How much would I contribute in a Local Government Pension Scheme per annum? Confused

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  • snowqueen555
    snowqueen555 Posts: 1,521 Forumite
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    Triumph13 wrote: »
    What type of annuity is that rate for? It looks way too high for one with inflation protection, a guarantee period and a survivor's pension.

    Annuity rates are awful in that case!

    I have just found a webpage which supposedly gives a typical rate. i would have assumed 4% would e the average, if it is lower than that then that is something to think about as well.
  • Silvertabby
    Silvertabby Posts: 9,024 Forumite
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    snowqueen555 wrote: »
    Annuity rates are awful in that case!

    I have just found a webpage which supposedly gives a typical rate. i would have assumed 4% would e the average, if it is lower than that then that is something to think about as well.


    It depends on age, any guarantee, index linking, spousal benefits etc. Transferring into the LGPS would give full CPI uplift both before and after retirement, a 10 year death benefit guarantee, and spouse's benefits for life.
  • Little_Miss_Wright
    Little_Miss_Wright Posts: 2 Newbie
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    I have transferred out of my LGPS and am now having second thoughts. Does anyone know if I can transfer back in?
  • JoeCrystal
    JoeCrystal Posts: 3,013 Forumite
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    Little_Miss_Wright wrote: »
    I have transferred out of my LGPS and am now having second thoughts. Does anyone know if I can transfer back in?

    Second thought? When did you transfer out of LGPS? Please set up your thread on this as you mentioned in another post that you believed you were mis-sold and with much more details regarding the transfer.

    But generally speaking, if you work for another local government as a new employee, you might be able to transfer in your defined contribution pots within starting the job, subject to your new Employer's agreement of course. Slivertabby might know, though.
  • hyubh
    hyubh Posts: 3,532 Forumite
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    Little_Miss_Wright wrote: »
    I have transferred out of my LGPS and am now having second thoughts. Does anyone know if I can transfer back in?

    Assuming you transferred out to a non-public sector scheme, you would need to (a) rejoin the LGPS and (b) rejoin with an 'administering authority' (council that runs the pension fund) that doesn't have a policy to refuse 'non-Club' transfers-in (the default is to allow, and most don't have a policy to disallow, but a few - including the biggest one - do). And if both points held, this would not be your old membership reinstated, but a fresh transfer in (e.g. if your old membership involved final salary benefits, it would be a CARE pension credit instead, and either way calculated with current transfer-in factors, not old transfer-out ones).
  • Silvertabby
    Silvertabby Posts: 9,024 Forumite
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    edited 16 October 2019 at 1:23PM
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    Little_Miss_Wright wrote: »
    I have transferred out of my LGPS and am now having second thoughts. Does anyone know if I can transfer back in?

    JoeCrystal and hyubh are right. The only way you can transfer back into the LGPS is by getting a job with an employer who offers LGPS membership - and who accepts transfers in from non-club schemes (club members being typically but not always other public sector pensions).

    Even then you won't get like-for-like. LGPS transfer out factors are set by GAD, and are notoriously poor value when compared with the pension and other benefits given up. It would be this money, less losses/admin fees plus any investment returns that would be used to 'buy' CARE benefits in the LGPS. You would be treated as a completely new joiner, so any previous final salary link/Rule of 85 protections would still be lost.
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