Flexible retirement in LGPS

Redsox64

I have been looking in to this and wondering if anyone has any experience to share? It appears I could take my pre 2008 element (protected age of 60 due to R85) and keep paying in to the CARE. My reason for doing this is to get a few more years so the early payment reduction on the remaining parts of my pension are not so high. Having worked part time for 25 years due to caring responsibility my pension is not quite where I need it be. I really can’t face working until I’m 67 so looking at ways to maximise my pension before I take it. I already pay into an AVC. The scheme rules say I can’t be better off as a result of taking flexible retirement so I wonder whether it would even be worth it. I work 3 days a week. Anyone been down this route?TIA. 

Silvertabby

How old are you?  If you are under 60 then taking flexi with R85 protections will incur employer strain costs, which they may not be willing to pay.

Flexi retirement usually means taking a step down in some way, usually by a reduction in hours or by taking a less stressful, lower paid, post.  As you are already part time, your employer (strain costs or not)  may not be willing to reduce your hours further.  All you can do is ask.

Redsox64

@Silvertabby many thanks for your reply. I will be 60 in December so wouldn’t do before then. I understand it takes several months to arrange anyway. Taking a lower salary may not result in much of an uplift in pension for a relatively short period anyway I guess? 

Silvertabby

I would think your biggest problem would be getting your employer to reduce your hours even further in your current post or to side-step you into a lower position (just reducing your salary for your current post isn't an option).  Have you discussed this with them yet?

And, yes, the lower accruals in your CARE pension may well wipe out most of the benefits in respect of your early payment reductions.

P.S.  Just in case it has crossed your mind, no - you can't take your pre 2008 benefits without going down the flexi retirement route, even though you are already part time.

MX5huggy

It will depend on how loved you are. 

We had one, absolute pain of a man, applied for flexi retirement, strangely it went through no problem had a fixed full retirement date in 2 years, tucked him in the corner 2 years later everyone was happy. 

Redsox64

I hope on the one hand that I wouldn’t be viewed in that way 😆 but  ……..