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local government pension scheme

littleD
littleD Posts: 114 Forumite
Part of the Furniture 10 Posts Name Dropper Combo Breaker
in Pensions, annuities & retirement planning
I am in my LGPS and would like to find out if I can finish work at 50 and how much pension I will recieve, is there a web site that I could go on to let me know the figures, thanks
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Comments

  • dunstonh
    dunstonh Posts: 120,033 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    littleD wrote: »
    I am in my LGPS and would like to find out if I can finish work at 50 and how much pension I will recieve, is there a web site that I could go on to let me know the figures, thanks

    Your scheme booklet has the calculations in it for the penalties you will suffer for early retirement. It is also worth checking to see if early retirement to that age is an option for you.

    From 2010, the earliest retirement age (for pensions) will be 55.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Dick_here
    Dick_here Posts: 1,605 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    littleD wrote: »
    I am in my LGPS and would like to find out if I can finish work at 50

    I thought everyone in local government finished working long before that.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • dunstonh
    dunstonh Posts: 120,033 Forumite
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    !!!!!!_here wrote: »
    I thought everyone in local government finished working long before that.

    You mean they do work? ;)
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Dick_here
    Dick_here Posts: 1,605 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    dunstonh wrote: »
    You mean they do work? ;)

    A smiley from dunston. What is the world coming to ??? :cool:
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Techno
    Techno Posts: 1,169 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Some of us work darn hard :A
    Then again there are others who have retired already (or you'd think so looking at how little they do :rolleyes: )
    ;) If you think you are too small to make a difference, try getting in bed with a mosquito!
  • purch
    purch Posts: 9,865 Forumite
    http://www.lgps.org.uk/lge/core/page.do?pageId=157961
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    AFAIK, the earliest age you can draw from your LGPS is 60 (with a % reduction), unless you are retiring on health grounds.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • CAE
    CAE Posts: 644 Forumite
    A link to more information on early retirement before age 60.

    http://www.lgps.org.uk/lge/core/page.do?pageId=102178

    Here is a link to the benefits reduction table. Any retirement before age 60 has to have the consent of your employer as there is a cost to the employer.

    http://www.lgps.org.uk/lge/core/page.do?pageId=102567
  • Cook_County
    Cook_County Posts: 3,092 Forumite
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    Notwithstanding costs to employer, some employees who joined may have contractual rights to early benefits, depending on their specific contract and joining/leaving date(s) and agreements. It would most sense to write to the pension administrators asking if such a contractual right exists and if so at what future date...
  • scrivette
    scrivette Posts: 201 Forumite
    Your normal retirement age is 65, however, you can retire from age 60 without your employers consent, however, you may suffer reductions to your pension benefits to take into account the extra years it is being made.

    You can retire from age 55 with your employers consent, however, as there is a cost to the employer it is unlikely that they will allow you to retire early.
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