re existing pension with the Council

nicklela

I left the Council a few years ago, and wish to transfer my pension( I have paid in about 6 years). But I also wish to withdraw my pension when I move it, shortly after, is this possible? can anyone also recommend the best place to transfer my pension to?

dzug

Your pension with the Council will be index linked and guaranteed - you need to take proper advice about moving it as it may not be the best idea.

Unless you are retiring, (or at least reached retirement age - which will vary according to where you transfer it) you cannot 'withdraw' it.

olly300

As dzug said you need to take detailed advice about your pension.

If the council scheme is final salarly and you have moved to a private employer then probably the best advice is to leave it where it is. Councils (local government) are more likely to pay out there as lots of private schemes have changed from being final salarly to money purchase even for existing members.

I suggest you read this thread: http://forums.moneysavingexpert.com/showthread.html?t=656197

Cook_County

margaretclare wrote: »

The LGPS is one of the best around. Keep it!

Margaret

Unless you are a council tax payer that is...because it is paid for out of future council tax payments so these will have to increase over time.

seven-day-weekend

I am a Council Tax payer AND a beneficiary of the Local Authority Pension scheme.

We don't get it free you know. We do have to contribute to it.

Cook_County

seven-day-weekend wrote: »

I am a Council Tax payer AND a beneficiary of the Local Authority Pension scheme.

We don't get it free you know. We do have to contribute to it.

Have you looked at the accounts for the pension scheme?

It is mainly paid for out of future council tax, employee contributions alone would not be sufficient to pay for the future guaranteed benefits.

I find it less offensive as a concept than the TV licence, but the pension scheme could certainly be modernised without losing employees.

m_c_s

Cook_County wrote: »

but the pension scheme could certainly be modernised without losing employees.

Modernised now means reducing benefits and/or extending retirement age. Often it is applied to new entrants but not always. The LGPS is a very good pension but it is expensive to maintain or fund. My wife is in the scheme with 14 yrs of benefits but I think by the time she retires in 23 yrs time it will have been "modernised".

h5djr

Unless you are a council tax payer that is...because it is paid for out of future council tax payments so these will have to increase over time.

And what pays for the employers contribution to any other pension scheme.

Basically the prices that everyone pays for whatever the employer makes, sells or the services they offer.

EdInvestor

Cook_County wrote: »

Have you looked at the accounts for the pension scheme?

It is mainly paid for out of future council tax, employee contributions alone would not be sufficient to pay for the future guaranteed benefits..

The LGPS, unlike most other public sector pension schemes, is a funded scheme - employer and employee contributions are invested in equities, bonds property etc, just like a normal company final salary pension.

It is not "pay as you go" from taxes like the civil service, NHS and teachers' pension schemes.

It has already been "normalised".

dipsomaniac

h5djr wrote: »

And what pays for the employers contribution to any other pension scheme.

Basically the prices that everyone pays for whatever the employer makes, sells or the services they offer.

you don't have to pay for those goods/services. you have to pay your council tax (john prescott - take note).

h5djr

you don't have to pay for those goods/services. you have to pay your council tax (john prescott - take note).

You have to buy food, transport, petrol, clothes, shoes etc etc etc. The only choice is which company you buy from. But part of the price with all companies pays for their employees pension scheme (and their employee discount schemes and other private sector perks) in the same way as part of the council tax pays part of the council's employee pension scheme.