Local Government Pensions Scheme

Prophet_of_Doom

Hi
I was wondering if anyone could offer any advice on buying into LGPS.
I have recently joined a LGPS (only 7 months in) and I understand that I can transfer in external pension pots within the first year. I have approx £80k in another pension pot - has anybody got any experience of doing this and whether it's worth doing?
Many thanks

Emmia

Is your current pot eligible to be transferred in?

What kind of pension is it?

Prophet_of_Doom

It is just a personal pension with the Prudential which I believe is eligible to be transferred.

QrizB

The first thing I'd do is approach your pension people (HR?) and ask for a quote re. what your transfer in would buy you. Then see how it looks.

Emmia

Prophet_of_Doom said:

It is just a personal pension with the Prudential which I believe is eligible to be transferred.

So presumably it's a defined contribution scheme pot, rather than a defined benefit pension - depending on your future career plans it can be worth having a DC pot for more flexibility, but really you need to ask what the the transfer in will get.

Dazed_and_C0nfused

Emmia said:

Prophet_of_Doom said:

It is just a personal pension with the Prudential which I believe is eligible to be transferred.

So presumably it's a defined contribution scheme pot, rather than a defined benefit pension - depending on your future career plans it can be worth having a DC pot for more flexibility, but really you need to ask what the the transfer in will get.

That is a valid point.

But the beauty of LGPS is the op can probably build up a new DC pot linked to the main LGPS scheme which has preferential TFLS treatment.

Seems to be a win win situation.  Assuming the transfer in buys a decent amount in LGPS.

Prophet_of_Doom

Thanks for the replies - I'll make some enquiries this week