Explain LGPS to me please

[rainbowslollipops]

In my last job apparently I automatically became a member of the gov pension scheme but because I left after a month for another job and apparently didn't put any money into the scheme I am now not entitled to any retirement benefits. I can either transfer pension rights into a scheme approved by hmrc. refund the contributions which is 2 deductions. Or defer my decision.

I don't recall being told anything about a pension scheme, any terms and conditions nor do I remember signing anything about it. Help me.

[mrsmalcolmreynolds]

Hi. I'm not a specialist in the LGPS but normal rules are that if you're in a scheme for less than 3 months you can choose either to have the value of your benfites transferred to another HMRC approved scheme, or have the amount of your own contributions (less tax) paid out to you.

Almost certainly the value of your month's benefit in the LGPS will be more than the contributions you would get back. However, if the money goes into another pension scheme you won't be able to use it until age 55, unless you become so unwell you can't work in the meantime. You also need to have another arrangement set up to transfer into - if you haven't got one at your new job you'd have to set up one specially. That's not difficult but a bit of a faff, especially for what is probably not a lot of money.

For more infon the Pensions Advisory Service website is good.

Re signing stuff there was probably something in your contract or in your payroll forms.