To combine or not LGPS

Silvertabby

B1ff5361 said:

Kernowshep said:

B1ff5361 said:

Given I’m only going to get the annual increment on my current salary, am I better off not combining them, and keeping my deferred pension separate? Thanks 

Probably, unless you get made redundant.

Thanks, not sure about your redundancy point though? I’ve got continuous service so presumably it’d be based on length of service and my salary at the time? Given I’m at a district that will likely become combined in the next couple of years it’s something I’d like to understand!

It's not the actual redundancy payment, it's how your LGPS pension benefits would be paid if you are made redundant after 55/57.

If you keep your records separate, then only the pension accrued in your current/redundant post would be paid on redundancy terms - ie, no reductions for early payment.  You would still be able to access your deferred benefits, but they would be paid as per normal retirement and subject to full reductions for early payment.