Any way to vest an LGPS pension >1 year service, but <2?

Universidad

Unfortunately we've learned that my wife's contract with an LGPS employer is going to be ended in a couple of months. She'll have about 22.5 months service at that point.

Are there any little known ways of getting this scheme to vest rather than getting contributions back, or a relatively poorer value transfer into a private pension?

For background information, this is a part time role that is ending, and she has another couple of jobs that (more than!) fill out her schedule. Neither of her other roles have an LGPS pension, but she is in another public sector scheme.

Because she has a limited number of free hours in the week with her other jobs, it is unlikely that she will pick up another role with a public sector pension. And because she has been in the other roles for far longer than a year, I don't think she's eligible for a transfer in - other than to another private scheme.

But it does seem like a waste for her to lose her transfer club benefits.

Does anyone know how long a pension that isn't eligible to be deferred can be put on hold waiting for a better transfer opportunity?

It seems like a lot of money getting left on the table to simply put whatever the transfer value is estimated at into a SIPP, for example. I've seen the transfer values from public sector schemes, and they are pretty weak compared to the value of the benefits!

Marcon

Universidad said:

Unfortunately we've learned that my wife's contract with an LGPS employer is going to be ended in a couple of months. She'll have about 22.5 months service at that point.

Are there any little known ways of getting this scheme to vest rather than getting contributions back, or a relatively poorer value transfer into a private pension?

Normally the suggestion would be to stick some cash into a stakeholder or other personal pension, then transfer it in to get immediate vesting. That wouldn't work here because she's been in the LGPS for more than 12 months.

Universidad said:

Does anyone know how long a pension that isn't eligible to be deferred can be put on hold waiting for a better transfer opportunity?

https://www.lgpsmember.org/your-pension/thinking-of-leaving/leaving-before-retirement/ and scroll down to 'leaving without deferred benefits'

Universidad

Marcon said:

Normally the suggestion would be to stick some cash into a stakeholder or other personal pension, then transfer it in to get immediate vesting. That wouldn't work here because she's been in the LGPS for more than 12 months.

Yeah, awkward timing, but it happens. I wondered on the off chance if there was anything available we could take advantage of while she's still an active member of two schemes, but I suspect not. 

Interestingly I think if both her pensions had been with an LGPS they would have been combined, but I don't think that's available any wider than across LGPS.

Thanks for the link on "leaving without deferred benefits"... 5 years is probably enough time to figure out if she can get another public sector pension.

Spicy21

Could she take a role as an exam invigilator? Occasional work and eligibility to join LGPS depending on the region.

FIREmenow

Is there any chance they would stretch out the time she has left to cover those extra six weeks? Would depend whether there is any work left to be done or if there budget has to be spent earlier etc.

In a similar vein, my workplace has helped people bridge gaps in pensionable service and/or to make sure staff get the next pay increment with slightly longer contracts and unpaid leave once the work is officially complete.