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Lgps small pension help
helloh
Posts: 21 Forumite
I have a tiny deferred pension with lgps worth around £2500 and am trying to have the whole lot paid under the small pot rules but lgps say I can’t because I also have another deferred pension with them and am currently paying in to another. Is this right or am I right? Anyones help much appreciated…
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It's right I'm afraid. See the explanation here (or check your own LGPS website which is likely to have something similar): https://www.peninsulapensions.org.uk/members/local-government/retirement/taking-all-your-pension-as-a-one-off-lump-sum-trivial-commutation/helloh said:I have a tiny deferred pension with lgps worth around £2500 and am trying to have the whole lot paid under the small pot rules but lgps say I can’t because I also have another deferred pension with them and am currently paying in to another. Is this right or am I right? Anyones help much appreciated…Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
Thanks for the link, clearest explanation I have seen for trivial commutation but from everything I have read trivial communication isn’t the same as claiming a small pot pension, the value of my small pot is literally £2500……0
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So what is the difference between trivial commutation and claiming a small pot pension?helloh said:Thanks for the link, clearest explanation I have seen for trivial commutation but from everything I have read trivial communication isn’t the same as claiming a small pot pension, the value of my small pot is literally £2500……0 -
Small pots normally relate to a defined contribution pension (a pot of money)helloh said:Thanks for the link, clearest explanation I have seen for trivial commutation but from everything I have read trivial communication isn’t the same as claiming a small pot pension, the value of my small pot is literally £2500……
LGPS is a defined benefit pension (more like deferred salary) so different rules apply.0 -
Ok thanks I’m still not convinced!0
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When you claim your LGPS pensions they'll all add up. The £2500 will just be another little part of it.helloh said:Ok thanks I’m still not convinced!N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill Coop member.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.0 -
Your LGPS benefits are the total of all of your records. There's no way round this, I'm afraid.0
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Small pots can be DC or DB.Dazed_and_C0nfused said:
Small pots normally relate to a defined contribution pension (a pot of money)helloh said:Thanks for the link, clearest explanation I have seen for trivial commutation but from everything I have read trivial communication isn’t the same as claiming a small pot pension, the value of my small pot is literally £2500……
LGPS is a defined benefit pension (more like deferred salary) so different rules apply.
Have a look at https://techzone.abrdn.com/public/pensions/Guide-triviality-small-potshelloh said:Ok thanks I’m still not convinced!Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0
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