new LGPS and the removal of the rule of 85

aah

can anyone help me?

Not all Public sector workers get guaranteed pensions at 60.

Many of us in the local government pension scheme have to wait till 65 - this is not new.

But until now we have been protected by the rule of 85- meaning that age plus years of service can allow one to take their pension as long as they add up to 85.

I wonder if anyone knows how this works in the new LGPS which is being implemented from 1 April. Particularly regarding those - including me! who reach early pensionable age (60 plus 20-odd years service) after April 2016?? (actually May 2016)

Any help gratefully received.

Many thanks
A.

Andy_L

Service before the scheme change keeps the rule of 85 and thus won't be reduced for retiring at 60. The rule has been abolished for service after 01Apr08 so future service will be reduced if you go before 65.
This flow chart covers the options
http://www.lgps.org.uk/latest/documents/flowchart.doc

aah

its really confusing isnt it

I have almost 13 years service now. I have another 13 years to work till NRD, by which time I will have over satisfied the 85 y rule.

As I understand it, I will satisfy the 85 year rule when I am 62, with age of

62 and service years of 23, ten years from now. So 13 years of pension under old rules will not be reduced, and I will have a reduction on the ten years of service that I am now working.

But can I go part time before then? and still meet the rule of 85 at the same time. I am thinking within the last 3 years of eligibility for rule of 85.

God I just want to pack it in now and if mortgage free I would!

A.

Andy_L

That's the way I understand it.

If you go part time I believe that service counts pro-rota for rule of 85 eg if you do 2.5 day a week (instead of 5) each year of service counts as 1/2 a year

Andy_L

Ignore that, I was talking toss.
" If you are part-time, your membership counts towards the rule of 85 at its full calendar length."
it counts pro-rota for calculating the amount of pension

aah

Thanks Andy, that really clarifies.

Anne