Any pension people?

[brightspark]

just the word financial adviser makes me cringe just look at the offices and cars they have and it tells you something, your paying for it

 

[iNf]

I had a look at the LGPS scheme https://www.lgpsmember.org/your-pension/planning/taking-your-pension/, 65 is your normal retirement age for benefits accrued prior to 2014 - so your pension will be reduced if you access it now, if you leave it til you are 65 you will get the full pension amount, so if you can afford to leave it, better to wait til you are 65.

You have to do the calculations. Whilst you will get a reduced pension, you are getting it for longer. I took my pensions last year at 58 after finishing work after my heart attack. I took the largest lump sums possible. I calculated that I would be nearly 80 before the reduced pension fell behind the full pension.

 

[Rannsachair]

You have to do the calculations. Whilst you will get a reduced pension, you are getting it for longer. I took my pensions last year at 58 after finishing work after my heart attack. I took the largest lump sums possible. I calculated that I would be nearly 80 before the reduced pension fell behind the full pension.

I agree, though I replied in the context of the original question:
"I have a very small deferred LGPS I left in 1989
The pension scheme are now wanting me to take it at 60 as I left before 1989?
Which is pointless as the little it is will be swallowed in taxation"

 

[minimutly]

You have to do the calculations. Whilst you will get a reduced pension, you are getting it for longer. I took my pensions last year at 58 after finishing work after my heart attack. I took the largest lump sums possible. I calculated that I would be nearly 80 before the reduced pension fell behind the full pension.

Exel is your friend.

 

[minimutly]

I had a look at the LGPS scheme https://www.lgpsmember.org/your-pension/planning/taking-your-pension/, 65 is your normal retirement age for benefits accrued prior to 2014 - so your pension will be reduced if you access it now, if you leave it til you are 65 you will get the full pension amount, so if you can afford to leave it, better to wait til you are 65.

The rule of 85 I mentioned previously only apples to members who were contributing to the scheme at any time between 1 April 1998 and 30 September 2006, so does not apply to you.
A government pension scheme based on final salary is normally pretty good: transferring the cash value of the pension elsewhere is unlikely to give as good a return.

My personal advice would be to avoid financial advisors on this - I have had folk in the past move money out of the Government scheme into other pensions and in general they have lost out, some significantly. Financial advisors make their income from the company the companies they invest your money in, leaving money in a government pension earns them nothing.

The above is from my experience in local government running HR and payroll as HR manager for a Local Authority, I am not a financial advisor.

I agree with the comments out financial advisers - most are not pension specialists, and most just want your pension in their fund