Lgps pension.

[rufusgti]

Hi,
I’ve been reading with interest a few threads about retirement, pensions, life balance. It’s made me very aware how little I understand about the pension I’m in.

The lgps pension I believe is what the majority of council employees are on at the moment. I get a yearly statement with estimations of what will be available to me at retirement age 68. I started paying into this pension quite late at 35 and am now 38. The final figures seem very good to me but have never compared them to another pension.

Although the final figures are attractive, I know I don’t want to work until I’m 68, this leaves me with not understanding (I’ve been on their website) how much impact leaving work at say 55 would have? Would I be able to access it at all before 68? And more importantly, can I overpay now, so that I can retire early?

Has anyone any experience with this form of pension. Is it a good pension and how flexible is it. I don’t really want to tell my employer that I plan to retire 13 Years early at this point hence not asking round at work. Plus nobody seems to have a clue how it works.

[Defcon5]

There is a sliding scale of reductions the earlier you take it, from memory if you go at 55 if halves the amount you would get at 68

[xeny]

Here's a table of the way it works:

https://www.lgpsmember.org/more/reductions.php

[rufusgti]

Ah yes, thanks. Seems early retirement significantly impacts the figures. As expected.

[55palfers]

xeny said:

Here's a table of the way it works:

https://www.lgpsmember.org/more/reductions.php

Any idea why the reduction for women is less that than that of men?

[sidicks]

55palfers said:

Any idea why the reduction for women is less that than that of men?

Women live longer than men.