Whether to put DC into LGPS

bontingfromthebeach

I have two DC pots of £51,000 and £74,000 respectively. I am in the LGPS and have requested in transfer values which have come back at £3,363 and £4,859 respectively. I am 55 and this is my only change to transfer into the CARE scheme and my only pension funds so I need to get it right. I have grown the DC pots well by being invested in 100% equities and am unsure whether to put all funds into LGPS or do half and half so I have more flexibility over retirement date options and can leave one DC pot for my children to inherit. How do I decide the right way forward as either option seems okay. Thanks for any help. I have 13 years until state pension age.

Dazed_and_C0nfused

One or the other rather than both might be a good compromise.

Nebulous2

What are you expecting from your care pension, without the transfer in, and would it be enough for you to live on?  

Over £8000 a year in guaranteed income above the state pension is a useful starting point. 

Another thing to think about is that if you don't complete two years in the LGPS you won't get a care pension at all. Transferring in changes that, and even if you left before the two years were up you would still be entitled to an LGPS pension. 

I'd probably be taking both if I were you, my priority was maximising monthly income,  but if you wanted to compromise I'd at least take the bigger one. 

bontingfromthebeach

Without the transfer in it’s only about £1200 pa at the moment. I’ve clocked onto the condition that says transferring in negates the two year qualification rule which was a reason to get the figures requested but it will end up being at least two years since I started when the transfers are made as the process was put on hold due to new rules for transfers being implemented. I’m also doing tiny AVCs alongside the lgps but those lump sums are the bulk of my pension.