Independent advice on LGPS

joshiesaunt

Hello, can anyone recommend anywhere where my husband and I can get advice on our LGPS and when to retire.  My husband is now 58 and has been in service since 1996 and I (56 years old) have been in service since 1996 but went part time for 9 years from 2006 - 2015.  We just need advice on when we meet the 85 year rule and retiring at 60 or looking into how flexible retirement might look after 60.  I have read this forum for several years but am not very clued up about how it all works still.  We've called our pensions department but they said they can't do anything until we approach 60.  I'd like to sit down with someone and go through the figures and don't mind paying  for the advice.

xylophone

advice on our LGPS and when to retire.

Silvertabby  (forum member) is a retired LGPS Administrator - she won't be able to advise ( not permitted on forum)  but I am sure could guide you in the right direction.

I sent her a PM with link to your post.

Brie

Most employers seem to have an online tool where you can play with retirement dates based on your actual service record.  Can the pensions admin direct you to something like that??

NoMore

If LGPS is your only source of Pension Income, then you probably don't need to pay for advice, you just need to understand your options.

bripat

Silvertabby gave me lot of information about flexible retirement at 60yrs old . Only my 1 st week working 3 days loving it.

Dave_5150

joshiesaunt said:

Hello, can anyone recommend anywhere where my husband and I can get advice on our LGPS and when to retire.  My husband is now 58 and has been in service since 1996 and I (56 years old) have been in service since 1996 but went part time for 9 years from 2006 - 2015.  We just need advice on when we meet the 85 year rule and retiring at 60 or looking into how flexible retirement might look after 60.  I have read this forum for several years but am not very clued up about how it all works still.  We've called our pensions department but they said they can't do anything until we approach 60.  I'd like to sit down with someone and go through the figures and don't mind paying  for the advice.

You meet the 85 rule when your full years service + your current age equals 85. The latest changes to the rules mean that R85 protection is only applicable if you are at least age 60 when you retire.

https://www.lgpsmember.org/your-pension/planning/taking-your-pension/the-85-year-rule/

Silvertabby

joshiesaunt said:

Hello, can anyone recommend anywhere where my husband and I can get advice on our LGPS and when to retire.  My husband is now 58 and has been in service since 1996 and I (56 years old) have been in service since 1996 but went part time for 9 years from 2006 - 2015.  We just need advice on when we meet the 85 year rule and retiring at 60 or looking into how flexible retirement might look after 60.  I have read this forum for several years but am not very clued up about how it all works still.  We've called our pensions department but they said they can't do anything until we approach 60.  I'd like to sit down with someone and go through the figures and don't mind paying  for the advice.

First thing to get out of the way is your part time service - R85 is based on calendar years, so the years you worked part time won't affect your R85 entitlement.  Also, in both of your cases, your R85 protections are limited to your pre 2008 service only.

Based on the information you have given, you will both meet R85 in your late 50s.  However, R85 is still linked to a minimum retirement age of 60.  Assuming that you both want to retire at 60, your early retirement reductions would be thus:

1996 to 2008 = Nil reductions

2008 to 2014 = NRA of 65.  Benefits reduced by 20.9%

2014 to Date of Leaving = NRA of SPA (67) Benefits reduced by 27.4%

In the case of Flexi Retirement, that is subject to the approval of your employer and usually means a substantial reduction of your working hours.  You would have the option of taking all of your pensions accrued to the date of going flexi, subject to the reductions above, or you can opt to leave your post 2008 benefits until the reductions no longer apply or are less.  You must take your pre 2008 benefits.  

Please think twice about paying for advice.  Very few IFAs are specialists in the LGPS, particularly when R85 protections are involved.  Have you tried accessing your pensions portal?  You'll be able to run your own calculations, which are usually pretty accurate.   

Pop back if you need anything else.

joshiesaunt

Thank you Silvertabby and others, we'll play around with the portal.

Reg_Smeeton

If either of you are trade union members then the TUC/Unionlearn offer a very informative (and free!) distance learning course on understanding your LGPS pension which includes a section on R85. Check with your workplace rep or local college.