Ballpark monthly income..lgps 7 years early

daz378

A year in March will be 60...and have 25 years service....projected annual pension at  67 will  approx 19k...if I take  it next march....what should I expect my annual...pension to be at that point...will probably carry on till august....28% of pension unreduced?...I know it's a risk relying  on casual hours...but could have holidays off again (care work)...prepared to work 20 hours a week....  some savings to fall back

Dazed_and_C0nfused

Which part of LGPS will you be choosing for the 7 McCloud remedy period?

daz378

Didn't  realise I had to choose...will have to research....just thought...I would get 7 years final salary unreduced 2001...2008....then 6 years to 2014 up to 65....reduced by 20%?...then final 11 years  according to actuarial reduction tables 27%... just did a quick Google of mcloud

daz378

Last statement  March 24...was approx 12.5k....6k of this final salary component....current value

daz378

I assume if I err on legacy side calculation...may increase my pension  due to being moved on to less generous  2015 scheme....will need advice from administrators 

Baldytyke88

The current reductions for taking your benefits up to 13 years early are shown in the table below. If the number of years is not exact, the reductions will be adjusted.

The Government changed the reductions on 3 July 2023. The reductions shown below apply to retirements from that date.

https://www.lgpsmember.org/your-pension/planning/taking-your-pension/

Lemon_dr1zzle

Dazed_and_C0nfused said:

Which part of LGPS will you be choosing for the 7 McCloud remedy period?

You can’t choose. It is applied automatically if it bites. 

Random47

Baldytyke88 said:

The Government changed the reductions on 3 July 2023. The reductions shown below apply to retirements from that date.

https://www.lgpsmember.org/your-pension/planning/taking-your-pension/

Thanks for sharing I was not aware a new % reduction had been applied. (funny the things you sometimes miss) On quick check this seems to be more favourable than the previous. Off to update my pension model spreadsheet now