LGPS Value

Collywobbles53

Hello, I have what I hope is a fairly simple question and I wonder if anyone might be able to help answer it. I have a LGPS and I left that job in August 2025 but I rejoined through a new employer in September 2025. I have yet to "merge" the two schemes together but can do as they are both LGPS 's. I am actually considering a career break (I may go back to work in the future but unlikely with LG so not likely to resume those pension contributions). I am looking at finances generally and I am now 55, so I can access pension funds if needed (private not state obviously).

I can use an online calculator in the membership self service area of my LPGS to get an idea of value etc but my question is this; when I ask for a calculation based on current UK retirement age of 67 and it produces the figure, is that based upon me continuing to contribute at the current rate, or is it based on the current value of the scheme and adjusted for growth (hence the higher figure) but on the assumption that no further contributions will be made?

Many thanks

Oppenheimer

When I use the LGPS calculator it is based on today's valuation and I can amend the retirement date which will then reduce the amount in payment due to it being taken early. Taking it at state pension age 67 results in me getting a wee increase as I was in the previous scheme for a short period of time when benefits were payable from 65.

Silvertabby

https://forums.moneysavingexpert.com/discussion/6672768/lgps-value

Do you have any pre April 2014 service?

Yes, if you input age 67 into the calculator, your assessment will be based on your continuing to be a contributing member until then.

Collywobbles53

Thankyou Oppenheimer, that's helpful, I think! I don't particularly want to access any of the funds currently and the figures it gives me based on retirement at 60 for example are for me, good sums of money (lump sum and annual sum). So I suppose what I'm trying to say, is that if those figures are based upon me not paying into this scheme any further, then I'm ok with those figures and therefore happy to leave LG (and the associated pension) in favour of something more enjoyable without worrying about the need to continue to make contributions to it. I can just leave it knowing that it will be there in the sums predicted (when I need it).

Collywobbles53

https://forums.moneysavingexpert.com/discussion/comment/82036760#Comment_82036760

No I joined 2016 - I think I have a "nest" scheme that I paid into for a year 2013-2014.

Ok, so a calculation based on retiring now (age 55), would actually be pretty accurate for age 67 based on the assumption that there are no more contributions made?

I could take the tax free lump sum and leave the rest alone however?

Brie

I could take the tax free lump sum and leave the rest alone however?

Last time I looked at LGPS it was a defined benefit scheme and therefore the only way to get the TFLS was to put the pension into payment.

Silvertabby

https://forums.moneysavingexpert.com/discussion/comment/82036782#Comment_82036782

The reason I asked, is because any pre 2014 service would retain its final salary link. As this isn't the case here, there wouldn't be any benefit in keeping two CARE records separate.

No, with this pension it's all or nothing - you can't take the lump sum without the annual pension.

An quote now for payment at 55 will/should take into account the hefty early payment reduction, so your pension at 67 would be substantially more (plus deferred cost of living increases between 55 and 67).

Collywobbles53

https://forums.moneysavingexpert.com/discussion/comment/82036896#Comment_82036896

Ok thank you that's really helpful. It sounds as though even if I leave my current job (and don't continue to work where there is a LGPS) and no longer pay in, I'll be much better off just leaving it where it is until I'm 67

xylophone

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension