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LGPS rule of 85 - transitional protection me_julie

Posted: Wed Mar 08, 2017 1:20 pm
by NotToTame
Hi - My LGPS pension fund are not being very helpful with regards to my retirement planning so I hope someone on here can help!





I'm 59. I have 20 years membership of LGPS, work part time and I transferred in another public service pension when I joined the scheme (but I don't believe that this counts towards membership of LGPS). I am still a member of LGPS





According to my calculations I reach 'rule of 85' in 2020 when I am 63 and my service length is 22 years. Up to 2008 I have accrued final salary pension which is protected. I believe I have 'transitional protection of some or all of my final salary benefits accrued between 2008 and 2020', but I cant find out any figures/percentages for this 'protection' so I cant calculate what my position would be. For example - if it doesn't make a huge difference financially I might choose to leave earlier.





Is there anyone who has experienced this already that may be able to help?

Posted: Wed Mar 08, 2017 5:29 pm
by BasedTrey1017
I'm afraid you're too young to have full R85 protections. You have partial R85 protections on a sliding scale - meaning that your benefits won't be paid at age 63 (ie, before your normal retirement age of 66) without some actuarial reduction.



It looks like your benefits accrued up to 2008 won't be reduced if taken at 63, but your benefits from 2008 to 2014 and 2014 to 2020 will be reduced. There's no easy factor/calculation, I'm afraid - can you ask your LGPS provider for an estimate if you were to retire at 63?



PS - you can't just take your pre 2008 benefits at 63 and leave your post 2008 benefits until no reduction applies - it's all or nothing.