Semi Retired Pension Pots Query

Madmountainman

Ok, i'll keep this as short as possible.
I've just turned 60 and am semi-retired from the emergency services and drawing my LGPS. Since retiring I've worked part time for the John Lewis Partnership ( 4 years pension contributions ) and a local school ( 2 years pension contributions - again in the lgps ).
My question is, what's best to do with these two small pension pots?

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/6662423/semi-retired-pension-pots-query

Not sure about John Lewis but you presumably don't have a "pension pot" with LGPS, you will have a DB pension, probably payable (without any reduction) from age 67.

Albermarle

Are you still working at JL and the school ?

Madmountainman

https://forums.moneysavingexpert.com/discussion/comment/81947865#Comment_81947865

No. Moved from JLP to the school and have recently left the school as it didn't work out - too much stress and workload for me. I'm on the lookout for some part time work, but in no rush.

Secret2ndAccount

If it was me, I would sit tight for now. There's nothing wrong with any of those pensions.

The John Lewis could serve as a bit of extra cash if you ever needed it - it can be drawn at any time, though 3/4 of it would be taxable, so you have to watch if it pushes you into 40% tax. Could split it over a number of years to stay below the threshold. If you don't need it right now, just leave it to grow.

The LGPS will just be a small amount of regular income. Do you need that now, more than you will once your State Pension arrives? You could ask about putting it into payment now. I'm not sure they have to say yes, and you would get a reduced amount for as long as you live. But if you need the money now, more than you need it once you have SP, it could be a plan. Probably not enough money to change your life either way. Incidentally, I would suggest taking a smaller lump sum and a larger annual pension from the LGPS to whatever extent is possible. The conversion rate is off, in favour of pension, against lump sum.

Madmountainman

https://forums.moneysavingexpert.com/discussion/comment/81947903#Comment_81947903

Thanks. As per my original post, I'm already getting a pension from my previous career. My thoughts were to just leave these and claim them for beer tokens when I get to 67, maybe earlier at 65. I have the minimum 2 years in for the LGPS from the school, but if I had been under, I could've claimed a refund, so it looks best to leave them for a while.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81948095#Comment_81948095

Always try and avoid that refund if at all possible.

You would get your contributions back but with 20% (non-refundable) tax deducted.

A transfer to another scheme would be a transfer of both your own contributions and the employer ones.

LHW99

Are you likely to get another job with an LGPS scheme? If so, you might be able to transfer the small ones over if you do it when you start.

Madmountainman

https://forums.moneysavingexpert.com/discussion/comment/81948103#Comment_81948103

JLP is a 'defined contribution' pension, so it's advisable not to transfer into that and, for obvious reasons, you can't transfer a private/company pension into the lgps. Both pensions won't amount to much and I asked the question to see if anyone had any thoughts/knowledge that may have differed to mine.

I'm unlikely to get another job with the County, but if I do, I can transfer my two years over.