Transfer existing bank pension to LGPS

Paulac

I appreciate no advice can be given.
but would I be correct in thinking that it is a no brainier to transfer my existing bank pension to my current LGPS pension ( currently on temporary contract)
any comments would be greatly appreciated 

Silvertabby

Without figures, your age, etc, impossible to tell.  But first thing that comes to mind is that if your LGPS contract is for less than 2 years, you won't have accrued actual pension rights in the scheme, and your only options would be to take a refund of your own contributions less tax (bad) or transfer your benefits to another pension scheme (better).

First thing to do will be to ask for LGPS for an estimate of how much LGPS CARE pension your bank pension would buy you.  (This is based on the assumption that you have already checked that your employer will accept transfers in from non-club (club usually being other public sector) schemes).

p00hsticks

Is your 'bank pension' a Defined Benefit or Defined Contribution one ?

QrizB

Silvertabby said:

But first thing that comes to mind is that if your LGPS contract is for less than 2 years, you won't have accrued actual pension rights in the scheme, and your only options would be to take a refund of your own contributions less tax (bad) or transfer your benefits to another pension scheme (better).

Is LGPS one of those schemes where transferring in from another pension means you immediately vest, and don't have to contribute for two years to accrue rights?

Or am I thinking of the civil service scheme?

Paulac

Thankyou , I will ask for estimate my papers show Credit Account Value ( only payable in full at your NRD) and Inestment account (including any AVCs,SCcsj.
i think I have read somewhere if I transfer pension in the 2year rule doesn’t apply - but not sure

Silvertabby

QrizB said:

Silvertabby said:

But first thing that comes to mind is that if your LGPS contract is for less than 2 years, you won't have accrued actual pension rights in the scheme, and your only options would be to take a refund of your own contributions less tax (bad) or transfer your benefits to another pension scheme (better).

Is LGPS one of those schemes where transferring in from another pension means you immediately vest, and don't have to contribute for two years to accrue rights?

Or am I thinking of the civil service scheme?

LGPS as well.  As long as the new employer accepts transfers in from non-club schemes.  (club usually being other public sector schemes).

Paulac

I believe it is a defined contribution 

xylophone

Is your 'bank pension' a Defined Benefit or Defined Contribution one ?

From OP's description, looks like Barclays Afterwork, said here to be "hybrid"

https://epa.towerswatson.com/accounts/barclays/public/barclays-bank-sections-of-the-ukrf/


https://www.sec.gov/Archives/edgar/data/312070/000119312519046606/R52.htm#:~:text=Afterwork, which comprises a contributory,maximum of 5% p.a.).

The UKRF is Barclays Bank Group’s main scheme, representing 97% of Barclays Bank Group’s total retirement benefit obligations. Barclays Bank PLC is the principal employer of the UKRF. The UKRF was closed to new entrants on 1 October 2012, and comprises 10 sections, the two most significant of which are:

• Afterwork, which comprises a contributory cash balance defined benefit element, and a voluntary defined contribution element. The cash balance element is accrued each year and revalued until Normal Retirement Age in line with the increase in Retail Price Index (RPI) (up to a maximum of 5% p.a.). An increase of up to 2% a year may also be added at Barclays’ discretion. Between 1 October 2003 and 1 October 2012 the majority of new UK employees (except for the employees of the investment banking business within Barclays International) were eligible to join this section. The costs of ill-health retirements and death in service benefits for Afterwork members are borne by the UKRF. The main risks that Barclays runs in relation to Afterwork are limited although additional contributions are required if pre-retirement investment returns are not sufficient to provide for the benefits.

Paulac

Yes it is Barclays , really confused now 

xylophone

https://www.yumpu.com/en/document/read/37920913/afterwork-scheme-booklet-barclays

See page 14 "Transferring your benefit to another pension arrangement."

Your Barclays pension is a "hybrid" arrangement, part DB and part DC.

LGPS is a DB scheme.

https://www.lgpsmember.org/your-pension/paying-in/transferring-in/

You will need to contact LGPS to find out whether a transfer in will be accepted.

Example

https://www.hants.gov.uk/hampshire-services/pensions/local-government/current-members/transfer-a-previous-pension-into-lgps

Paulac

Thank you for clarifying, I have requested pension transfer to see if a transfer will be accepted