LGPS – Two Jobs, Semi-Retirement at 60

nmjams

Hello,

I currently work two jobs and I’m in the LGPS for both. I’m in my mid-40s but only started paying into the fund around 10 years ago, I don’t have any other pensions outside of the LGPS.

At the moment I’m working around 58 hours a week, but I’m starting to think about semi-retiring when I turn 60 — the plan would be to drop one job and keep the other part-time.

What I’d like to know is: can I take my pension from the job I leave, while continuing to work and pay into the LGPS through the other job?

I read somewhere that if you leave one job, the pension from it will automatically be merged with your active LGPS pension. Is that true? Or can I choose to take the pension from one and keep the other going?

Also, I’m thinking of joining the AVC scheme in the job I’ll be leaving early — would that affect anything when I go to draw that part of my pension?

Any help or experience would be appreciated — thanks!

Silvertabby

It depends.  Are the two jobs the same, just on different pay grades?  Or are they two entirely separate jobs, with different employers? 

nmjams

They’re two separate jobs with completely different roles, but both with the same employer.

MX5huggy

When did you start these 2 jobs? Do you have any pre 2014 service? 

nmjams

Started in the early 2000's, I opted out at the time, but re-enrolled about 10 years ago.

BridgetTheCat

Yes you can get flexible retirement with the LGPS with your employer’s consent.

hyubh

nmjams said:

Hello,

I currently work two jobs and I’m in the LGPS for both. I’m in my mid-40s but only started paying into the fund around 10 years ago, I don’t have any other pensions outside of the LGPS.

At the moment I’m working around 58 hours a week, but I’m starting to think about semi-retiring when I turn 60 — the plan would be to drop one job and keep the other part-time.

What I’d like to know is: can I take my pension from the job I leave, while continuing to work and pay into the LGPS through the other job?

I read somewhere that if you leave one job, the pension from it will automatically be merged with your active LGPS pension. Is that true?

No, aggregation is the default, but you can elect for separate benefits.

Or can I choose to take the pension from one and keep the other going?

Yes.

Also, I’m thinking of joining the AVC scheme in the job I’ll be leaving early — would that affect anything when I go to draw that part of my pension?

No, though you won't be able to change your mind and move it over to the other membership.

hyubh

BridgetTheCat said:

Yes you can get flexible retirement with the LGPS with your employer’s consent.

What the OP is describing is not a flexible retirement situation, and would not require employer consent.

sg1000

I'm in exactly the same boat.  Two jobs and two different pensions with the same Local Government employer.  Yes, you can take one pension without it affecting the other, which will continue to accumulate.  Regarding the AVCs, make sure to make you employer aware of which pension you want it to be aligned to.

nmjams

Thanks everyone for your help. I’ve been working on getting this set up with my employer and the AVC provider over the past couple of months. It’s been a bit slow going with email responses, but there is progress now. Appreciate all the advice and support.