Government pensions advice needed

Sarahspangles

hyubh said:

Apart from anything else, I'd be interested to hear who exactly are these financial advisors that specialise in inter-DB matters...

When I was involved in TUPE transfers out of LGPS, employees needed to use their union reps if the basic information provided by the scheme wasn’t sufficient.

Silvertabby

Sarahspangles said:

hyubh said:

Apart from anything else, I'd be interested to hear who exactly are these financial advisors that specialise in inter-DB matters...

When I was involved in TUPE transfers out of LGPS, employees needed to use their union reps if the basic information provided by the scheme wasn’t sufficient.

To be fair, TUPE transfers can be very different to straightforward Club scheme transfers.

Some TUPEs can to be employers who only offer DC pensions to new employees, so fund LGPS members would have to choose between leaving their LGPS benefits deferred or transferring them to the new DC scheme.  While considering the huge effect the differences in scheme rules/employer discretions could have on their future options....

In my experience most union reps just didn't have the knowledge to deal with these queries.  But hyub is right - the number of IFAs with any expertise in public sector DB pensions are a very rare breed 

Andy_L

confusednhs said:

Hello, can anyone help.....
I work for the local authority and am soon to be TUPE'd over to a private health care company on 1st April. I have been paying into the LGPS for 8 years and now have the option to remain in it or to switch to the NHS pension. I understand that they are both good options but I am unsure whether to switch or stay as I am.

I am under pressure to make a decision as this is a time limited offer only until the 21st March.

I have no information on whether it is possible to transfer my pot into the NHS pension if I choose to switch, and the new company is not providing any advice.

I am currently paying 5.8% LA pays 21.4%

I would pay 6.5% and NHS contribute 23.7% overall.

I am 55 and plan to work for another maybe 9years or so.

I know I would pay more if in the NHS but may receive more in return, is it worth the extra I would pay?Any advice welcome.
Thank you

I'm surprised that a private health care company is offering membership of the NHS pension.