Pensions - LGPS to USS

[SteBrown91]

I’m not great with pensions so some advice would be appreciated. I currently work in the public sector and am a member of the LGPS since joining 4.5 years ago.

I have now been offered a 2 year fixed term contract and the pension scheme is USS.

1) is it worth opting in for the 2 years?
2) if so, is it worth transferring my LGPS scheme into it?

I am 26 so nowhere near retirement.

Thanks in advance

[anonymous-user]

I would definitely think about the age you can start drawing the pension. Most defined benefit (guaranteed pension sum) schemes are starting to gradually uplift their 'Normal Pension Age' up to state pension age - which also keeps increasing.

[PJ RS]

If it was me, I would definitely join the USS even if it is for only 2 years. The value of the pension benefits you build up will be well in excess of your contributions (one of the perks of working in the public sector).

I don't think the USS accept DB transfers in from LGPS anymore but you would need to check that out. It's generally not a good idea to transfer out of a DB scheme but you would need to get your own advice based on your circumstances.

[SteBrown91]

Ok thanks guys - I think my LGPS scheme is 65 or 67 drawing age anyway.

In my head it just annoys me that I could have lots of little pensions dotted here there and everywhere but if I lost out by merging them then so be it

[Defcon5]

SteBrown91 said:

Ok thanks guys - I think my LGPS scheme is 65 or 67 drawing age anyway.

55 is the earliest in LGPS, albeit with 50% reduction in payments