Is anyone here familiar with the new LGPS?

XRS

Looking for a little help with the new scheme please.

m_c_s

http://www.lgps.org.uk/latest/actual-changes-england-wales.html

XRS

Thanks, I have that but I have a question on the detail of one part of the new scheme that I am querying with my pension fund administrator.

EdInvestor

It's best if you outline the problem.

purch

Whats up Ed ??? :eek:

Crystal Ball stopped working ?? :rotfl:

XRS

Basically, the new LGPS has provision for the purchase of additional pension (much as in the current Teachers' Pension Scheme). I will be retiring soon and want to use my 40% tax this financial year to pay a lump sum and buy additional pension. However, I am being told that I can only do this by entering a contract for at least a year, and I don't have that long to go.
Just looking for any angles on how I might achieve this.

Thanks,

CAE

Still getting to grips with the practicalities of the new Additional Regular Contributions, but it looks as though you have to take out a contract for at least a year, but if the contract is terminated before the year is up, the amount of additional pension will be recalculated pro rata. If you retire before age 65 the additional pension will also be subject to actuarial reduction, after the pro rating.

As far as I can see there is no provision to pay a lump sum, as the whole point is to pay additional regular contributions.

What is your date of birth and when do you intend to retire?