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Opting out lgps

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Comments

  • Lemon_dr1zzle
    Lemon_dr1zzle Posts: 140 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    The factors are online. OP how old are you? 
  • Matt_22
    Matt_22 Posts: 323 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I'm 35 years old 
  • Matt_22
    Matt_22 Posts: 323 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Just though it's probably still better transfering it.  Filling the form out now
  • Matt_22
    Matt_22 Posts: 323 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I got the quote back for £13957 I have in the peoples pension. It would buy me a pension of £1580.89 annually. Not sure if that is any good or not. Or if best leaving in the peoples pension. Thanks for your thoughts
  • QrizB
    QrizB Posts: 20,753 Forumite
    10,000 Posts Fourth Anniversary Photogenic Name Dropper
    I'm not expert but that sounds like an excellent deal to me.
    N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill Coop member.
    2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.
    Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
  • MallyGirl
    MallyGirl Posts: 7,417 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    In simple terms - in 9 years you would have had all the money back and every year after that you are in profit. It is more complicated than that as the lgps pension rises each year (but then hopefully your people pension would too although that is not guaranteed and lgps is)
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • Matt_22
    Matt_22 Posts: 323 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Yes I think the peoples pension one is pridected to be worth around 30k by the time I'm retirement age
  • dunstonh
    dunstonh Posts: 120,603 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Matt_22 said:
    Yes I think the peoples pension one is pridected to be worth around 30k by the time I'm retirement age
    Its not a predication.  Its a projection.  Predictions are something that are expected to happen. Projections are synthetic calculations using a range of assumptions.     They also reduce the figure in the projection to give the info in todays spending power.  So, it will be a lot more than £30k.  
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • MallyGirl
    MallyGirl Posts: 7,417 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Matt_22 said:
    Yes I think the peoples pension one is pridected to be worth around 30k by the time I'm retirement age
    but LGPS is guaranteed to grow based on its rules. PP is exposed to the vagaries of the stock market
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • Matt_22
    Matt_22 Posts: 323 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    So not sure if the lgps. Offer is a better offer or not 
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