matt_22

JoeCrystal said:

If you stayed a little longer, you could have transferred in old pension funds to buy an index-linked income pension and avoided the minimum requirement to retain your LGPS (That is if your employer allows it, though)

Have you had experience of this before it sounds a good idea!

JoeCrystal

Matt_22 said:

You think that would then offer me a yearly pension?

Yes. That is the whole point! You "spend" £15k or whatever in your pension fund in exchange for an index linked income for life once you claim once you retire.

JoeCrystal

Matt_22 said:

JoeCrystal said:

If you stayed a little longer, you could have transferred in old pension funds to buy an index-linked income pension and avoided the minimum requirement to retain your LGPS (That is if your employer allows it, though)

Have you had experience of this before it sounds a good idea!

Unfortunately not. I was not lucky enough to work for an employer with one of the best pension scheme in the country with extremely generous benefits at these very cheap cost. ☹️ Indeed, it would be the biggest factor in my decision to go for such jobs especially if I know before that I am allowed to transfer in my DC pension schemes to "purchase" the index linked pension for life.

You do understand how the LGPS works right? I do get an impression that you are still very vague on how the defined benefit (DB) pension schemes work in general.

Matt_22

JoeCrystal said:

Matt_22 said:

You think that would then offer me a yearly pension?

Yes. That is the whole point! You "spend" £15k or whatever in your pension fund in exchange for an index linked income for life once you claim once you retire.

Thanks and it wouldnt matter if I did end up leaving months down the line?

Matt_22

JoeCrystal said:

Matt_22 said:

JoeCrystal said:

If you stayed a little longer, you could have transferred in old pension funds to buy an index-linked income pension and avoided the minimum requirement to retain your LGPS (That is if your employer allows it, though)

Have you had experience of this before it sounds a good idea!

Unfortunately not. I was not lucky enough to work for an employer with one of the best pension scheme in the country with extremely generous benefits at these very cheap cost. ☹️ Indeed, it would be the biggest factor in my decision to go for such jobs especially if I know before that I am allowed to transfer in my DC pension schemes to "purchase" the index linked pension for life.

You do understand how the LGPS works right? I do get an impression that you are still very vague on how the defined benefit (DB) pension schemes work in general.

Sort of it's a 1/49 scheme? So I maybe able to buy some years with my 15k?

Silvertabby

Matt_22 said:

JoeCrystal said:

Matt_22 said:

JoeCrystal said:

If you stayed a little longer, you could have transferred in old pension funds to buy an index-linked income pension and avoided the minimum requirement to retain your LGPS (That is if your employer allows it, though)

Have you had experience of this before it sounds a good idea!

Unfortunately not. I was not lucky enough to work for an employer with one of the best pension scheme in the country with extremely generous benefits at these very cheap cost. ☹️ Indeed, it would be the biggest factor in my decision to go for such jobs especially if I know before that I am allowed to transfer in my DC pension schemes to "purchase" the index linked pension for life.

You do understand how the LGPS works right? I do get an impression that you are still very vague on how the defined benefit (DB) pension schemes work in general.

Sort of it's a 1/49 scheme? So I maybe able to buy some years with my 15k?

No, you buy pension, not years. Transferring in simply negates your need for a 2 year vesting period.  Matt, please stop all this f*nnying on and request a transfer quote from your LGPS before it's too late.  Then you can come back to us to tell us how much fully index linked pension your £15K will buy you, and we can tell you what an excellent deal it is.

Matt_22

Thank you will. Glad you told me about this

QrizB

Matt_22 said:

JoeCrystal said:

Matt_22 said:

JoeCrystal said:

If you stayed a little longer, you could have transferred in old pension funds to buy an index-linked income pension and avoided the minimum requirement to retain your LGPS (That is if your employer allows it, though)

Have you had experience of this before it sounds a good idea!

Unfortunately not. I was not lucky enough to work for an employer with one of the best pension scheme in the country with extremely generous benefits at these very cheap cost. ☹️ Indeed, it would be the biggest factor in my decision to go for such jobs especially if I know before that I am allowed to transfer in my DC pension schemes to "purchase" the index linked pension for life.

You do understand how the LGPS works right? I do get an impression that you are still very vague on how the defined benefit (DB) pension schemes work in general.

Sort of it's a 1/49 scheme? So I maybe able to buy some years with my 15k?

I think, from this previous thread on the subject, your quote will be for a value of pension. I would guess (and it is a guess) something like £900 per year?

£600 is 1/49th of £44100, so if your salary is £44100 you could think of it as one year's worth. If your salary is £22050 you can think of its two year's worth. But it isn't really a number of years, it's a value of pension.

Dazed_and_C0nfused

Silvertabby said:

Matt_22 said:

JoeCrystal said:

Matt_22 said:

JoeCrystal said:

If you stayed a little longer, you could have transferred in old pension funds to buy an index-linked income pension and avoided the minimum requirement to retain your LGPS (That is if your employer allows it, though)

Have you had experience of this before it sounds a good idea!

Unfortunately not. I was not lucky enough to work for an employer with one of the best pension scheme in the country with extremely generous benefits at these very cheap cost. ☹️ Indeed, it would be the biggest factor in my decision to go for such jobs especially if I know before that I am allowed to transfer in my DC pension schemes to "purchase" the index linked pension for life.

You do understand how the LGPS works right? I do get an impression that you are still very vague on how the defined benefit (DB) pension schemes work in general.

Sort of it's a 1/49 scheme? So I maybe able to buy some years with my 15k?

No, you buy pension, not years. Transferring in simply negates your need for a 2 year vesting period.  Matt, please stop all this f*nnying on and request a transfer quote from your LGPS before it's too late.  Then you can come back to us to tell us how much fully index linked pension your £15K will buy you, and we can tell you what an excellent deal it is.

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