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Taking LGPS Early

dont_use_vistaprint
Posts: 748 Forumite


Do all LG’s penalise early retirement / reduce pensions and lump sums in broadly the same way using the same percentages ?
I found one area that publishes a table online showing the percentage reduction in lump sum and pension for years 1-12 if taking early, this is very useful for decision making,
but my LG does not you have to request a specific date of retirement calculation , they take forever to respond and they won’t provide me all 12 figures to compare , you have to send 12 requests…
but my LG does not you have to request a specific date of retirement calculation , they take forever to respond and they won’t provide me all 12 figures to compare , you have to send 12 requests…
The greatest prediction of your future is your daily actions.
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Comments
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dont_use_vistaprint said:Do all LG’s penalise early retirement / reduce pensions and lump sums in broadly the same way using the same percentages ?I found one area that publishes a table online showing the percentage reduction in lump sum and pension for years 1-12 if taking early, this is very useful for decision making,
but my LG does not you have to request a specific date of retirement calculation , they take forever to respond and they won’t provide me all 12 figures to compare , you have to send 12 requests…
There is usually a reduction to reflect the fact that you are asking for the pension to be paid for a longer period though.
Do you mean the reductions shown on this page, which seem ok for future planning purposes.
https://www.lgpsmember.org/your-pension/planning/taking-your-pension/1 -
dont_use_vistaprint said:Do all LG’s penalise early retirement / reduce pensions and lump sums in broadly the same way using the same percentages ?I found one area that publishes a table online showing the percentage reduction in lump sum and pension for years 1-12 if taking early, this is very useful for decision making,
but my LG does not you have to request a specific date of retirement calculation , they take forever to respond and they won’t provide me all 12 figures to compare , you have to send 12 requests…Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
dont_use_vistaprint said:Do all LG’s penalise early retirement / reduce pensions and lump sums in broadly the same way using the same percentages ?I found one area that publishes a table online showing the percentage reduction in lump sum and pension for years 1-12 if taking early, this is very useful for decision making,
but my LG does not you have to request a specific date of retirement calculation , they take forever to respond and they won’t provide me all 12 figures to compare , you have to send 12 requests…1 -
dont_use_vistaprint said:
but my LG does not you have to request a specific date of retirement calculation , they take forever to respond and they won’t provide me all 12 figures to compare , you have to send 12 requests…1 -
You can’t do the calculations with accuracy for 12 years. The value of the pension will change, depending on the salary, CPI will revalue the pension each year etc. Just use the tables linked to do your best guess.0
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Dazed_and_C0nfused said:dont_use_vistaprint said:Do all LG’s penalise early retirement / reduce pensions and lump sums in broadly the same way using the same percentages ?I found one area that publishes a table online showing the percentage reduction in lump sum and pension for years 1-12 if taking early, this is very useful for decision making,
but my LG does not you have to request a specific date of retirement calculation , they take forever to respond and they won’t provide me all 12 figures to compare , you have to send 12 requests…
There is usually a reduction to reflect the fact that you are asking for the pension to be paid for a longer period though.
Do you mean the reductions shown on this page, which seem ok for future planning purposes.
https://www.lgpsmember.org/your-pension/planning/taking-your-pension/
The N/A figures against lump sump in years 11-13 does this mean no lump sum
is payable or that it is reduced by 15.5 % as for year 10.
it also says the employer can at its discretion decide not to reduce it , what would be typical grounds to request no reduction ?The greatest prediction of your future is your daily actions.0 -
dont_use_vistaprint said:Dazed_and_C0nfused said:dont_use_vistaprint said:Do all LG’s penalise early retirement / reduce pensions and lump sums in broadly the same way using the same percentages ?I found one area that publishes a table online showing the percentage reduction in lump sum and pension for years 1-12 if taking early, this is very useful for decision making,
but my LG does not you have to request a specific date of retirement calculation , they take forever to respond and they won’t provide me all 12 figures to compare , you have to send 12 requests…
There is usually a reduction to reflect the fact that you are asking for the pension to be paid for a longer period though.
Do you mean the reductions shown on this page, which seem ok for future planning purposes.
https://www.lgpsmember.org/your-pension/planning/taking-your-pension/
The N/A figures against lump sump in years 11-13 does this mean no lump sum
is payable or that it is reduced by 15.5 % as for year 10.
it also says the employer can at its discretion decide not to reduce it , what would be typical grounds to request no reduction ?
It's always been an employer discretion to authorise no reduction. At their great expense. There are no typical grounds, although extreme compassionate grounds is the one that does spring to mind.
In my 20 years as a LGPS administrator, I only ever saw this discretion used once (on extreme compassionate grounds).
ADD. NPA for 2008 to 2014 accruals also remains 65, with only post 2014/CARE benefits being linked to SPA.0
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