Wanted : Advice on LGPS & Civil Service Pension Schemes

Pint_Sized_Princess

Hi

I have 5 years worth of civil service pension scheme, but have since moved jobs and have been paying into a local government scheme for a few mths now.

I have been told I have only 12mths to transfer my civil service rights into my current local government scheme, should I wish to do so.

The extra membership the transfer value woud buy me in the local government scheme is more favourable on paper, as I have had a salary increase since moving jobs, HOWEVER...........I know that I am still climbing the ladder in my career and so am thinking that I may go back into the civil service in the next few years.

If I transferred the civil service pension into the local government scheme now, does that mean that if I returned to civil service I woud be joining the pension scheme as a NEW member, (therefore the classic scheme would be unavailable as I would be a new entrant)

Likewise if I now retain both my civil service and local goverment pension, could I return to civil service pension scheme under the "classic" scheme.

I still have at least 30 years to retirement........:(

Any help woud be greatly appreciated as I am pulling my hair out trying to understand it all!!!

Andy_L

If you transfered out and back in you would have to join "nuvos" (the new, average salary, retire at 65 scheme)
I'm fairly sure (ie if i'm wrong don't blame me) that if you don't transfer and leave it there you will still have to join nuvos for future service.
If you do transfer to nuvos, transfered service from classic/LGPS will buy you more years as it's a poorer scheme.
The decision depends on how long you're going to say in local gov & if you think salary progression is going to exceed RPI

As an aside a mate of mine left the civil service last year, he got RPI increase on his defered pension whilst I got 2.5% (pay rise) + an extra 1/80ths (another year of servce) - Looks like he's winning on the pension game.