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  • FIRST POST
    • twotonealex
    • By twotonealex 6th Aug 18, 10:58 AM
    • 69Posts
    • 25Thanks
    twotonealex
    LGPS Care to Teachers Pension?
    • #1
    • 6th Aug 18, 10:58 AM
    LGPS Care to Teachers Pension? 6th Aug 18 at 10:58 AM
    Morning All,

    Just a quick one.

    My partner has recently left her job within the Police (civilian), and has a DB pension worth around 1500 (awaiting up to date statement) that shes accrued over the last few years.

    She starts as a teacher in September and is enrolling in the Teachers Pension Scheme (also DB).

    She is going to look at any option to reduce the age of drawing from NRA/faster accruals, as a result if she can reduce it from say 68 to 65 in her Teachers pension, then I'm looking at what options there are to transfer her LGPS Care scheme to TPS.

    I know it's difficult when transferring from DB, so just wondering how I go about getting a value, without committing to transferring? Is there anything I'm missing that we should consider?

    I know the funds aren't a lot in her DB, but we are mid twenties!

    Cheers,
    Alex
Page 1
    • xylophone
    • By xylophone 6th Aug 18, 12:44 PM
    • 27,707 Posts
    • 16,652 Thanks
    xylophone
    • #2
    • 6th Aug 18, 12:44 PM
    • #2
    • 6th Aug 18, 12:44 PM
    https://www.teacherspensions.co.uk/members/planning-retirement/when-can-you-retire.aspx

    https://www.teacherspensions.co.uk/members/new-starter.aspx

    https://www.teacherspensions.co.uk/members/new-starter/got-another-pension.aspx
    • hyubh
    • By hyubh 6th Aug 18, 4:02 PM
    • 2,318 Posts
    • 1,779 Thanks
    hyubh
    • #3
    • 6th Aug 18, 4:02 PM
    • #3
    • 6th Aug 18, 4:02 PM
    I know it's difficult when transferring from DB, so just wondering how I go about getting a value, without committing to transferring?
    Originally posted by twotonealex
    The transfer process will be two-stage by default, first there's a quotation, then if she elects to proceed, the actual transferring.

    Is there anything I'm missing that we should consider?
    It would be a 'Club' transfer, so relatively straightforward. If she has any pre-April 14 membership in the LGPS, she would get an equivalent final salary service credit in the TPS (practically identical because the benefit structures of the final salary schemes were practically identical). The CARE pension would transfer with essentially no change (in particular, she wouldn't get the TPS' superior active member revaluation rate).
    • twotonealex
    • By twotonealex 6th Aug 18, 8:03 PM
    • 69 Posts
    • 25 Thanks
    twotonealex
    • #4
    • 6th Aug 18, 8:03 PM
    • #4
    • 6th Aug 18, 8:03 PM
    Thank you both for your informative responses.
    Once she gets her her new statement, we'll have a look at transferring it.

    Thanks!
    Alex
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